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162 Cards in this Set
- Front
- Back
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What agency issues real estate licenses |
New york state department of state, division of licensing |
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At what age can you become a real estate salesperson |
18 |
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DO you need experience in the field to become a salesperson |
no |
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What is the minimum age to become a real estate Broker? |
20 |
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Do you need experience in the field to become a broker |
3500 Points |
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If your license is revoked how long do you have to wait to re-apply for it |
1 Full year |
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As a licensed salesperson, I can recieve compensation from |
Sponsoring Broker |
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As a real estate licensee you will more often than not be an ______? |
independant contractor |
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you will recieve a _______, and will file a __ on your tax return to detail your earnings vs. your expenses |
1099 from your broker; C |
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Attorneys admitted to the bar in NYS are _______ from the licensure law unless they take on salespeople |
Exempt |
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If you combine clients' funds with perosnal funds, its called _______, and you have violated which of the fiducary oblications? |
Commingling; Accountability |
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What is the very first domument you should fill out with a new client or customer |
Agency Disclosure Form |
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At what moment should you take out the agency disclousure form |
First substantive contact |
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When is first substantive contact? |
It means the customer/client has asked about the property |
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What would you call a situation where I represent the seller as my client but then work in the best interests of the buyer (my customer) |
Undisclosed Dual Agency |
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What is the department of state concerned about when a real estate licensee also embarks upon the pratice of writing mortgage applications as a mortgage rep |
Dual Agency |
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I hire you to sell my house. You are my broker and I am your |
Client or Principal |
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What's the name of the deed which gives the most leagal promises (covenants and warranties) to the buyer? |
Full covenant and warranty Deed |
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Co-op ownership is what type of estate |
Lease Hold |
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Violtion of the law is a |
Misdemeanor |
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What is the possiable penalty for comitting a misdemeanor |
$1,000 fine and/or 1 year in jail |
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What is called if I track back the successive owners of a piece of real estate, starting with the current deed and work my way backwords in time |
Chain of title |
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If I have a disabled tenant who wants to make a modifaction what do I do |
The modification is done at their expense and must be returned to origional condition |
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What was the year of the first major federal fiar housing legislation |
1866 |
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What was the first major legislation to directily affect property ownship rights |
Race |
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Which of the following would be an exception to the discrimination laws |
Same sex |
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What was the year of the second major piece of federal fair housing legislation |
1968 |
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What classes were protected under the legislation |
Race, religion, & National Origin |
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What would you call a financing situation where the buyer recieves financial assistance with the down payment and closing costs and in exchange gives up some share of the equity buildup in the perperty |
Shared Equity Loan |
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There is a type of mortgage where the monthly payment increases as your ability to pay more improves, for instance someone who doesn't have much income but have great income potential like someone just graduating from law school |
GPM |
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When money is plentiful what happens to interest rates |
Ratees Decline |
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Sometimes a condo association will reserve the right to be a first buyer if you decide to sell, you would call this? |
Right of first refusal |
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A transaction that involves the sale of property to free up the liquid assets that are trapped in the real estate, and a lease of that same property is call |
Sale Leaseback |
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What governtal agency oversees how the community is developed |
Planning board |
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You would call the borrower |
Mortagagor |
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You would call the lender |
Mortgageee |
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I'm going to rent and apartment for one week, what type of leasehold estate is this |
Estate for years |
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What is the name of the standardized closing statement or settlement statement required by RESPA (1974) called? |
Good faith estimate GFE |
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What is synonym for Proration |
Adjustment |
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If one broker is representing both the purchaser and the sell in the same transaction you would call this? |
Dual Agency |
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Who determies what the real estate commission will be on a particular deal |
Broker and Client |
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The income that I earn from getting out of bed in the morning and going to work for example: Salary, Bonuses, commissions is called |
Active |
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If I have a rental properties, the income that I derive from renting out parking spaces, closets in the basement my coin- op washer/dryer is? |
Miscellaneous |
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Which named "peril" is not covered on an HO policy (Homeowner) or a DP policy (Dwelling Policy). |
Flood |
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Reguarding flood, from whom do you purchase that insurance |
FEMA |
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If I want higher limites of liability insurance on my house and cars I would buy a |
Umbrella Policy |
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If I were a renter in order to protect my stuff and also give me liability insurance I would buy a |
HO4 Policy |
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A CMA ( comparative market analysis) is not an |
Appraisal |
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Unlike Residential Leases where if I add a fixture such as a ceiling lamp, it becomes part of the real property, in a commercial environment it's undersood that if you add cabinets, refrigerators, ect, that they are leaving when the lease is over. This is called? |
Trade fixtures |
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What is the age of majority in NY state, in other words the minimum age to enter into a contract |
18 |
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If you were to sell your house to someone under the age of 18 how yould you characterize the contract of sale |
Voidable by minority |
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It is my intention to protect my client (usually the seller) from the vicarious liability of another licensee violating the laws of licensure. I shoudl always give out my listings to other licensee as "Broker's agents" or "Sub-agents" |
Broker's Agents |
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What should I do if the client or customer refuses to sign the agency disclousure form |
Affidavit or Declaration signed with notary |
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If I represent the buyer as a broker this would be called? |
Buyer Brokerage |
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If my license has expired, for how long can I continue to pratice real estate sales? In other words, what is the grace period |
30 days |
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the fullest interest I can have in my ownership of real estate is called haing a ____ interest |
Free simple |
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What is one example of formal legal description |
Section, Block, and lot number |
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Which description would NOT be a formal legal description |
Street Name |
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as a real estate salesperson, I am practicing ___ Agency |
Special |
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As a property agent I am practing ____ agency |
General |
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I oue all of the fiduciary oblicaitons to my client or to my customer? |
Client, and oue the customer fiarness and honesty |
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I work ____ the cient, and _____ the customer |
For; with |
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What does fiduciary mean |
A postion of turst |
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The fiduciary obligation accrues only to my? |
Client |
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In estate planning, we are praticing ___ agency |
Universal |
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Over how many years can you depreciate a commercial property |
39 |
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If you see a depreciation problem you always have to deduct the cost of the ___ from the acquisition cos of the property, then divide by the appropriate number of years |
Land |
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How much is the capital gains tax incentive for a single person. Example: if a single person buys a home as his/her own occupied residence, then sells it after years the first _____ is free of capital gains |
$250,000 |
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How much is the capital gains tax incentive for a Married couple. Example: if a married couple buys a home as their own occupied residence, then sells it after years the first _____ is free of capital gains |
$500,000 |
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When the government gives tax incentives such as the Capital Gains tax incentive or through depreciation, you would call this a? |
Tax Shelter |
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What government body oversees mortgage brokers and mortgage bankers? |
Ny State Dept of banking |
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It has been long-standing that my driveway crosses over my neighbor's property this is? |
An Easement |
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In an Easement, which is dominant, mine or my neighbor's? |
Neighbors, because he benefits. The neighbor's estate would be called Serviant |
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What is it called if a utility company has an easement over many properties? |
Easement in gross or utility easement. |
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If someone uses the property of another in a way that is open and notorious, exclusive and adverse to the best interests of the ture owner, you would call that?? |
Squatter's rights |
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What are the two names for Squatter rights |
Easement by prescription and adverse possession |
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for how many years would you have use a persons property to make a claim of ownership |
10 |
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If a property owner is fixing a leaking faucet what kind of maintenance is this called? |
Corrective maintenance |
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Which is the lien of least priority |
Real Property Taxes |
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We are taxed on our real property according to the value of the property, ad valoru, and which other value |
Assessed value |
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What does the municipal engineers office do |
Planning, designing and construction of NY public work facilities |
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What is a "pro forma/program" statements |
It is a Hypothesis. When you see pro forma think "projected" |
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an estimation of how much a property will sell for in a typical transaction is the? |
Market value |
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What is the "use" clause in a lease? |
How will you use the property (The details?) |
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Commercial space is very often rented out using a ____ lease |
Net |
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Gnenrally speaking, residential leases are ___ meaning that you pay your landlord the total of rent and then the landord pays the expenses associated with the renter |
Gross |
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A lease for a large unfinished space would be called a ___ lease |
Loft |
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In a rental environment, who is ultimately always responsible to be sure the lessor (the landlord) gets paid. |
The lessee |
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What would you call the peer of the government to aquire personally held real property for the benefit of the public |
Condemnation (eminent domain) |
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Over how many years can you depreciate a residential property? |
27 |
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Voltage is the ____ or _____ of the current in a particualr electrical unit |
Force and pressure |
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What is the standard voltage in the united states |
110v |
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What is the "R" factor |
Resistance for heat transfer |
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The lower part of the roof which includes the soffit and the fascia is called the ____ or ____ |
Eaves or overhang |
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Bent pieces of metal that serve to waterproof a house are called? |
Flashings |
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You would call a BTU, british thermal unit a measure of |
heat energy |
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what is the name if the refrigerant that was destroying the ozone layer of the atmosphere , the layer that protects us from the ultra-violet rays of the sun which gives us skin cancer |
Freon |
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What is the law that regulates CFC's (Freon)? |
Clean air act |
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What would you call the first wooden member to be laid down on the foundation wall? It serves to connect the concrete foundation to the flooring system of the house |
Still Plate |
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Does the bulding department write the buildng code or enforce it |
Enforce it |
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When I go to the building department and I want to put and extension on a house or medify something I am making and applicaiton for |
Building permit |
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If I'm turned down because my application does not meet the letter of the building code, I'm going to make and appeal to? |
ZBA(Zoning board appeals) |
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If the ZBA approves my applicaiton I am going to be granted a |
Vairance |
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When I build a house I'm ging to have to have an architectural rendering of it, what is that called |
Blueprint |
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if a person has the right to cross over your proerty it's an |
Easement |
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If someone is crossing over your property line that's an |
Encroachment |
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If somone dies without haivng a valid will he died |
Escheat |
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A zoning ordinance would not require? |
What material it's made up of |
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What lien might a contractor put on your property if you fail to pay him for work that was done |
Mechanic's lien |
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What type of lien would be put on a property if I bought a load of roofing material to do a job myself and failed to pay the supply house |
Material man's Lien |
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Roof rafters are ____ in orientation and establish the pitch or the ____ of the roof |
Diagonal, slope |
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What are the vertical wooden members inside the walls |
Studs |
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Circut breakers and _____ bother serve the same function. Tey are over-current protection devices |
Fuses |
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What governmental authority oversees our fresh water drinking supply |
DOH (Dept. of health) |
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What is put on the outisde of the studs to begin to watherproof the house |
Sheathing |
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A for Amps, represents the ____ of current available in a structure |
Amount |
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What is the minimum aperage for new construction in NY State |
100 AMps |
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Wooden members that are horizontal and parallel to eachother that support the flooring are called |
Joyces |
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The details of a blueprint is the |
Specificaitons |
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Tenants in common is characterized by |
Rights of inheritance |
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Joint tenants is characterized by |
Rights of survivorship |
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In NY State husband and wife takes ownership as |
tenants in entirety |
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What would you call it when one person buys a property all by himself |
Ownership severalty |
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Your realestate license with the pocket card will be sent to your sponsoring broker. Who hold the license and who hold the pocket card |
Broker hold license, I hold the pocket card |
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What do you call people who go into real estate offices to make sure that all people are being treated the same way |
Testers |
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As a real estate salesperson, you have to take continuing educaiton every _____ years |
2 |
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how many hours of continuing educaiton are required |
22.5 |
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there is also a three hour component of _____ required every two years |
Fiar housing |
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Are real estate brokers also required to fulfill the cont. edu. requirements |
yes |
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what material was used for insulating heating pipes, a naturally ocurring mineral fiber, now banned from use becuase it is a carcinogen |
Asbestos |
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what is the name of a colorless odorless radioactive gas that is the by-product of uranium in the soil? |
Radon |
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If a seller decides not to proide the purchaser with the property condition disclosure form how much of a reduction in price does he have to give |
$500 |
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What is the name of the regulation that requires the lead paint disclosure |
Regulation X |
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I have to give the "protect your family from lead paint in your home" and lead paint disclosure form to prospective tennants and buyers if the building was constructed prior to what year |
1978 |
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If I share my listing on a property with your broker and give the oppertunity to make the sale your broker just became my |
sub agent |
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If you are truely an independant contractor what is it that your broker can provide for you |
Telephone |
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How long does the broker need to keep all of his/her paperwork and records |
3 years |
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as an idependent contractor, are you paid for the number of hours you put into a deal or for your production |
production |
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A mortgage that cover and includes more that a single property is called a |
blanket |
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a mortgage that finances both the real property and the personal property is called a _____ mortgage |
Package |
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I want tot make an applicaiton to become a mortgage broker. I can use my experience as a real estate licesee on my application to the NYS dept. of banking. How many years of experience do I need |
2 years |
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A loan that allows you to move from one property to another. FOr example, you find a house you want to buy but your first house isnt sold yet |
Bridge loan, Swing Loan |
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an Apartment building's heating system which although is in good repair does not meet the need of the current tenants, this is an example of |
Functional |
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Which term best identifies the most probable price for which specified property rights should sell to a knowledgeble buyer in a competitive market |
Market value |
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_____ is NEVER an exemption from fair housing laws |
Race |
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The solicitation of the sale or lease of property, due to a change in the ethnic structure of a neighborhood |
Blockbusting |
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A study of a recently sold properties, currently competing listings, monthly expired listings, buyer appeal, market position, and market range |
Comparative market analysis |
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One's interest in a cooperative unit |
Leasehold |
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Group overseeing management of a cooperative entity |
Board of directors |
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The state agency that an offering plan for a condo or co-op building is submitted to? |
Attorney General |
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A bulding that includes condo and co-op ownership |
Condop |
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Determines the vale of an asset in the past present or future |
The time of money |
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Homeowner policy that provides current coverage for apartment owners |
HO-4 |
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No properties are exempt from |
Real property assessment |
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An exemption on property tax valuation. For example, your home is valued at $100,000 and you qualify for $20,000 ecemption, you pay taxes on your home as if it was worth $80,000 |
Homestead |
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In 1974 there was an amendment- what class was added |
Gender |
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In 1988 there was an amendment- what classes were added |
Handicapped and familial |
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I'm taking "green customer" only to "green" people neighborhoods. What is this |
Steering |
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I'm going into a neighborhood and iducing panic selling. What is this? |
Blockbusting |
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A banker decides not to lend in a community because of the infusion of people of a particular race religion or nationality |
this is redlining |
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The income that I earn from my paper assets is |
Portfolio |
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If a property manager is giving attention to a potential problem before it really becomes a problem |
Preventative maintenance |
