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91 Cards in this Set
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License Law Which of the following is Not a mandatory requirement for a salesperson licenser in NY A Successful Completion of the 75 hr course B. Broker Sponsorship C. US Citizenship D. Passing the state license examination |
C. US Citizenship |
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License Law Casey a real estate broker hired jamie to help with activities such as answering the phone, making appointments, and typing contract forms . What type of License does Jamie need A. Salesperson License B. Associate Brokers License C Broker License License D. No License |
D. No License |
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License Law Bill Decides to open his own brokerage firm which of the following must he do first. A. Join the MLS B. Decide What type of Business organization he wants. C. Join the local board of REALTORS D. Hire at least two Sales associates |
B. Decide what type of business organization he wants |
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License Law Which of the following is not a legal requirement for the operation of a brokers office. A. a sign visible from the side work or in the loby B. A sperate bank account for escrow deposits C. Submission of all contract forms for DOS Approvials D. DOS approval of a firm name |
C. Submission of all contract forms for DOS approval |
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License Law Much of the NY real Property law relating to real estate licenses is in which of the following sections? Article A. 9-A B. 12-A C. 19-B D. 14-A |
B. 12-A |
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Law of Agency In the sale of one to four unit residential real estate and condominiums and co ops in any size building a listing agent must first disclose her status to a prospective buyer: A. When a buyer calls the office B. Only when instructed to by her broker C. When the parties enter into a contract of sale D. At the first Substantive meeting |
D. At the first substantive meeting |
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Law of Agency Danielle lister her home with broker robert. Danielle sold her home without any assistance from robert. A court ruled that danielle owed robert a full commission on the sale of her home. This is because Robert. a. had an exclusive agency listing b was a broker rather than a buyer broker c had an exclusive right to sell listing agreement d had an open listing agreement |
C. Had an exclusive right to sell listing agreement |
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Law of Agency If a salesperson is classified as an independent contractor, which of the following is True? The broker: A. Has no duty to supervise the salesperson activities B. Has a duty to supervise the salesperson's activities C. Can only supervise those salesperson who are classified as employees D. Can only supervise work that is performed in the real estate office |
B. Has a duty to supervise the salesperson activities |
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Law of Agency A broker engaged to act on behalf of a principal as a listing agent for a property is what type of agent? A. General B. Universal C. Special D. Unilateral |
C. Special Agent |
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Law of Agency In the rental of a 1 to 4 unit residential properties and condos and coops in any size building at the first substantive contract which of the following is true? A. An agent must present the disclosure for to prospective tenants when showing the premises B. No disclosure form is needed at the time that the property is being shown C. The disclosure form kneed only be presented when signing the lease at no other time D. the disclosure form need only be used in rental properties that have more than four units |
A. An agent must present the disclosure form to prospective tenants when showing the premises |
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Law of Agency One who is hired through a broker to work for that broker, and the principal is not vicariously liable for the acts of that agent is called a: A. Dual Agent B. Brokers agent C. Subagent D. Facilitator |
B. Brokers agent |
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Law of Agency In an exclusive right to sell contract, under what conditions is the listing broker entitled to a commission? A. Only when the broker sells the property B. When the broker or the owner sells the property, but no one else C. When anyone including the broker, owner or other briers sell the property D. Only if the listing brokers firm sells the property |
C. When anyone including the broker, owner or other brokers sell the property |
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Law of Agency Excluded from section 443 of the real property law covering the use of the disclosure form is A. Single family home sales B. Rentals in one to four unit properties and condo and coop in any size building C. Vacant land D. Sales of Duple Property |
C. Vacant land |
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Legal Issues Estates and Interests There Term, Estate put autre vie refers to a A. Estate of a former Tenant B. Estate Owned by the government C. Estate managed by an agent D. A Life estate measured by the life of someone other than the life tenant |
D. A Life estate Measured by the life of someone other than the life tenant |
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Legal Issues Estates and Interests Which of the following is not a characteristic of real property? A. Indestructibility B. Uniquement C. Mobility D. Limited Availability |
C Mobility |
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Legal Issues Estates and Interests Ownership as tenants by the entirety is limited to: A Families with Children B. Husband and wife C. Any two individuals whose names appear on a deed D. Ownership of Commercial properties |
B. Husband and Wife |
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Legal Issues Estates and Interests Which of the following is not a freehold estate? A. Fee simple absolute B. Leasehold C. Fee Simple defeasible D. Fee Simple on Condition |
B. Leasehold |
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Legal Issues Estates and Interests A Grantor conveys 100 acres to his daughter, but if the daughter uses the property for a commercial purpose her ownership terminates. This is an example of a A. Fee simple on condition B. Estate pur autre vie C. Leashold Estate D. Fee Simple Absolute |
A. Fee simple on condition |
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Legal Issues Estates and Interests Ownership in severalty refers to, A. Ownership by one owner B. Co-ownership C. A financing Charge D. Purchasce of Optioned Property |
A. Ownership by one owner |
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Legal Issues Estates and Interests Chattel refers to A. Property pledged as security for payment of a debt B. Personal Property C. Field for cattle to graze D. A wifes interest in her husbands real property |
B. Personal Property |
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Legal issues 2 liens and easements A Mechanics lien is a A. Involuntary general lien B. Voluntary general lien C. Voluntary specific lien D. Involuntary specific lien |
D. Involuntary specific lien |
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Legal Issues 3 Deeds/Conveyances The Habendum clause in a deed is the: A. Forfeiture clause B. Defeasance clause C. "to have and to hold" clause D. Mortgaging clause |
C. "to have and to hold" clause |
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Legal Issues 3 Deeds/Conveyances A deed that conveys to a grantee an interest in real estate with no warrant of title is called a A. Full convenant and warranty deed B. Executor's deed in the form of a full covenant and warranty deed C. Deed of Trust D. quitclaim deed |
D. Quitclaim deed |
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Legal Issues 3 Deeds/Conveyances When a deed is executed, this means that it is A. Delivered B. Acknowledged C. Signed by the grantor D. Corrected |
C. Signed by the grantor |
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Legal Issues 3 Deeds/Conveyances The law requires that all deeds be in writing is the A. Statute of Frauds B. Statue of Limitations C. Sullivan Law D. Real Property Law |
A. Statute of Frauds |
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Legal Issues 3 Deeds/Conveyances A person may NOT receive title under adverse possession in NY unless the individual A. is at least 25 years of age B. has been in possession of the property for a period of at least five years C. has secretly lived on the property for eight years D. has met all legal requirements and a court confirms what has already taken place |
D. has met all legal requirements and a court confirms what has already taken place |
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Legal Issues 3 Deeds/Conveyances If a person dies and leaves a valid all, he is said to die: A. intestate B. devised C. Testate D. Probate |
C Testate |
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Legal Issues 3 Deeds/Conveyances To make a gift of real property by will is to A. Devise B. Administer C. Assign D. Legate |
A Devise |
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Legal Issues 3 Deeds/Conveyances The term accretion refers to the: A. Taking of private property for public use B. Dedication of land by a developer C. Gradual Build up of land in a water course D. The waring away of land by water wind or other processes of nature |
C Gradual build up of land in a water course |
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Legal Issues 3 Deeds/Conveyances A quitclaim deed is most generally used when A. the strongest form of guarantee of title is required B. An attorned is not involved in the transaction C. There are only two parties to the transaction D. the grantors rights or interest and nothing more are conveyed |
D the grantors rights or interests and nothing more are conveyed |
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Legal Issues 3 Deeds/Conveyances A tenancy in common: A. Does not require the unity of possession B. Requires that each tenant holds an undivided interest in the entire property C. Includes the right of survivorship D Is the same as Joint tenancy |
B Requires that each tenant holds an undivided interest in the entire property |
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Legal issues 4 title and closing An unbroken transfer of successive titles to real property is called A. Movable title B. Conveyable Title C. Chain of title D. Attorney Opinion of title |
B. Chain of title |
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Legal issues 4 title and closing A Condensed history pertaining to the title of a property is called a A Abstract of title B. Chain of title C. Title Insurance D. Intestate Succession search |
A. Abstract of title |
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Contract of Sales and Leases 1 If a tenant must leave a leased premises because of lack of heat, her may be able to forfeit his lease obligations and claim: A Constructive Eviction B. Actual Eviction C. Forfeiture D. Lis pendens |
A Constructive Eviction |
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Contract of a Sales and Leases 2 The Substitution of a new contract for a prior contract is called A Sublet B Assignment C Rescission D Release |
B Assignment |
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Contract of a Sales and Leases 2 In general a valid written listing between a seller and a real estate agent in which a buyer is not found is a A. Implied Contract B. Void Contract C. Unforceable Contract D. Executory Contract |
D. Executory Contract |
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Contract of a Sales and Leases 2 Which of the following is false regarding an earnest money deposit it: A Shows the sincerity of buyer B Legally must accompany an offer to purchase C Demonstrates financial capability to raise the money called for in the purchase offer D May serve as possible liquidated damages tot he seller if the buyer defaults |
B Legally must accompany an offer to purchasce |
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Contract of a Sales and Leases 2 A contract with a minor is:
A Automatically void B Illegal C Unenforceable D Voidable by the minor |
D Voidable by the minor |
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Real Estate Finance 2 The Mortgagor is the A Lender B Broker C Borrower D Trustee |
C Borrower
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Real Estate Finance 2 The Mortgagee is the A Lender B Broker C Borrower D Trustee |
A Lender
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Real Estate Finance 2 A Conventional Loan A Involves participation by an agency of the federal government B. Is always an amortized loan C. Involves no participation by any agency of the federal government D is an FHA loan |
C. Involves no participation by any agency of the federal government |
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Real Estate Finance 2 One of the most difficult loans for a lender to underwrite because it asks for funds to create a project that does not exist is a: A. commercial loan of any type B. Construction loan C Home Equity Loan D. Purchase money Mortgage |
A. A commercial loan of any type |
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Land Use Regulations/Development The doctrine of Laches refers to: A. loss of legal rights because of failure to assert them B. A special real estate lockbox C. Government restrictions on land use D. A lessors interest in leased property |
A Loss of legal rights because of failure to assert them |
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Land Use Regulations/Development The NY law that protects residents in the purchase of vacant subdivided land sold on the installment plan is: A. Article 12-A of the Real Property Law B. ARticle 9-A of the Real property law C. The general business law D. The statue of Frauds |
B. Article 9-1 of the Real Property law |
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Land Use Regulations/Development The agency that coordinates information relevant to an environmental impact statement is called the: A. Office of the county clerk B. Zoning board of Appeals C. Lead Agency D. Coordination Agency |
C. Lead agency |
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Land Use Regulations/Development Zoning ordinances are an example of the use of governments A. Police Power B. Health regulatory power C. Right of eminent domain D. Private Restrictions |
A. Police Power |
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Land Use Regulations/Development An inlay apartment that is connected to a residential home is called a A annexation B. Accessory Use C Home Occupation D Group Home |
B. Accessory Use |
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Land Use Regulations/Development A Subdivision Plat generally recorded with the A Department of State B. Local Zoning Board C. County Clerk D. Assessors office |
C. Count Clerk |
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Land Use Regulations/Development If a property owner is denied a request for a variance A. Must accept the decision B. Must petition the county assessors office for a new ruling C. May petition the NY Supreme court through an article 78 Proceeding D may request a new hearing before the planning board within 30 days |
D May request a new hearing before the planning board within 30 days |
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Land Use Regulations/Development One of the differences between a request for a variance and a special use permit is that special use permits A. Do not requite that the applicate demonstrate undue hardship B. are illegal in NY C. Are only allowed for large commercial projects D. Require an Article 78 Proceeding |
A Do not require that the applicant demonstrate undue hardship |
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Land Use Regulations/Development The federal organization that oversees wetland protection is the A USDA B Army Corps of engineers C. US Coast Guard D EPA |
B Army corps of engineers |
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Construction Which of the following is not consideration in the design and development of a construction site A drainage B. Appurtenances C Insulation Requirements D Zoning |
C Insulation Requirements |
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Construction The NY law that provides minimum standards for construction materials and safety is: A: the general business law B: Not state law since only local statues are used C Article 9-a of the real property Law D: The NYS fire Prevention and building code |
D:The NY State fire and prevention code |
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Valuation Which of the following methods are not used for appraisal purposes? A. Assessed value B. Insurance Value C. Value in use D. Investment Value |
D. Investment Value |
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Valuation A Property will probably Nt sell for market value under which of the following conditions? A. Buyer and seller are equally motivated B. A reasonable time is allowed for exposure in the market place C. The buyer and seller are related to each other D. It is an arms length transaction |
C. The buyer and seller are related to each other |
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Valuation In the construction of a property the costs of architectural and engineering fees are called A direct costs B. Hard Costs C. Payment Schedule D. Indirect Costs |
D. Indirect Costs |
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Valuation
Which of the following is not an appropriate comparable or a comparative market analysis A. Expired Listings B. Current Competing Properties C. Properties yet to be build D. Sold Properties |
C. Properties Yet to be build |
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Human Rights and fair housing Under the federal fair housing act an administrative law judge may impose which of the following penalties for a pattern of discrimination A. Up to 10,000 B up to 50,000 C. Not more than $1 Million D. The penalty is not limited by statute and may be determined by the court |
B. 50,000 |
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Human Rights and fair housing In addition to federal law, protected classes under the New York Human Rights Law include: A. Familial status and race B. Age and Marital status C. Race and religion D. Disability |
B. Age and Marital Status |
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Human Rights and fair housing Nancy owns and lives in a duplex in Rochester, NY. She wishes to rent the other apartment Nancy: A. Must rent her home to any person who is financially qualified B. May not discriminate against individuals because they are a certain race C. Must rent her home to families with children if approached D. Must place her property for rent in local newspaper if she dos not use services of a salesperson |
B. May not discriminate against individuals because they are a certain race |
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Human Rights and fair housing An area designated by the NYS department of state where salesperson and brokers may not solicit listings is called a A. Cease and desist zone B. Area under moratorium C. Quarantined Zone D market allocation zone |
A. Cease and Desist Zone |
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Math An acre of land has a width of 425 FT if this acre of land is rectangular in shape, What is its length A 85.5 Feet B. 93 Feet C 102.5 Feet D 120 Feet |
C 102.5 Feet |
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Municipal Agencies A town or village planning board consists of how many members? A two to four B Five to 7 C Seven to 9 D Any numbers as decided by the town board or village board of trustees` |
B 5 to 7 |
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Municipal Agencies Meri wants more information about renovating a historic property. Which agency would be least likely to be involved in the Process? A Historic preservation commission B. Zoning board of appeals C. Building department D. Conservation advisory council |
D. Conservation Advisory Council (Conservation refers to Environmental) |
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Property Insurance As long as the insurance company states the reason for the cancellation, an insurance policy may be cancelled within how many days? A. 25 B. 30 C. 60 D. 90 |
C. 60 Days |
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Property Insurance The cost of a homeowners policy is directly related to: A. The policy holder B. the property only C. a statewide fee schedule D. both a and b |
D both A and B |
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Taxes and Assessments The tax rate is determined by the A. City or town council B. Assessor C. Amount of the tax levy D. Census |
C. The amount of the tax levy |
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Taxes and Assessments The percentage at which properties are assessed in a locality is called the: A. Tax levy B. Level of assessment C. Residential assessment ratio D. tax rate |
B. Level of assessment |
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Taxes and Assessments The purpose of the board of assessment review is to: A. Levy taxes B. Set uniform percentages C. Develop the equalization rate D. Hear Grievances |
D. Hear Grievances |
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Taxes and Assessments If a property owner believes that his property assessed value is greater than the properties full value, he may claim that he has been subject to: A unequal assessment b. excessive assessment c. unlawful assessment D. misclassification |
A. unequal assessment |
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Taxes and Assessments The residential assessment ratio (RAR) is Not used for which of the following purposes? A. The grievance process B. A small claims assessment review hearings C. Municipalities conducting revaluation projects D. A general measure of assessment equity |
C. Municipalities conducting revaluation projects |
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Taxes and Assessments An appraisal for tax purposes and an appraisal for mortgage purposes are: A. Exactly the same B. Different in that a tax assessment takes the market value from the appraisal and applies a uniform percentage C. Different only in that one is complex by an assors and other is completed by an appraiser D. Different because an appraisal for mortgage purposes endeavors to find market value and a tax appraisal endeavors to finer value in use |
B. Different in that a tax assessment takes the market value from the appraisal and applies a uniform percentage |
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Condos and coops A board package, submitted to the coop board of directors cossets mainly of A Societal status information B Family history C Financial data D reasons for purchasce |
C Financial data |
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Condos and coops An agreement that outlines the responsibilities between the coop corp and the lender is called a A CSP1 statement B Subordination agreement C alteration Agreement D recognition Agreement |
D Recognition Agreement |
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During the CPS1 period or phase, which of the following is rue in marketing of Condo and co ops A the developer need not following any attorney general rules governing advertising B Only the attorney general can set the price for the units C The developer may set the market price for the units D no firm price can be declared by the developer for individual units |
D no firm price can be declared by the developer for individual units |
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Commercial and Investment real estate When offering available square footage to tenants, property owners generally charge for: A Usable square footage B Rentable square footage C Carpetable area D. Effective square footage |
B rentable Square footage |
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Commercial and Investment real estate Which of the following is a type of lease escalation clause? A Porters wage formula B Estoppel C Use Clause D Subordination |
A Porters wage formula |
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The use of OPM, describes A risk B. Return C Leverage D. Debt service |
C. Leverage |
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Commercial and Investment real estate A real estate investor may defer capital gains taxes by: A. investing in income shelters b. dealing in cash transactions only C. Exchanging like kind properties D. Selling high end properties over 500K because capital gains may be deferred |
C. Exchanging like kind properties |
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Commercial and Investment real estate An economic analysis of all data related to a project including its costs, rates of return, and benefit to the community is know as a A Operating statement B Feasibility study C Potential gross income D Pro forma schedule |
B. Feasibility study |
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Commercial and Investment real estate A short sale is a transaction in which: A. Closing includes "time is of the essence" B. There is seller financing C The sale proceeds fall short of the balance owed on the property D There is always lender financing |
C The sale proceeds fall short of the balance owed on the property |
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Commercial and Investment real estate The study of how a change in one factor affecting a real estate investment can affect the income to the property is know as: A a feasibility study B risk analysis C sensitivity analysis DSecuritization |
C Sensitivity analysis |
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Income Tax In reference to the straight line method for depreciating nonresidential property, it may be depreciated over how many years A 15 B 27.5 C 35.5 D 39 |
D 39 years |
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Income Tax Which its rule allows first time home buyers to use ira distributions to fund up to 10 of their new home cost without paying an early distribution penalty A Rule of Four B Age 59 1/2 rule C Safe Harbor Rule D IRA exemption clause |
B age 59 1/2 rule |
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Income tax How many days from the day of closing does a real estate exchanger have to contract for another replacement property A 15 days B 30 Days C 45 days D 60 days |
C 45 Days |
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Income tax In a tax deferred exchange, any cash in the exchange is called A. Equity B. Collateral C. Cache D. Boot |
D. Boot |
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Property Management Which document prepared by a property manager relates expense items to the operating budget for the period? A Property management agreement B Property Management report C Rent Roll D Stabalized Budget |
B Property Management report |
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Property Management Lydia a property manager, enlisted her maintenance team to go through the building and assess and repair all items that may need repair or replacement for the calander year. This is an example of A excessive oversight B Due diligence C preventive maintenance D Corrective maintenace |
C Preventative maintaince |
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Property Management A management agreement most often creates which type of agency relationship? A Special agency B. Agency By proxy C General Agency D No agency |
C General Agency |
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Property Management To save on payroll and employee costs, some property managers are: A performing maintenance function themselves B. Cutting costs by not allowing preventative maintenance activities C Subcontracting individuals to perform maintenance tasks D Attempting to allow items to break in hopes of collecting insurance coverage |
C Subcontracting individuals to perform maintenance tasks |
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Property Management Which of the following designations is given by the institute of real estate management? A NYARM B BOMI C CPM D ABO |
c CPM |
