Exam (elaborations)
New York Real Estate License Questions and Answers 2024
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New York Real Estate License
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New York Real Estate LicenseWhat is subtracted from the adjusted net operating income of a property to determine its
taxable income? - answer Mortgage interest + reverses
What kind of budget would a property manager create to project expenses planned for
the future for major repairs and replacements? - answer Capital reserves
An increase in the amount of money in circulation without a corresponding increase of
goods and services to be purchased results in - answer Inflation
Which type of mortgage would be secured by a number of lots in subdivision? - answer
Blanket mortgage
Which board or department would be responsible for recommending zoning changes? -
answer Planning board
A building departments main purpose is to - answer Enforce code
For property tax valuation purposes, an industrial warehouse is classified as what type
of property? - answerNon-homestead
When a property owner appeals an assessment, Who has the burden of proof? -
answerThe property owner
Which group is not eligible for a reduction or exemption in a real property taxes? -
answerSecond home (vacation) owners
The use of borrowed funds for investment purposes is known as - answerLeverage
The usable square footage of a rental space is - answerThe carpetable or floored area
Amelia wants to make some renovation for her cooperative apartment. Which
agreement will she most likely have to sign in order to undertake these renovations? -
answerAlteration
Which clause in a contract of sale would allow a condominium association the right to
purchase a unit when it goes up for sale? - answerRight of first refusal
Which group oversees the management of a cooperative corporation? - answerBoard of
directors
, A process that calculates the value of an investment asset in the past, present, or future
is known as - answerThe rate of return
Which type of home owner insurance policies provide content coverage for apartment
renters? - answerHO-4
Which type of insurance policy would ensure that the full amount needed to cover the
loss of the belongings from a fire is paid? - answerReplacement cost
Which term best defines the most probable price for which a specific property should
sell to a knowledgeable buyer in a competitive market? - answerMarket value
Municipalities review and approve plans and specifications for construction of new
buildings within their jurisdiction to - answerEnsure compliance with the building codes
Which contract provision requires the completion of a certain act before the contract can
be binding? - answerContingency
The primary purpose of the secondary market is to - answerMake money available for
mortgaged loans in the primary market
A wrap-around mortgage is best described as - answerA second mortgage that has
within it the amount owed on an existing first mortgage
Which is the right of government to acquire private property necessary for public use? -
answerEminent domain
What would a resident apply for in order to be given permission to deviate from the use
of land prescribed by an existing zoning ordinance? - answerVariance
Broker Anthony can pay the errors and omissions insurance for his licensee without
violating the independent contractor status because - answerHe is protecting his
ultimate responsibility for his licensees' actions
Which is the best example of a trade fixture in a retail store? - answerA display cabinet
Which statement regarding liens is true? - answerAll liens relate to debts
Which regulates real estate advertisements that include financing terms? -
answerFederal regulation
What does the percolation rate measure? - answerThe movement of water through
What is a component of the definition of market value? - answerArm's length transaction
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