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Real Estate Practice Test > Real Estate Test > Flashcards

Real Estate Test Flashcards

1
Q

In New York State, how old must one be to enter into contracts?

A

18

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2
Q

What other capability should they possess?

A

Mental and emotional capability

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3
Q

What happens is if one of the parties to the contract as a minor?

A

The contract is voidable by the minor

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4
Q

What does zoning board of appeals do?

A

Grants variances

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5
Q

What regulates construction standards in New York State?

A

Building codes

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6
Q

What does municipal engineers office do

A

Overseas planning in construction a major highways, sewer systems in water connections

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7
Q

If a property ad states at the property is near the vicinity of a geographical area, what else must’ve had include?

A

It must include the name of the geographical area where the property is actually located

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8
Q

Who is usually exempt from property taxes?

A

Disabled, veterans, farmers, elderly, Goldstar parents (whose kids died In war) And star program homeowners

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9
Q

Who is not usually exempt from property taxes?

A

Second homeowner

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10
Q

What covers fully for personal property lost in a fire?

A

Replacement cost

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11
Q

Find the square footage of a rectangular shaped floor plan. Note. Learn how to find the area of squares and rectangles

A
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12
Q

What’s the cash on cash return on a $2 million property with a down payment of 500,000 and a 15000 monthly rental income

A

36%

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13
Q

Who hires agent?

A

Principal or client

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14
Q

What is not a CMA (Comparative market analysis)?

A

An appraisal

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15
Q

What can’t a sales person do

A

Collect mine directly from the client or customer

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16
Q

When should the agency Disclosure form be submitted?

A

At the first substantive contract

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17
Q

Which document describes the agency who he or she represents of the sales person?

A

Agency disclosure form

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18
Q

What’s another name for the slope of the roof?

A

Pitch

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19
Q

What carcinogenic component was used as insulation electric transformers and contaminated soil and groundwater

A

PCBs or polychlorinated biphenyls

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20
Q

What can brokers provide their sales people if they are independent contractors

A

Office phone

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21
Q

What rights to excess water from a river or stream called

A

Riparian

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22
Q

What did the civil rights act of 1866 protect, without exception

A

Race

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23
Q

What does a 1988 amendment to the civil rights act protect

A

Disability and familial status

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24
Q

What is convincing owners to sell/lease property by telling them in particular group of people are moving into the area called

A

Blockbusting

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25
Q

What is it called when the lender/insurance agent refuse to do business in a certain area based on the characteristics of the people living there

A

Redlining

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26
Q

Unless specified a lesser state, transfer of title to real property in New York State create what type of interest?

A

Fee simple

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27
Q

What is another name for transfer of title to real property

A

Conveyance

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28
Q

What is it called when the government dictates how a property can be used

A

Zoning

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29
Q

Who issues real estate licenses?

A

New York Department of State

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30
Q

Who overseas licensing and registration of mortgage bankers and brokers?

A

New York State banking department

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31
Q

Which department oversees drinking water safety?

A

New York State Department of Health

32
Q

Who determines the commission?

A

Principal/client in the broker

33
Q

What occurs when the agent represent the seller but also works in the best interest of the buyer?

A

Undisclosed dual agency

34
Q

A real estate sales person is what type of agent

A

Special

35
Q

What clause in the deed describes the property?

A

Legal description

36
Q

What type of income is partnerships/investments?

A

Portfolio

37
Q

What’s the name of the policy that provides additional liability coverage beyond the primary policy?

A

Umbrella policy

38
Q

What type of maintenance is fixing a leaking faucet?

A

Corrective maintenance

39
Q

What are property taxes based on?

A

Assessed value

40
Q

What is the market value

A

What the property will sell for an a competitive marketplace

41
Q

What is a loft lease

A

It’s a lease for space that is not divide into rooms

42
Q

Which type of commercial properties use percentage lease?

A

Retail stores/shopping malls

43
Q

Who is responsible for the terms in the lease if the unit has been subleased?

A

Leasee

44
Q

What is it taking a private property by the government for public use called?

A

Eminent domain

45
Q

How many years is a residential investment property depreciable for?

A

27.5 years

46
Q

How much profit can a single person claim from the sale of a personal residence that’s tax free

A

250,000

47
Q

What is the right to use another land that falls short of ownership called

A

Easement

48
Q

Joe is not paid for the supplies and labor he provided for homeowner Smith. What kind of lane will he file against Smith?

A

Mechanics lame

49
Q

What is serves the same function as a circuit breaker?

A

Fuse

50
Q

What type of the state is created when only one person hold title to the real property?

A

Ownership in the severalty

51
Q

How much are the seller reimburse the buyer for refusing to provide a property disclosure form?

A

$500

52
Q

Seller tells a listing agent he filed for bankruptcy bankruptcy the previous year. The seller end up not listing the property with the agent. Still, what duty does the agent or the seller

A

Confidentiality

53
Q

What type of financing is used to purchase a new property when the whole property hasn’t been sold yet

A

Swing loan or bridge loan

54
Q

Who is the borrower of a mortgage loan

A

The mortgagor

55
Q

What does the real estate settlement procedures act require

A

Good faith estimate of the closing cost for federally funded loans

56
Q

What is the rate reserve for the condo association I give them the first opportunity to buy or lease a unit when it becomes available

A

Right of first refusal

57
Q

A coop is what type of ownership?

A

Leasehold

58
Q

What is a summary of the chronological history of title and related documents to that called

A

Abstract of title

59
Q

What type of mortgage is one a new mortgage that is higher in amount wraps around an existing first Mortgage that’s smaller and amount

A

Wraparound mortgage

60
Q

What document provide a detailed information on a condo or coop project

A

Offering plan

61
Q

What is the process called that calculates the value of an asset in the past, present and future?

A

Time value of money

62
Q

What is it called when a building loses its desirability Because of an outdated design feature

A

Obsolescence

63
Q

What type of investment properties are warehouse and distribution centers

A

Manufacturing

64
Q

What government issues such as noise, pets and a condo or a coop?

A

House rules

65
Q

What are Homestead properties?

A

Residential condos, 1-4 family homes, mobile homes and farm dwellings

66
Q

What’s the area the tenant actually occupies and uses

A

Usable square footage or net square footage

67
Q

Who signed the contract first?

A

Purchaser

68
Q

What is a budget that is set aside for repairs in large improvements

A

Capital reserve budget or replacement reserve budget

69
Q

What’s another name for land lease

A

Ground lease

70
Q

What allows landlords to raise rent during the term of the lease

A

Escalation clause

71
Q

What are tax advantages on investment properties called?

A

Tax shelters

72
Q

What type of listing agreement is it where the listing broker gets commission for the sale of the property even if the owner of themselves sell the property?

A

Exclusive right to sell

73
Q

What’s an Implied clause in a deed?

A

Grantor owns a property and has right to convey it or right of quiet enjoyment

74
Q

What does regulation Z require besides disclosure of interest rates

A

Down payment

75
Q

What does a secondary mortgage market do

A

Bye and sells mortgages

Real Estate Practice Test (3 decks)

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