NYS Real Estate Exam Questions And Correct Answers. Complete Verified Solutions
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NYS Real Estate
NYS Real Estate Exam Questions And Correct Answers. Complete Verified Solutions
Which of the following is considered a fixed operating expense? utilities, cleaning expenses, insurance premiums, management fees.
Insurance Premiums
What is overage rent?
Rent calculated on a percentage of sales ...
nys real estate exam questions and correct answers
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NYS Real Estate Exam Questions And Correct
Answers. Complete Verified Solutions
Which of the following is considered a fixed operating expense? utilities, cleaning
expenses, insurance premiums, management fees.
Insurance Premiums
What is overage rent?
Rent calculated on a percentage of sales volume
what is the amount a buyer owes at closing equal to?
The excess of the buyers debits over the buyers credits
real estate agents are typically what kind of agent
special agent
what is the employment contract between a property manager and owner called
management agreement
the first fine for a violation of federal fair housing law could be as much as what
amount
10,000
what is a feature of a deed condition
it gives the grantor the right to re possess the property if the grantee violates the
condition
according to truth in lending, a lender must disclose all of the following except
service charges points loan origination fee brokers commission
brokers commission
if a landlord terminates a lease illegally what type of suit would a tenant file to
comply with violated terms
specific performance
what must a listing agent do before entering into a cooperative agreement
creating a subagency
obtain the informed consent of the seller
what is the minimum period of time over which the owner of an apartment
building can depreciate the improvements?
27.5 years
who pays the real estate taxes for a condominium
condominium owner
which type of property usually has the longest lease term
industrial
what is a policy that protects against claims above and beyond the amount
covered by primary policies
umbrella
what is the amount of the surety bond that a mortgage broker must furnish when
applying for licensure in NYS
10,000
A section contains how many acres
640
,seller will retain title to the property until buyer has paid in full. what kind of
contract do seller and buyer have?
land contract
who are the essential parties involved in an estate in trust
trustor trustee and beneficiary
allison is moving into a new condo. which of these documents does not apply to
her purchase
stock certificate
what is the difference between a balloon loan and an amortized loan
an amortized loan is paid off by the end of the term
a daycare center is allowed to open in a residentially zoned area. what is this an
example of
special use permit
which of these citites is the board not required to hold a public hearing each
year? albany buffalo nyc rochester
rochachacha
in which of these places is asbestos not likely to be found? roofing, adhesives in
pressed wood, textured paint, vinyl floor tiles
adhesives in pressed wood
which law extended discrimination to include handicap and familial status
fair housing amendment act
what is an emblement?
A plant or crop that is considered personal property
which of the following statements about plumbing venting is true
venting is not required for structures taller than 2 stories.
which statement is not true? mold often grows where it can't be seen, of all
environmetnal hazards, radon is the easiest to detect and mitigate, underground
storage tanks pose no hazard to residential areas, urea formaldehyde foam
insulation is no longer used because of formaldehyde gas emission
underground storage tanks pose no hazard to residential areas
what is required for a title to be marketable? it must be registered in torrens, it
must be free of undisclosed defects and encumbrances, it must be abstracted by
and attorney, it must be guaranteed by a title certificate.
int must be free of undisclosed defects and encumbrances
a loan company was referring loan applicants to a particular insurance company,
which in turn paid the loan company a referral fee. this is...
illegal, since the real estate settlement procedures act prohibits kickbacks
the seller under a land contract is known as
the vendor
a point, line or surface from which elevations are measured is known as the
datum
earnest money is provided when
the offer to purchase real estate is made
madison davidson negotiated for a 30k loan with 200 dollar monthly payments
plus 9 percent interest. what is the payment on her first month?
225
, the tax rate in manatee county is 35 mills how much is this for every 1k of
assessed value?
35. ( a mill is one one thousandth of a dollar. a tax rate of one mill means that the owner
pays one dollar for every thousand dollars of assessed value. 35 mills is 35 dollars for
every 1000 dollars assessed
a trust deed gives the lender a right to request that the trustee perform certain
tasks in order to fulfill the terms of the trust. a trustee may take action in those
circumstances because he holds
naked title (a title without the usual rights of ownership)
An action taken by a creditor in which the court simply retains custody of the
property while a lawsuit is being decided is known as:
a write of attachment. Remember, a writ of attachment is an action taken by a creditor in
which the court simply retains custody of the property while a lawsuit is being decided.
This is easily confused with a writ of execution, which authorizes the sale of the property
A lease that goes from month to month is known as
an estate from period to period
Find the capitalization rate on a building that is worth $430,000, and rents for
$1,500 a month.
4.19 To solve this, find the yearly rent, and divide that amount by the cost of the
building. So, $1,500 x 12 = $18,000, and $18,000/$430,000 = 4.19%.
Spence Construction Company built a hangar for an helicopter, which was kept
on the owner's property. The owner did not pay for the hangar, so Spence filed a
mechanic's lien on the helicopter. Was Spence Construction Company justified in
doing this?
No, because a mechanic's lien can only be placed on the improvement.
Several legal steps must sometimes be taken before a creditor can have his
outstanding debt satisfied through the sale of the debtor's property. Which of the
following is NOT one of the steps in the process?
writ of persocution-
A portion of a township in the rectangular survey system, which is a square with
mile-long sides, is called a:
section- a township is divided into 36 sections
Property over which an easement runs in favor of another parcel of real estate is
known as a
servient tenement
one square mile
640 acres
What is the principal federal statute that covers competition and is one of the
most important pieces of antitrust legislation?
The Sherman Antitrust Act of 1890
a claim or interest revealed by a title search is called a
a cloud on title t's easy to remember a cloud on a title as something marring the clear
title, like a cloud in the sky marring an otherwise clear sky. These terms are all related;
however, a lis pendens is the notification that a lien might be placed on a title, or, in
other words, that there is a CLOUD on the title. (A judgment is another type of lien
against a property, issued by a court.)
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