NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy Quality Materials
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Course
NYS
Institution
NYS
NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy Quality Materials
18 years old
n NYS, how old must one be to enter into contracts
What other capability should they possess?
Mental and emotional capability
What happens if one of the parties to the contract is a minor?
The contract is voida...
NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
18 years old
n NYS, how old must one be to enter into contracts
What other capability should they possess?
Mental and emotional capability
What happens if one of the parties to the contract is a minor?
The contract is voidable by the minor
What does the zoning board of appeals do? -
Grants variances
What regulates construction standards in NYS? -
Building codes
What does municipal engineer's office do?
Oversees planning and construction of major highways, sewer systems and water
connections
If a property ad states that the property is near the vicinity of a geographical area,
what else must the ad include?
It must include the name of the geographical area where the property is actually located
Who is usually exempt from property taxes?
Disabled, veterans, farmers, elderly, gold star parents (whose kids dies in war) and star
program homeowners
Who is not usually exempt from property taxes?
Second home owners
Replacement cost
What covers fully for personal property lost in a fire?
What's the cash on cash return on a $2,000,000 property with a down payment of
500,000 and $15000 monthly rental income?
36 percent
Who hires the agent?
Principal or client
What is not a CMA(comparative market analysis)?
An appraisal
What cannot a salesperson do?
Collect money directly from the client or customer
When should the Agency disclosure form be submitted?
At the first substantive contact
Which document describes the agency(who he or she represents) of the
salesperson?
Agency disclosure form
Pitch
What's another name for the slope of the roof?
PCBs or polychlorinated biphenyls
What carcinogenic component was used as insulation in electric transformers that
contaminated soil and ground water?
, What can brokers provide their salespeople if they are independent contractors?
Office phone
What's right to access water from a river or stream called?
Riparian
What did the Civil Rights Act of 1866 protect, without exception?
Race
What did the 1988 amendment to the civil rights act protect?
Disability and familial status
What is convincing owners to sell/lease property by telling them a particular
group of people are moving into the area called?
Blockbusting
What is it called when lenders/insurance agents refuse to do business in a certain
area based on the characteristics of the people living there?
Redlining
Unless specified a lesser estate, transfer of title to real property in NYS creates
what type of interest?
Fee Simple
What is another name for transfer of title to real property?
Conveyance
What is it called when the government dictates how a property can be used?
Zoning
NY Department of State
Who issues real estate licenses?
NYS banking department
NYS banking departmentWho oversees licensing and registration of mortgage bankers
and brokers?
NYS department of health
Which department oversees drinking water safety?
Who determines the commission?
Principal/client and the broker
What occurs when the agent represents the seller but also works in the best
interests of the buyer?
Undisclosed dual agency
A real estate salesperson is what type of agent?
Special Agent
What clause in the deed describes the property?
Legal descriptions
Portfolio
What type of income is partnerships/investments?
Umbrella policy
What's the name of the policy that provides additional liability coverage beyond the
primary policy?
What type of maintenance is fixing a leaking faucet?
Corrective maintenance
Assessed value
What are property taxes based on?
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