NYS Real Estate Exam Flashcards
(476 cards)
1
Q
Flood Insurance comes from_______________
A
National Flood Insurance Program
2
Q
Who do variance requests go to?
A
zoning board of appeals
3
Q
When a person dies and leaves no will or qualifies distributees and the property may or may not revert to the state, what is this known as?
A
escheat
4
Q
In a sublease situation who is responsible for paying the rest and any repairs to the landlord in most situations?
A
The original tenant
5
Q
(YES OR NO) Oil and gas deposits are considered a real property interest.
A
yes
6
Q
What do you call a short term loan obtained to meet immediate financing requirements such as down payments for buying a house?
A
Bridge Loan
7
Q
Is age a protected class under the federal housing act?
A
No
8
Q
The lower the number (electrical wiring) =
A
The thicker the wire
9
Q
Duct wood = what kind of furnace?
A
Forced hot air
10
Q
Insulation
A
The higher the R-value = the better the insulation
11
Q
New home construction warranty
A
- 1 year - protection against faulty workmanship and defective materials
-2 years - protection against defective installation of electrical plumbing, heating, cooling ventilation systems.
-6 years - protection against major structural defects
12
Q
Feasibility Studies
A
Statistical Data
13
Q
Indirect Costs
A
Ex. appraisers, financing costs, administrative costs, attorney and surveyor fees etc.
14
Q
Direct Cost (Hard Cost)
A
Cost of labor and materials
15
Q
S I C (3 approaches to value)
A
Sales, Income, Cost Approach
16
Q
A lease where the tenant pays a fixed dollar amount each month to the landlord?
A
gross lease
17
Q
What type of tenancy has the rights of survivorship?
A
Joint Tenancy and tenancy by the entirely
18
Q
Darlene manages a lot of properties for a LOT of owners, she must hold WHAT kind of license?
A
A NYS license
19
Q
Variance requests are submitted to?
A
The zoning board of appeals
20
Q
If a broker commingles money, he or she is probably guilty of violating what fiduciary duty?
A
Accounting
21
Q
(TRUE OR FALSE) Gas and oil deposits are considered a real property interest.
A
TRUE
22
Q
Distribution centers, warehouses and manufacturing facilities would be considered what kind of zoning area generally?
A
Industrial
23
Q
Agency disclosure forms should be reviewed with your client or customer….
A
At the first substantive movement
24
Q
Failure to assert your rights in a timely fashion means you might LOSE your rights to do so refers to?
A
laches
25
If a property is commercial (depreciation schedule)
39 years
26
If the property can be lived in (depreciation schedule)
27.5 years
27
Tax Free Exchanges
Cash received is known as the BOOT (Basis the starting point for determining the capital gain)
28
When you hear "like kind" =
Section 1031 Exchange
29
Basis in its most basic form is the purchase price of the property
30
Most of the time if you see a question about TDR's the answer will be =
Conservation easement
31
Agencies you will deal with if you have WETLANDS
DEC
Army Corps of Engineers
32
Have to prove hardship to get variance.
33
Special Use permit for
In law quarter
34
Binders are done =
Downstate NY
35
Contracts are done =
Upstate NY
36
1978
Government Outlawed use of lead based paint in residential homes.
37
Earnest money deposit
good faith
38
What type of water rights affect large body of water compared to small ones?
lateral
39
Increase of land from the movement of water is known as
accretion
40
Loss of land due to change in the channel in the stream known as
avulsion
41
Which term embodies the bundle of legal rights?
real property
42
Which type of estate lasts for an indeterminable period of time?
Freehold Estate
43
Which of the following have rights to survivorship?
Joint tenancy
Tenants by the Entirenty
44
An artificial entity created under the laws of the state is known as
Corporation
45
Which entity has a proprietary lease owned by a corporation and has stock?
Cooperative
46
With an "in rem" tax foreclosure this is a proceeding against
Property
47
What do we call the kind of tax on a property that covers improvements made such as lighting, water, (not supposed to be a permanent tax)
Capital improvements?
48
The main source of law for real estate licensees.
Article 12-A
49
Mortgage brokers must be licensed with the NYS Banking Department now called _________________.
NYS Department of Financial Services
50
Licensed real estate salespeople assist______
Their principal real estate brokers
51
License associate brokers operate in the same capacity as___________
a real estate salesperson
52
Mandatory written disclosure law = Real Property Law 443 involves the sale or lease of any 1-4 unit property. Properties excluded from this are ________
Vacant land
Buildings with 5 or more units
53
Brokerage and Agency
Brokerage is the bringing together of buyers and sellers in the market place for a fee.
54
Caveatemptor
Let the buyer beware
55
Convertible mortgage
Allows a lender the option to convert the outstanding balance of the mortgage into an agreed upon percentage of ownership in the real property
56
Brokers cannot commingle money belonging to buyers or sellers with their own funds.
57
Conversion
Unlawful or application of someone's property or money for a use that does NOT benefit the rightful owner of that property or money.
58
fiduciaries
Are considered real estate agents
They are held to the same legal standards of trust, loyalty and confidence as lawyers or anyone hired to work for you on your behalf.
59
You don't need agency disclosure form when ....
Vacant land
Buildings with more than 5 units
60
First moment meeting clients =
= present the agency disclosure form
61
Type of Agency that is "special"
Real estate
62
Type of agency that is "general"
Property Manager
63
Type of agency that is "universal"
Power of attorney
64
Agency of Relationship Types (3)
Universal
General
Special
65
Issue with buyers - check which CCLDAO?
Accounting
66
ALL documents kept for ________year
3 years
67
Good faith =
earnest money deposit
68
Exclusive right to sell =
Commission
69
Rules that pertain when things are in writing
Statute of Frauds
70
Novation
Substitution of a new contract for an existing agreement
71
Short term capital gain =
Less than a year
72
Earnest money deposits
Good faith
73
Where are binders used?
Downstate New York
74
Where are contracts or purchase orders used?
Upstate New York
75
What are the 4 types of Leasehold Estates
Estate for years
Periodic Estate
Tenancy at will
Tenancy at sufferance
76
Estate for Years
Specific start and ending time
When lease expires tenant can leave
77
Periodic Estate (Estate from period to period)
Continue for indefinite amount of time.
78
Tenant has the right to possess with the consent of the landlord
Tenancy at will
79
How long does a ground lease last?
Long term 50 + years duration
80
What does T.I.M. stand for?
Taxes
Insurance
Maintenance
81
Easement Appurtenant
Easements that effect adjacent properties
82
Transferable deed rights (TDRs)
Conservation easement
83
Riparian Water Rights
River
84
Littoral Rights
Large Lakes & Oceans
85
Eminent domain
Taking of private property for public use
86
Priority of liens
materials furnishing in improvement of real property shall have priority over a conveyance mortgage judgement of other claim against property not recorded.
87
Referees Cleed
Used in foreclosures and bankruptcies
88
Change to a will
Codicil
89
Trust
3rd party
90
Evidence of Ownership
Title
91
RESPA stand for?
Real Estate settlement Procedures Act
Closing Costs
Loan fees
Limits the amount of tax and insurance reserves a lender may require
92
TILA stand for?
Truth in Lending Act
Disclosure Lenders
93
Mortgage interest is generally paid in appears?
94
Prorated
30 days before mortgage is due
95
TP584
Facilities the transmittal of transfer tax to the state
96
Deficiency judgement
Foreclosure and not enough equity
97
What is a Promissory note (bond)?
A personal promise to repay a loan
98
Mortgage
Pledge of real property
99
FHA and VA loans
Insured loans and guaranteed loans
100
Cheapest loan
PMI - conventional loan (20% or less down)
101
PMI =
MIP=
Conventional loans
FHA loans (mortgage insurance premium)
102
Alienation
"due on sale"
If a mortgage has an alienation clause, it is not assumable
103
Novation (new)
Substitution of a new contract for an existing agreement
104
If a buyer has a VA or FAA loan
Are assumable and haven't lived their long
105
Notes are considered _____________________
negotiable instrument
106
Trust
3rd party
107
Due on sale = clause
not assumable
108
Blanket Mortgage
Mortgage covering more than 1 property
109
Debt service
Mortgage payments made on a property
Can not be considered an expense NOI
110
Earnest money deposit shows
More good faith
Money towards down payment
111
Loan to value
Ration used by lenders
Ex. 50,000 value of property
5,000 - down payment (10% of value)
100% Whole Down Payment = 90%
112
Interest is due _______
At the end of each pay period
113
Uniform Commercial Code
UCC, Rules that govern the financing of loans
114
P(GI) - E(EGI) = N(NOI)
PEN
115
Regulation Z
Consumer must be fully informed of all finance charges provides for strict regulation of real estate advertisements
116
FHA (203) K
Rehab Loan
117
Certificate of Eligibility
Obtained by writing to the Veteran Affairs
118
Caveat emptor
Let the buyer beware
119
Statute of Frauds
Rules that dictate what has to be in writing
120
Subletting
Transfer of part of the leased area
121
Index Lease
Lease where rent to be paid is tied to an index
122
Ground lease
Long term lease of unimproved land
123
Apportionment
Division expenses between a buyer and a seller
124
Rule of parole evidence
States that the written agreement takes precedence over any oral agreement.
125
Latches
Known as the loss of a right by failure to assert such rights.
126
Article 9-A
Subdivision and development
127
ad valorem
According to valuation
128
Condemnation
Right of eminent domain to acquire privately own real estate for a public use.
129
In rem
Against the property
130
Mill
One tenth of a cent
131
1 rod
16.5 feet
132
1 chain
66 feet
133
1 acre
43,560 square feet
134
Special Assessment
Improvements made to your neighborhood (only last for a short time)
135
S C A R
Small
Claims
Assessment
Review
136
General Plan
Local government identify development goals through a comprehensive master plan =
long term plans
137
Article 78
Judicial appeal
138
Certificate of Occupancy (C of O)
Required for the transfer of dwellings having 3 or more living units
139
CERCLA
Comprehensive and Environmental Response Cleanup and Liability Act of 1980
140
SARA
1986 Superfund Amendments and Reauthorization Act
141
What 2 Environmental Agencies do we deal with for wetlands?
DEC
Army Corps of Engineers
142
Environmental (Phase 1)
Research
143
Environmental (Phase 2)
Digging
Taking Samples
144
Environmental (Phase 3)
Remediation (taking care of the problem)
145
Environmental (Phase 4)
What is your plan to make sure it doesn't happen again
146
Dedication
Refers to voluntary transfer of private property by its owner to the public for some public use such as streets, sidewalks, etc.
147
Balloon Framing
Lack of fire resistancy
148
SEQRA
State Environmental Quality Review Act
New York State Rules involving environmentally private land
149
What government agency reviews septic and wells?
DOH
150
NYS DOH
Under 1000 gallons and/or 50 more connections or 25 or more people
151
NYS DEC
Over 1,000 gallons
152
Transmittal of transfer tax
TP 584
153
Money or items received
Credits
154
Mortgage interest is paid _______
In arrears
155
Regulation Z deals with ______ of credit terms.
Advertisement
156
When is a living trust created?
During the trustees life
157
Evidence of Ownership
Title
158
Chronological history of the title?
Abstract of Title
159
Restricts development of real property to preserve
Conservation easement (Preserve) TDR's
160
Loss Factor
The difference between the useable and rentable areas within a commercial space
161
Attornment
The consent to transfer a right
162
Pro Forma
An operating statement adjusted to reflect a potential change
163
Profit made from the sale of a capital asset?
Capital Gains
164
Taxpayer does NOT materially participate?
Passive Income
165
Failure to assert your rights in a timely fashion?
Flashing
166
Insulation is rate based on this concept? (resistance to heat transfer)
R value
167
Good Faith Estimate
Within 3 days after ban application you need a good faith estimate
168
Reverse Annuity mortgage
Loans that senior citizens can get bank is paying you
169
Convertible mortgage
Allows the lender the option to convert the outstanding balance of the mortgage into agreed upon % of ownership
170
Feasibility Study
Detailed statistical Analysis
171
Assemblage
Combining 2 or more adjoining lots into 1 larger tract to increase their total value
172
Blue Sky Laws
Common name for those state and federal laws
173
Mortgager
Borrower
174
SEQRA
Laws that pertain to privately developed land
175
Percloaton
Refers to the movement of water through the soil (perc test)
176
BTU (British Thermal Unit)
Measure of Heat Energy
177
Highest Framing Member
Ridgeboard
178
Property Manager
General Agency
179
Real Estate Person
Special Agent
180
Capital Improvement
Items that add value
Ex. Roof
181
1988
Includes provisions to prevent discrimination based on individual mental or physical handicap as well as familiar statues.
182
Not ideal at a property
Functional Obsolesce
Reduction in the usefulness of a property
183
Money money money
Passive income - income earned from rest, royalties, and stakes in limited partnerships
184
Percolation Test
Test to determine the water absorption rate of soil for homes with specific system
185
Schedule C
This where you list your income and expenses as a real estate agent
186
Umbrella Insurance
Refers to type of liability insurance policy that is in Excess of specified other policies in place
187
Inflation
Upward movement in overall price level of goods and services
188
Another name for lender
Mortgage
189
Cap rate
Extract cap rate from sales in the market place
190
Historical Rent
Rent that we have historically gotten over time
191
When solving a mah problem
Generally needs to be converted to 12 months (annually)
192
How to get to EGI (Effective gross income)
Potential Gross Income - $72,000
Minus vacancies (.03x72,000) = $2,160
Minus collection costs =$1,200
$68,640 Effective Gross Income
193
Cash on cash return
Annual before tax cash flow divided by total cash invested
194
IRV formula - annual net operating income divided by capitalization rate =
Value
195
Cap Rate % between
8 - 38%
196
Active Income Examples
Wages, salary, commissions
197
Portfolio Income Examples
Earnings from interest, dividends and annuities
198
Passive Income
Earnings or income derived from any trade or business
199
Primary Principle Residence
Location of where a taxpayer has lived for at least 2 of the 5 years prior to the sale of the property
200
Tax Credit
Reduces dollar for dollar and is better (tax deduction is not as favorable)
201
Loss Factor
Difference between useable and rentable areas within a commercial space
202
The Higher the risk =
The higher the cap rate
203
NOI (Net operating income)
Money that is left over after all expenses are paid (does not count personal income tax)
204
Which property types are EXCLUDED from using the mandatory agency disclosure form?
Vacant land
205
If you hear the term "target" housing - you should think of WHAT year?
1978
206
As a follow-up to the previous question, what could we be talking about?
the year lead based paint was outlawed for residential dwellings
207
What kind of a clause in a mortgage allows it to NOT be assumable?
alienation clause and due on sale clause
208
A Improvements made by a municipality that benefit portions of a town or city might be funded by..
special assessments
209
A judgement is good for how long (assuming it is NOT renewed)...
10 years
210
The open notorious use of another persons property may result in..
An easement by prescription
211
A short term right given that is easily withdrawn is known as.
license
212
In NY State, the written agreement between a principal broker and a licensed salesperson or associate broker must have been executed within the last __x__ months:
12
213
If an oil lease is negotiated with an owner and that property is sold 2 months later - assuming the lease is for 20 yrs. - what will happen?
It will continue on with the next owner
214
Real estate records must be retained for no less than...
3 years
215
Lawsuits with regard to items within a real estate contract can be brought for HOW many years thereafter?
6 years
216
Which of the following tenancies allow individuals to sell, convey, mortgage and even transfer their interest, without the consent of the other co-owners?
tenancy in common
217
Rights of survivorship belong to which of the following groups:
Joint tenants and tenants by the Entireties
218
A proprietary lease is most closely associated with...
cooperative
219
Ownership in resort areas is most closely associated with WHAT term...
timeshares
220
Which of the following types of entities gets a separate tax bill and may be mortgaged?
condominiums
221
True or False: Joint ventures are typically for a single project and syndicates are typically for more than one project.
True
222
How many square feet are there in an acre?
43,560
223
How many feet are in a rod?
16.5
224
)If a bank forecloses on your mortgage loan and there is NOT enough money (equity) to pay it off, the lender might have to file...
For a deficiency judgement
225
When agents contact homeowners and try to induce them into listing with their firm due to a change in the racial make-up or composition of a neighborhood, we refer to this as...
a blockbusting
226
Which of the following would most likely be an example of a negotiable instrument..
A note
227
The part of an overhang of a roof that you can easily see looking at it HEAD-ON is called the...
fascia
228
If part of your driveway extends onto your neighbor's land, you probably have..
Encroachment
229
A utility company would probably have...
easement in gross
230
"In-rem" refers to a foreclosure against the...
the land
231
If you fail to pay your water bill, what kind of financial lien could be placed against your property?
involuntary
232
The type of easement two condominium owners who are separated by a common wall might have would most likely be...
an easement appurtenant
233
True or False: Monuments are fixed objects that are used to establish boundaries.
True
234
True or False: Benchmarks are points that elevations are measured from.
False
235
=
236
Notification that a "lien is forthcoming" is most likely which of the following terms..
lis pendens
237
The old saying in real estate was... "let the BUYER beware". This is also known as...
caveat emptor
238
Foundations poured with a single pouring of concrete is referred to as..
monolithic
239
If a lender wanted you to pay MIP, they would probably be refering to which of the following types of loans.
FHA
240
In general, a borrower has to put down more than HOW MUCH in order to NOT need to pay mortgage insurance on their loan?
20%
241
The rehab arm of the FHA loan program is more specifically referred to as...
203k
242
What federal legislation prohibits discrimination on the basis of race, color, religion or national origin?
Title VIII of the Civil Rights Act of 1966
243
When a lender refuses to lend (or shys away from lending) in particular areas based on racial motiviations within a particular neighborhood, this illegal practice is refered to as..
redlining
244
True or False: Complaints brought under the Civil Rights Act of 1866 must be taken directly to a Federal court.
True
245
A person who "checks" undercover to see whether agents & brokers are following Federal Fair Housing properly (as well as other laws) are refered to as..
testers
246
A property owner has ___ years in which to object to violations of any conditions mentioned in the deed and ___ years for neighboring property owners for objections to any violations in the general plan
10/2
247
True or False: If an agent is being paid a commission by a seller, it would probably be safe to say that the agent has a fiduciary relationship with the seller.
False
248
Based on the Truth- in-Heating-Law, an owner of a 2 family home would have to show HOW many months of heating & cooling bills to prospective buyers?
24
249
The main body of laws that pertain to subdivision and development is referred to as...
Article 9A
250
If a person called themselves a "business broker" and wanted to sell another individual's business which included some real estate, and the value of the entire transaction was determined to be $100,000 - choose the option that best represents what this "business broker" would be allowed to do without needing to be licensed as a real estate broker..
the value of the realty would need to be less than $50,000
251
.An associate broker....
works in the exact same capacity as a salesperson
252
An apartment sharing agent must..
maintain an interest-bearing trust account in the amount of $2,500
253
Nonresidents of NY State may be licensed as a NY real estate broker (or salesperson) by conforming to all of the provisions of the license law EXCEPT...
maintaining a place of business within the State
253
Nonresidents of NY State may be licensed as a NY real estate broker (or salesperson) by conforming to all of the provisions of the license law EXCEPT...
maintaining a place of business within the State
254
Agency disclosure, property condition disclosure and all other forms related to a real estate transaction must be maintained by the broker for..
3 years
255
When a salesperson or broker uses earnest money funds in an unlawful manner - such as purchasing office supplies INSTEAD of depositing it into a NY escrow account, we say that a(n) unlawful...
conversion has taken place
256
Read the following ad placed by a real estate agent and choose the best option: "Great 3BR home on the west-side of town, only $99,000 - call 444-4444"
there was no broker's name mentioned
257
Duncan & Hill refers to...
illegal practice of law by a real estate licensee
258
What refers to a judicial type of appeal most often associated with property tax assessments?
Article 78
259
Let's say for example that a broker at a one-person firm collects a commission of $4,000 but it is later found that he or she was involved with a license law violation in connection with the transaction that earned that firm the $4,000 commission - what would the likely penalty be based on your understanding of the material...
a fine of up to $16,000
260
What division or department within New York State deals primarily with mortgage brokers...
the Department of Banking
261
Real estate agents and brokers (unless specifically exempted), must complete...
22.5 hrs of education every 2 yrs
262
Real estate licenses are good for...
2 years
263
You show proof of your licensed status by way of...
your pocket card
264
A mortgage banker's license is good for a term of...
1 year
265
An apartment information vendor's license is valid for...
1 year
266
Which of the Dept. of State "terms" (from the list that follows) represents a more PERMANENT way of losing your right to sell real estate...
revocation
267
If the principal real estate broker's license is revoked by the Dept. of State, the licenses of all the individuals associated with that broker licensee is...
suspension
268
Your results from the NYS Dept of State exam you complete are good for a period of....
2 years
269
Your results from the NYS Dept of State exam you complete are good for a period of....
2 years
270
The Sherman Anti-Trust Act is enforced by...
the Department of Justice
271
Another way of saying that a defect is "latent" is to say that it is…
hidden
272
Which of the following property types are EXCLUDED from the mandatory written agency disclosure law…
Vacant land
273
A property manager would be a good example of WHICH type of agency relationship that could be delegated by a client…
general agent
274
True or False: A universal agent has authority to represent the principal in ALL matters that can be delegated by a client or principal.
True
275
True or False: A dual agency cannot occur if the selling agent works for one firm and the listing agent works for a different firm.
True
276
True or False: If a property owner files for bankruptcy (or is involved with a bankruptcy) after his or her property is listed, this would be a legitimate way of terminating an agency relationship.
True
277
What situation would it be difficult to avoid a dual agency…
if a licensee wanted to buy a home representing him or herself
278
What term refers to being potentially liable for the actions of another person…
vicarious liability
279
The mandatory agency disclosure form is broken down into HOW many horizontal sections overall?
3
280
The acknowledgement of the parties to the contract in an agency disclosure form is located…
on the bottom of the form opposite the descriptions
281
Which type of listing agreement requires that the seller pay a commission regardless of who sells the property - EVEN the homeowner?
exclusive right to sell agreement
282
If an individual is found guilty of violating the Sherman Anti Trust Act, he or she may be fined up to…
$100,000
283
Written independent contractor agreements must be executed in NY every…
15 months
284
True or False: The truth-in-heating law applies to all 1-4 family properties.
False
285
True or False: Open listing agreements would most likely be used for properties that are non-residential in nature overall.
True
286
True or False: Agency disclosure forms are only used in the sale of 1-4 family homes.
False
287
In a fiduciary relationship, WHO is the fiduciary…
the agent or licensee
288
A life estate would fall under the category of a(n)…
freehold estate because it lasts an indeterminable period of time and ends with the death of the person on whose life it is based
289
In how many different ways may a fee simple estate be held?
3
290
What do we call ownership by ONE in real estate in terms of tenancies that may exist (that is, where title is held by one owner)?
severalty
291
Which tenancy have the rights of survivorship but NO rights to partition?
tenancy by the entirety
292
Which of the following tenancies allow one co-owner to sell, mortgage or transfer their interest without the consent of the other co-owners in New York State?
tenants in common
293
Elevations are measured using reference lines, points and surfaces that are officially designated, especially by large cities throughout the United States. The term most closely aligned with this is…
datum
294
This phrase follows the granting clause and is found in a deed and always includes the words "to have and to hold"…
habendum clause
295
NY has a statute of limitations on how far back parties to a contract may bring legal suit to enforce their rights. Choose the best option to answer what this is…
6 years
296
What term refers to the substitution of a new contract for an existing agreement?
novation
297
Land owner rights on larger bodies of water like oceans, lakes & bays where property owners may enjoy unrestricted access and use of the water but own only up to the mean high water mark refers to…
littoral rights
298
Assume that a tenant owned a McDonald's restaurant franchise and rented the real estate based on a long-term lease, what would we consider the booths that the tenant would add that were originally not there and will likely be taken upon the expiration of the lease?
trade fixtures
299
Which of the following terms refers to the gradual loss of land due to the change in the channel of a stream or waterway?
avulsion
300
True or False: Landowner rights to various size waterways regardless of the type or size of such waterway may be sold separately from the real estate if both buyer and seller agree.
False
301
Which of the following is an example of a special purpose property…
a hospital
302
Which of the following is an example of an industrial category of property…
warehouse
303
Which of the following is NOT an emblement…
bushes
304
The most complete type of estate a person can have in real estate is known as a…
fee state
305
The most complete type of estate a person can have in real estate is known as a…
a cooperative
306
True or False: A joint venture is an organization of two or more people or firms to carry out one or more business projects.
False
307
What term refers to a right or interest that may be held by a party that is NOT the owner of the property?
an encumbrance
308
An in rem foreclosure is a proceeding initiated against the…
real estate as distinguished from the person
309
When you hear the phrase "change in the priority of a lien", you should think of the term…
subordination
310
When you hear the phrase "change in the priority of a lien", you should think of the term…
20 years
311
Utility companies often have these kinds of easements…
easement in gross
312
Condominium owners that share a common wall would most definitely have this kind of easement…
easement appurtenant
313
Which of the following laws limits the amount of tax and insurance reserves that a lender may require?
RESPA
314
What refers to the term that includes the percentage that takes into consideration ALL of the costs of borrowing including the application fee, appraisal, service fees, prepaid interest and anything else the lender might require to ultimately get the loan?
The APR
315
Real estate advertisements that include mortgage financing terms must conform to rules as stated in…
Reg Z
316
Choose the option that is 100% correct in terms of it's statement… a) FHA loans are insured and have PMI b) Conventional loans have MIP and are lower in cost than FHA generally
Conventional loans have PMI and FHA loans are insured - MIP
317
A bond is sometimes called a…
promissory note
318
What is the "pledge" of real property which is given by the purchaser who is borrowing the money which provides for the security of the loan?
the mortgage
319
What do we typically refer to as being the FIRST step in the foreclosure process…
an estoppel certificate
320
When a first lien holder agrees to give up their position and become a second lien holder in terms of the priority of liens, we refer to this as…
subordination
321
What item is signed by the borrower and verifies the amount of money owed and the interest rate on the loan?
an estoppel certificate
322
A mortgage that covers more than one property and is typically used in the financing of a subdivision is known as…
A blanket mortgage
323
True or False: If a mortgage has an alienation clause, the mortgage is NOT assumable.
True
324
The difference between the value or sale price of a property and the amount to be borrowed is known as the…
down payment
325
Which type of loan shifts the risk or reward if interest rates change to the borrower from the lender?
an ARM
326
Which type of loan is considered GUARANTEED?
a VA loan
327
Which type of loan is considered the "rehab" loan based on what we covered in class?
an FHA 203(k) loan
328
On most mortgages, interest is usually paid…
in arrears and at the end of each payment period
329
Mortgage brokers and bankers are licensed by…
the NYS Dept. of Financial Services
330
If a person who owns real property dies and leaves no valid will or qualified heirs (or distributees), the property could …
escheat to the State
331
Subdivision and development laws for New York State are part of Real Property Law, Article….
9A
332
True or False: A deed restriction cannot forbid owners from selling a piece of property at some point into the future.
True
333
Failure to assert your rights in a timely fashion because you waited too long could result in or would likely be an example of… (choose the BEST answer):
laches
334
How long do land owners have to object to violations of any conditions mentioned in their deed?
10 years
335
The government's right to take private property for public use (after just compensation) is based on the right of…
eminent domain
336
True or False: If a zoning provision and deed restriction cover the same subject, the less limiting of the two restrictions will prevail.
False
337
One rod is equal to…
16.5 feet
338
One acre is equal to…
43,560 square feet
339
One link is equal to…
7.92 inches
340
One mile is equal to…
5,280 feet
341
Which of the following environmental audits would include actual collection of soil samples from a particular area?
Phase 2
342
If the hot water tank was faulty, a new homeowner would likely be covered for…
two years
343
If the central air conditioning system failed on a new home, this would most likely be covered for at least…
two years
344
What item keeps water out of the interior of a roof area where there are protrusions such as vent stacks and the chimney?
flashing
345
In what type of foundations are the footings and slab poured separately?
floating
346
If you were looking at a closed window that had a handle in the middle of it that was used to open and close that window - the technical name for this window component is the…
rail
347
What roof style most typically resembles a "barn" found in many rural areas?
gambrel
348
To show your understanding of construction, which item from the options that follow is located at the HIGHEST part of a typical residential dwelling….
The ridge pole
349
What valuation concept refers to the fact that there's only so much land available and because of this fixed supply, it is a factor that influences the value of real estate?
scarcity
350
What do we call a sale that is offered on the open competitive marketplace for a reasonable period of time with no unusual circumstances and buyer/seller are relative strangers?
arms-length
351
Which term deals with constructing an EXACT duplicate of a property including any inherent deficiencies that would have been part of the building of that property at the time?
reproduction cost
352
If a home was built near a busy expressway entrance, this would be an example of…
external depreciation
353
The use of a property that will result in the most profitable, legally and physically permitted use whether vacant or improved as of today and applies to all types of property whether residential or commercial is known as…
highest and best use
354
The use of a property that will result in the most profitable, legally and physically permitted use whether vacant or improved as of today and applies to all types of property whether residential or commercial is known as…
highest and best use
355
What do you get when you subtract vacancies and collection costs from the total income derived from rental real estate?
effective gross income
356
Which of the following formulas results in NOI?
Capitalization rate multiplied by the property value or sale price
357
What type of New York appraisal license would allow an individual to appraise ANY type of property without regard to value?
a general appraiser
358
All real estate agents who are members of NAR (the National Association of Realtors) are…
Realtors
359
What statement is MOST accurate regarding the use of the income approach to valuation…
it works well when used for any income producing properties along with the sales approach
360
What term refers to depreciation that has occurred at a property since the date the property was built?
accrued
361
Return on investment (ROI) is calculated by dividing the profit earned on an investment by the cost of that investment. For instance, an investment with a profit of $100 and a cost of $100 would have an ROI of 1, or 100% when expressed as a percentage.
362
Alteration agreements are documents that can vary from one property to the next, but they are designed to make sure that the building-wide services and structures that serve all residents are not affected by construction in one co-op. Cooperative owners will be expected to sign it before beginning construction, and must also submit renovation plans to building management for approval.
363
CPS-1 form… (Cooperative Policy Statement) applies to cooperatives, condominiums, and HOA’s and is used to test the market, explore the venture, and determine theneeds to meet a variety of conditions.
364
The Level of Assessment (LOA) is simply the percentage of full value at which properties are assessed within a community. For instance, an LOA of 50% would indicate that assessments are at half of the market value; an LOA of 100% represents a community that is assessing at full value.
365
Loft Space
a habitable room or floor in a building that is open to the room or floor directly below, which may or may not qualify as a mezzanine.
A loft is a living space made inside a former industrial building (usually with very few if any walls)
366
Tax liens
______ always have the highest priority of ALL liens in terms of real estate.
367
An appraiser
is an individual who typically only evaluates one property at a time. An assessor, however, often estimates the value of an entire neighborhood of homes, buildings, complexes, etc. at once. An assessor is able to examine multiple properties at one time by using mass appraisal techniques. Assessors represent municipalities (government).
368
Condop
_____a hybrid building that contains both condo and co-op units. In many cases, it is a mixed-use condo building with retail spaces that are individual condo units and residential apartments that are co-ops.
369
Who holds the earnest money deposit
'
typically the sellers real estate company OR the sellers attorney.
370
VOCs [Volatile Organic Compounds]
found in paints and manufacturing of household products (some people are allergic to these).
371
EMF [Electromagnetic Fields]
emitted by electronic gadgets, appliances and high voltage power lines.
372
The general purpose of the Planning Board is to _____
provide for and guide the orderly growth and development of the community.
373
Who hold the earnest money deposit?
Sellers attorney
374
A quitclaim deed has NO warranty.
375
A full covenant and warranty deed is the BEST type of deed.
376
Types of Deeds in New York State
Real estate deeds are legal instruments that are used to transfer ownership of real property including the land and its improvements (such as a house or buildings) and attachments. Words used to effectuate the conveyance of property may be grant, assign, convey or warrant, but they basically all do the same thing, they transfer the interest of the person or entity selling the property to the person or entity buying the property.
Deeds are recorded at the county or city recorder’s office and become a matter of public record putting the world on notice of the ownership of any particular parcel of real property. Anyone can go to the local recorder’s office and view a copy of the most current deed for a property as well as all of the prior deeds for a particular property.
In New York, the instrument conveying title, the deed, can take a number of different forms, but the following describes the most common deed forms in New York State.
Bargain and Sale Deed. This form of deed is most commonly used in downstate real estate transactions (i.e. New York City, surrounding suburbs, and Long Island). The recipient of a bargain and sale deed is acquiring real property without knowing if there are any encumbrances on it unless stated in the deed. The grantor of the deed only guarantees that the grantor has a title, and does not guarantee that the title is free of defects. This form of deed implies that the grantor holds title to the property, but the deed does not warrant against any encumbrances. Since a bargain and sale deed does not warrant good title from the grantor, the grantee could be in trouble if title defects appear at a later date. For this reason, the use of a bargain and sale deed is most often coupled with the buyers’ separate purchase of a title insurance policy which does warrant good title. The combination of a bargain and sale deed and owner’s policy of title insurance usually is sufficient to give a buyer reasonable comfort that it is acquiring good title to a property, and it serves to shifts some of the risks of delivering good title from the seller to the title insurer. Bargain and sale deeds can include covenants against grantor’s acts which is a promise within the deed instrument by the seller that it has not done any act which would encumber the title it seeks to convey. In other instances, the bargain and sale deed might not contain such a covenant which transfers more of the risk of the delivery of good title to the title insurer.
Warranty Deeds. Warranty deeds are customarily used in upstate New York real estate transactions but can be used anywhere in New York State. Warranty deeds contain three main guarantees that: (1) the grantor has not sold the property to anyone else; (2) the property is not burdened by any encumbrances apart from those the seller has already told the buyer about; and (3) the grantor will warrant and defend title against the claims of all persons. This means the seller is guaranteeing the grantee that title is free of any defects that may affect the title to the real property being transferred, even if the defect was caused by a prior owner.
Quitclaim Deeds. Quitclaim are used to convey any interest that the grantor might possess in the property. The grantor might be the legal owner or the grantor might never have formally been identified on a deed describing the property. Through a quitclaim deed, the grantor is essentially disclaiming and turning over its interest (without necessarily defining what that interest, if any might be) to a grantee. Quitclaim deeds are often used during a divorce or estate administration, to deed the property from one spouse or beneficiary to another. If a married person or beneficiary of an estate holds title to a property as sole and separate or perhaps he or she acquired the property before marriage or death of a decedent, the spouse or beneficiary not in title might be asked to sign a quitclaim deed when the property is sold to a third party, just to make sure the spouse or beneficiary who was not on the deed does not later come back and lay claim to the property.
Other Types of Deeds…
Tax Deed. When property taxes are unpaid (the numbers of delinquent years vary from state to state), and the property is sold for the payment of back taxes, typically a tax deed is used to convey title to the buyer.
Deed-in-lieu of Foreclosure. Sellers who are behind in payments to the lender will sometimes negotiate with a lender to accept a Deed-in-Lieu of Foreclosure, which means the seller has deeded the property to the lender to avoid foreclosure.
377
A graduated lease
is an agreement under which a tenant and landlord agree to a periodic adjustment of monthly payments. For example, the agreement may reflect an increase in the tenant's payments due to market conditions or an increase in the value of the leased property.
378
Errors and omissions (E&O)
is a type of professional liability insurance that protects companies and their workers or individuals against claims made by clients for inadequate work or negligent actions.
379
Real Estate Agents are
“special agents”. Know that general agents goes along with Property Managers.
380
Know specifics of civil rights act BY year: 1866, 1974 and 1988.
381
Pro-Forma statements
predict future income & expenses of a properly- these statements help an investor to decide whether to invest in it or not.
382
The insurance policy code for contents and is most popular is
HO-3.
383
In real estate, an arm's length transaction refers to
situations in which there is a transfer of property and the buyer and seller act independently of one another. Both parties don’t know one another, no unusual circumstances, and property offered for a typical period of time.
384
Title search is
the background check on the property. It's the process of investigating a property's history. Title insurance protects the lender and buyer from title disputes and guarantees, in a way, the results of the search for the lender in most cases.
385
Proration
is the allocation or dividing of certain money items at the closing. The key to remember about prorations is that the person who uses it generally needs to pay for it.
386
Gross Lease
(a fixed amount paid by the tenant where no landlord expenses are paid by the tenant) vs. net lease (net lease means you’re paying some of the owners expenses).
387
Flashing (kickout flashing)
keeps water out of the inside of the roof and sidewalls.
388
Industrial property owners generally pay
NON homestead taxes.
389
Apartment information vendors can show apartments for rent and collect advance fees unlike real estate licensees that can only be paid after providing the service.
390
You may see a waterproofing question about roofs…Bitumen is a good waterproofing material due to its nature. Bitumen-based liquid membrane and bitumen-based roll membrane materials are the most well-known, most economical, and high-performance materials used. Waterproofing materials are typically made from polyurethane, asphalt or rubber.
391
A nonconforming mortgage
is a home loan that does not adhere to government-sponsored enterprises (GSE) guidelines and, therefore, cannot be resold to agencies such as Fannie Mae or Freddie Mac. These loans often carry higher interest rates than conforming mortgages.
392
The party gaining the benefit of the easement is
the dominant estate (or dominant tenement), while the party granting the benefit or suffering the burden is the servient estate (or servient tenement).
393
Asbestos is found in some vinyl floor tiles and the backing on vinyl sheet flooring and adhesives. Hot water and steam pipes in older houses may be coated with an asbestos material or covered with an asbestos blanket or tape. Oil and coal furnaces and door gaskets may have asbestos insulation.
394
Mental disabilities & familial status (presence of children) was added as a protected class in 1988 to the federal fair housing act.
395
If John is given an easement to cross an ADJACENT property he probably has an easement appurtenant. If the word “adjacent” doesn’t show up it’s considered an affirmative easement which gives the easement holder the right to do something on the grantor of the easement's land, such as travel on a road through the grantor's land.
396
Variance requests go to who?
(Zoning board of appeals)
397
In a sublease situation -
the original tenant is responsible for paying rent and repairs to the landlord (in most cases).
398
The market rate,
also known as the going rate, is the usual price charged for a good or service in a free market, rather than one fixed by a state authority.
399
Escheat
when a person dies and leaves no will - or qualified distributees... the property reverts to the state.
400
If a broker commingles money
he/she has violated the fiduciary duty of ACCOUNTING.
401
Joists
are horizontal structural members used to support floors and ceilings.
402
Wraparound mortgage,
the seller keeps the existing mortgage on the home, offers seller financing to the buyer and wraps the buyer's loan into (with) the existing mortgage.
403
Generally, floor or ceiling joists run parallel to the rafters. You would be able to check if this is the case in a home by going up into the attic.
404
LOA (level of assessment) -
For instance, an LOA of 50% would indicate that assessments are at half of the market value. An LOA of 100% represents a community that is assessing at full market value.
405
An important thing to know about joists is that they usually run in the same direction throughout a house. If the visible joists in a basement or attic run east to west, for example, you can be fairly certain that hard to see joists under the bedroom floor also run east to west.
406
Oil and gas deposits ARE considered a real property interest.
407
Calculating capital gain on your personal residence and whether or not you are subject to paying …
First you determine what you realized in the sale. This is the sale price minus any commissions or fees paid. Subtract your basis (what you originally paid) from the realized amount (how much you sold it for) to determine the difference. If you sold your assets for more than you paid, you have a capital gain. Taxpayers who lived in the property two of the last 5 years can deduct from the capital gain as follows: $250,000 of single or $500,000 if married filing jointly.
408
To be able to convert from a co-op to a condominium association, a co-op board first needs approval from a supermajority – generally 80 percent – of its shareholders. If a supermajority approves, all shareholders must pay off any existing share-backed loans for their units, or convert to a regular mortgage loan.
409
Distribution centers, research & development (R & D), warehouses along with manufacturing facilities fall under the
category of “industrial” zoned areas.
410
If someone refuses to sign an agency disclosure form use the “refusal to sign” form we covered in class to document that you discussed agency at the first substantive moment.
411
Mortgage brokers
represent a number of lenders versus mortgage bankers that represent their own products only.
412
Who is exempt from the education requirements to earn a real estate license?.
(NYS attorneys) and individuals who receive exemptions from the DOS
413
A bridge loan
is a short-term loan obtained to meet an immediate financing requirement. It is often used to fill in an immediate cash need such as down payment for buying a house.
414
A mechanics lien includes
not only services provided on a home or for a business but also for any SUPPLIES expense incurred but not paid for by the owner who the mechanic’s lien is placed against.
415
Functional obsolescence refers to
a reduction in the usefulness of a property due to factors within it, except those due to physical deterioration. Agents and appraisers need to know what’s typical for a neighborhood as well as what’s expected from buyers in the current marketplace. Walking through a bedroom to get to another bedroom is an undesirable feature and usually results in a downward value adjustment. Economic obsolescence occurs outside the property and is beyond the control of the property owner. A residential home next to a factory would be an example.
416
If a buyer refuses to be represented by a real estate agent they are considered a customer and are owed FAIR & HONEST dealings.
417
Tenancy by the Entirety
husband and wife (with rights of survivorship).
418
Fee simple describes a landowner's complete and total ownership of a piece of land and all properties on it.
419
Fee simple defeasible
is a legal term and type of property ownership, where the ownership is dependent on specific conditions. If the conditions of ownership are violated, the property may be returned to the grantor or to a specified third party.
420
Real estate commission rates are decided upon by the seller (most of the time) and the listing broker UNLESS a buyer is paying the commission based on the terms of an exclusive buyer representation agreement.
421
Percolation
refers to the test to determine the capability of the soil to absorb liquid for the construction of new and existing septic systems. Required upon sale/transfer of properties and done by the local (county) DEPARTMENT OF HEALTH.
422
AGE is not a protected class under the federal fair housing act.
423
A voidable contract
is a formal agreement between two parties that may be rendered unenforceable for a number of legal reasons. ... Failure by one or both parties to disclose a material fact. A mistake, misrepresentation or fraud. Undue influence or duress.
424
renters insurance policy code
h04
425
Assemblage vs plottage
assemblage is the combining of two lots to result in a higher sale price than each lot would sell for alone vs plottage which is the actual INCREASE in VALUE resulting from having done so.
426
If you’re already licensed as an associate broker, you simply file another application with the state to change to any other category of broker (no additional coursework or experience is needed).
427
Title insurance protects the bank when
required by the lender and the borrower is obtaining a new mortgage loan.
428
Most home owner policies require
that you insure your home to at least 80% of the amount of rebuilding cost in order to get a replacement cost settlement.
429
Mortgage loans that violate NY’s
Homeownership and Equity Protection Act (“HOEPA”) or are deemed PREDATORY in any way are considered ILLEGAL in NY.
430
Trees, perennial vegetation, oil, gas and air space are all part of
your real property interest.
431
In 1988,
mental and physical disabilities was added to the federal fair housing act.
432
Please note- where race or color is involved - there is NEVER an exception to any fair housing laws.
433
Please know that air rights IS a real property interest.
434
While plat maps and property surveys are very similar, they aren't exactly the same thing.
Plat maps show the legal property lines that belong to the owner, but they offer more of a big-picture view of an entire neighborhood or subdivision, whereas a survey is a more in-depth look of a single property.
435
A metes and bounds survey is the type of survey system we use in NY and most of New England. The rectangular survey system is used south and west of Pennsylvania (NOT IN NY) read the question carefully if you get it.
436
Pro-forma statement is
an operating stmt adjusted to reflect a POTENTIAL change in income & expenses based on the investors knowledge of the real estate market.
437
HO-3 policies are
are the most common because of their broad range of coverage. Sometimes called an extended or special homeowners insurance policy form, the HO-3 covers almost any peril except those specifically excluded (such as earthquake, flood, landslide or mudslide, nuclear accident and sinkholes).
438
Mortgagee
lender
439
Mortgagor
borrower
440
“Drip loop" refers to the
downward-facing, half-moon loop formed by the incoming feeder wires of the electrical service, just before they enter the weather head that sits atop the service mast. This looping of the service wire keeps water OUT from entering the electrical panel.
441
Construction beams are
horizontal, weight-bearing supports that bridge an area of the residential construction. Along with posts and columns, which are the beams' vertical counterparts, they support the structural integrity of all sorts of buildings. In homes, you'll find beams in walls, floors, ceilings, roofs, decks and garages.
442
In banking and finance, an amortizing loan
is a loan where the principal of the loan is paid down over the life of the loan according to an amortization schedule, typically through EQUAL payments.
443
Slope
is the incline of the roof expressed as a ratio of the vertical rise of the horizontal run, where the run is some portion of the span. This ratio is always expressed as inches per foot.
Ex. A roof that rises 4 inches for every 1 foot or 12 inches of run is said to have a "4 in 12" slope.
444
Review: roof construction (joist & rafter and truss framed), roof styles, r factor/value, laches, use clause, loss factor, riparian rights, fixed rate mortgage has equal payments over the life of the loan, exemption to when you need the prop condition disclosure form (divorce, foreclosure, estates etc), blanket mortgage, how to calculate sq. Footage (length x width), co-op managed by board of directors, mortgagee and mortgagor, what is a certificate of occupancy, encumbrance, purpose of the planning board, calculating NOI, purpose of and where flashing is used, do condos have deeds (yes!), order of liens (property taxes, spec assmt then 1st and 2nd mtg), conforming and nonconforming use, operating stmt, easement by prescription, commingle, what’s the difference between plans & specifications.
445
If your active license expires
you have two years to still do your 22.5 hours of education to reactivate it - after two years you’ll need to retake the state exam. You only need to repeat your 75 hour course IF it’s LATER than 8 years since you completed it.
446
Know “dominant tenement”..
A dominant estate (or dominant premises or dominant tenement) is the parcel of real property that has an easement over another piece of property (the servient estate).
447
Know how to calculate cash-on-cash return [pg 187] (here’s an example):
Suppose an investor purchases a $1,200,000 apartment complex with a $300,000 down payment. Each month, the cash flow from rentals, less expenses, is $5,000. Over the course of a year, the before-tax income would be $5,000 × 12 = $60,000, so the NOI (Net Operating Income)-on-cash return would be:
448
An escalation clause
is language inserted into a purchase offer for a home that's intended to make sure a buyer is the highest bidder. It's typically used when a buyer and their real estate agent strongly believe a house will receive multiple offers.
449
Similar concept holds true for leases (long term leases) where
the tenant agrees to pay an increased amount for the landlords increased costs at specified periods of time.
450
A percentage lease is a type of
commercial lease where the tenant pays a base rent plus a percentage of any revenue earned while doing business on the rental premises.
451
A short sale in real estate is
is when a financially distressed homeowner sells their property for less than the amount due on the mortgage.
452
Laches
failure to assert your rights in a timely fashion means you might lose those rights.
453
NYS real estate brokers are exempt from the two year experience requirement to be a mortgage broker. Everyone must generally complete the NMLS course to qualify as a mortgage originator/broker.
454
BTU (British Thermal Unit)
the amount of heat needed to raise the temperature of one pound of water by one degree Fahrenheit. Used as a measure of furnace or air conditioner capacity.
455
Anyone living in a co-op knows that if they want to renovate their apartment, they will need to sign an alteration agreement.
456
Portfolio income
is money received from investments, dividends, interest, and capital gains.
456
Portfolio income
is money received from investments, dividends, interest, and capital gains.
457
Passive Income
is income earned from RENTS, royalties & stakes in limited partnerships.
458
Active Income
is the hard-earned money that one earns in exchange for performing a service (W2 income and commissions).
459
Fee simple absolute, executory contract, understand offering plan and red herring, leverage, $500 credit for prop disclosure if NOT provided, SARA/CERCLA, violation of the license law (article 12a) can result in what?, when does a life estate end, tenancy by the entirety, joint tenancy, vicarious liability, remainder interest, acceleration clause, 22.5 hours of education to renew any type of real estate license every 2 years, exclusive agency (seller can sell and owes no commission) vs. exclusive right to sell (anyone who sells the property the listing broker is paid), special assessment.
460
Each assessment represents a percentage of market value, whether it is 100 percent or otherwise. The overall percentage of market value at which properties are assessed within each community is the LOA. ie.., an LOA of 100% would indicate that assessments are at full market value.
461
Other items to be familiar with:
Appraisers estimate value, how long are real estate licenses or brokers licenses good for? (2 years), graduated lease, and highest and lowest wood framing member in residential construction. Fascia & soffit. The Truth in Lending Act (TILA) is a federal law that helps protect consumers in their dealings with lenders and creditors.
462
sheathing
is often the final layer used in residential construction (floor sheathing, wall sheathing, roof sheathing, etc. In terms of roof sheathing: It's the strong layer of wood boards that are attached to the roof's trusses and joists. Before shingles are attached to this “roof decking” a layer of “roofing felt” (also known as roofing tar paper) is attached.
463
To assure the safety of drinking water in New York, the Department of Health (DOH) in cooperation with its partners, the county health departments.
464
The broadest use clause for a shopping center lease permits the tenant to use the space "for any lawful use." This gives the tenant the right to use the premises for any use that does not violate the law.
465
RESPA has two main purposes:
(1) to mandate certain disclosures in connection with the real estate settlement process so home purchasers can make informed decisions regarding their real estate transactions; and (2) to prohibit certain unlawful practices by real estate settlement providers, such as kickbacks.
466
Umbrella insurance refers to a liability insurance policy that is in EXCESS of specified other policies in place.
467
Assessors determine the market value of properties for a municipality.
468
The role of the appraiser
is to provide objective, impartial, and unbiased opinions about the value of real property.
469
The term collateral refers to
an asset that a lender accepts as security for a loan. Collateral for our sake is usually the real estate.
470
Total Annual Cash flow - annual operating expenses =
NOI
471
“what if your license expires”
. you can take a 22.5 hour approved course to reactivate it IF it’s under 2 years from the last active date.
472
Pipes encased in walls, ceilings and floors
radiant heating
473
If you see ductwork
=forced air
474
An HO-1 home insurance policy does not
provide coverage for liability, personal belongings, or additional living expenses — only the dwelling itself.
