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50 Cards in this Set
- Front
- Back
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A lien was placed against Mark’s property for unpaid credit cards. What type of lien was placed against Mark’s property…? 1. Debt Lien 2. Voluntary Lien 3. General Lien 4. Specific Lien |
3. General Lien |
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Mark grants his neighbor a right of way easement to cross his property. In this scenario, Mark is known as what…? 1. Encumbered Estate 2. Provider Estate 3. Dominant Estate 4. Servient Estate |
4. Servient Estate |
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At what time does a lien take into effect…?1. When the act leading to the cause of the lien occurs 2. When the lien is entered into the court record 3. When all parties involved in the matter agree 4. When a statement is issued by the person giving the lien |
2. When the lien is entered into the court record |
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Michael must use his neighbor’s driveway in order to gain access to his garage at the rear of his property. Michael’s neighbor grants him access to use the driveway but only for the specific use of providing access to the garage. Michael’s right to use his neighbor’s driveway is an example of what…? 1. Easement 2. Encroachment 3. Right-of-way 4. Encumbrance |
1. Easement |
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A SCAR proceeding is generally led by who…?1. Appointee 2. Attorney 3. Mediator 4. Judge |
1. Appointee |
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Assessing a recently sold property based on the new purchase price is known as what…? 1. New Purchase Assessment 2. 1031 Exchange 3. Welcome Neighbor Policy 4. Trade Assessment |
3. Welcome Neighbor Policy |
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What is the formula for Equalization Rate…?1. Total Assessed Value of Municipality / Total Market Value of Municipality 2. Total Market Value of Municipality / Total Assessed Value of Municipality 3. Number of Residents of Municipality / Total Assessed Value of Municipality 4. Total Assessed Value of Municipality / Number of Residents of Municipality |
1. Total Assessed Value of Municipality / Total Market Value of Municipality |
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An assessor explains to you that the market value of your property was converted to the assessed value using what’s called an assessment ratio. The assessment ratio can also be considered what…? 1. Equalization Rate 2. Tax Rate 3. Equilibrium Ratio 4. Capitalization Rate |
1. Equalization Rate |
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What is the formula for determining the tax rate for a particular district…? 1. Municipal Budget / Number of Parcels 2. Number of Parcels / Municipal Budget 3. Municipal Budget / Number of Residents 4. Number of Residents / Municipal Budget |
2. Number of Parcels / Municipal Budget |
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A city or town which has been certified by the State Board of Real Property Tax Services to have completed a revaluation or an update in conformance with its rules and regulations is known as what…? 1. Department of Taxation 2. Approved Assessing Unit 3. Department of Finance 4. Real Estate Appraiser |
2. Approved Assessing Unit |
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A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer is known as what…? 1. Assessment 2. Levy 3. Lien 4. Tax |
1. Assessment |
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A tax bill is delivered by whom…? 1. Receiver of Taxes 2. Department of Taxation 3. Issuer of Taxes 4. Assessor |
1. Receiver of Taxes |
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A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration), and the terms are stated is known as what…? 1. Implied Contract 2. Executory Contract 3. Express Contract 4. Executed Contract |
3. Express Contract |
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The interest or estate which a lessee of real estate has therein by virtue of the lessee’s lease is known as what…? 1. Mortgage 2. sublease 3. Option 4. Leasehold Estate |
4. Leasehold Estate |
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The act of either: 1) replacing an obligation to perform with a new obligation; or 2) adding an obligation to perform; or 3) replacing a party to an agreement with a new party.is known as what…? 1. Option 2. Reformation 3. Novation 4. Addition |
3. Novation |
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To have no force or effect; that which is unenforceable is known as what…?1. Abandoned 2. Void 3. Limited 4. Executed |
3. Limited |
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A remedy whereby a court orders a change in a written document to reflect what it ought to have said in the first place is known as what…?1. Revision 2. Update 3. Reformation 4. Amendment |
3. Reformation |
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Which of the following is NOT an example of a valid contract…? 1. Letter of Intent 2. Option 3. Lease 4. Purchase and Sale Agreement |
1. Letter of Intent |
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A lease of property in which the rental is based upon the percentage of the volume of sales made upon the leased premises is known as what…? 1. Graduated Lease 2. Gross Lease 3. Percentage Lease 4. Periodic Lease |
3. Percentage Lease |
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Where one is either by force or by process of law, actually put out of possession is known as what…? 1. Actual Notice 2. Constructive Eviction 3. Actual Eviction 4. Disposal |
3. Actual Eviction |
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According to the IRS, which of the following properties types is NOT considered a permitted deduction on one’s tax return…? 1. Primary residence 2. Income producing properties 3. Vacant land 4. Time share |
2. Income producing properties |
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According to the IRS, which of the following property types are considered a permitted deduction…? 1. Personal residences 2. Income producing properties 3. Investment properties 4. Commercial properties |
1. Personal residences |
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Which of the following is the correct formula for determining the Adjusted Basis on a property…?1. Original Purchase Price + Capital Improvements - Depreciation 2. Original Purchase Price + Depreciation 3. Original Purchase Price - Capital Improvements - Depreciation 4. Original Purchase Price - Depreciation |
1. Original Purchase Price + Capital Improvements - Depreciation |
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This income type is realized by the owner during the year-to-year operations of the property…?1. Residual income 2. Capital gains 3. Operation income 4. Market income |
3. Operation income |
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A monetary gain resulting from the increase in the market value of an investment, excluding additions of capital is known as…? 1. Capital Gain 2. Cash Flow 3. Appreciation 4. Boot |
3. Appreciation |
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The periodic expensing of an asset over the property’s theoretical economic life is referred to as what…? 1. Appreciation 2. Functional obsolescence 3. Depreciation 4. Economic obsolescence |
3. Depreciation |
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Which of the following refers to the amount of gain subject to tax when a property is sold…?1. Gross gain 2. Realized gain 3. Recognized gains 4. Net gain |
3. Recognized gains |
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As a real estate agent, where should you search to find any records of violations on a property…?1. Department of Taxation 2. Department of Finance 3. Legal Department 4. Department of Buildings |
4. Department of Buildings |
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A ________ Deed can be used when an owner of a property is looking to transfer the property to a company he/she owns? 1. Full Covenant and Warranty 2. Bargain and Sale 3. Quitclaim 4. Executor |
3. Quitclaim |
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The statement “AND the party of the first part covenants has not done or suffered anything whereby the said premises have been encumbered in any way whatever, except as aforesaid.” is typically found in what type of Deed…? 1. Bargain and Sale Deed 2. Quitclaim Deed 3. Referees Deed 4. Executor Deed |
3. Referees Deed |
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Who signs the deed prior to transfer of title…?1. Both Parties 2. Grantee 3. Grantor 4. Neither of the Parties |
3. Grantor |
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This type of deed is usually used to remove a cloud from the title…? 1. Referees Deed 2. Quitclaim Deed 3. Full Covenant and Warranty Deed 4. Bargain and Sales Deed |
2. Quitclaim Deed |
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A _________ Deed is typically used when money is not being exchanged and the grantee is willing to take the property ‘subject to’ its condition. 1. Quitclaim 2. Full Covenant and Warranty 3. Bargain and Sale 4. Executor |
3. Bargain and Sale |
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A ______ Deed is used when two owners want to partition their ownership in the property?1. Referee's 2. Quitclaim 3. Bargain and Sale 4. Executor |
1. Referee's |
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A supreme title to land which was originally acquired within the United States of America by a treaty is known as what…? 1. Land Patent 2. Metes and Bounds 3. Dedication 4. Public Grant |
1. Land Patent |
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The proposition that the contract for the conveyance of property merges into the deed of conveyance is known as what…? 1. Closing 2. Merger Doctrine 3. Statute of Frauds 4. Transfer of Deed |
2. Merger Doctrine |
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This type of Deed must recite the full consideration in the transaction…? 1. Full Covenant and Warranty Deed 2. Executor Deed 3. Bargain and Sale Deed 4. Quitclaim Deed |
2. Executor Deed |
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The Market Value Policy is also referred to as…?1. HO-5, 2. HO-8, 3. HO-2, 4. HO-1 Loss of Use coverage is also known as…?1. Coverage D, 2. Coverage B, 3. Coverage A, 4. Coverage C |
2. HO-8 1. Coverage D |
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A method of valuing insured property is referred to as what…? 1. Actual Cash Value 2. Sales Comparison Approach 3. Cost Approach 4. Income Approach |
1. Actual Cash Value |
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The capitalization rate refers to an investor’s return on his/her money if the property is purchased in what way…? 1. Using all cash 2. All of the above 3. Using a mortgage 4. Using seller financing |
1. Using all cash |
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What is used to calculate an investor’s cash-on-cash return if the property is purchased using all cash…? 1. Capitalization rate 2. Time value of money 3. Interest rate 4. Discount rate |
1. Capitalization rate |
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The annual amount to be paid by a debtor on an obligation to repay borrowed money is known as what…? 1. Debt Service 2. Interest Payments 3. Principal Service 4. Cash Flow |
1. Debt Service |
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A profit on an investment over a period of time, expressed as a proportion of the original investment is also known as…? 1. Time Value of Money 2. Rate of Return 3. Pro-forma 4. Internal Rate of Return |
4. Internal Rate of Return |
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David is looking to buy a commercial investment property. In addition to the cash needed for the down payment, David also needs this to run and maintain the property…? 1. Hard cash 2. Liquidity 3. Run rate 4. Soft cash |
2. Liquidity |
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A list of upcoming capital improvements on a Cooperative can be found in this document…?1. Cooperative By-laws 2. Cooperative's Financial Statement 3. Cooperative Offering Plan 4. Cooperative House Rules |
2. Cooperative's Financial Statement |
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A cooperative apartment is considered what type of property…? 1. Real property 2. Chattel 3. Income property 4. Shared property |
2. Chattel (aka personal property) |
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Phillip owns a cooperative apartment in Manhattan. What is Phillip responsible for paying each month…? 1. Upkeep fees 2. Common charges 3. Maintenance fees 4. Mortgage payments |
3. Maintenance fees |
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A residential establishment that includes both a condominium and cooperative ownership structures is known as…? 1. Subdivision 2. Apartment Building 3. Condop 4. Mixed Use Building |
3. Condop |
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What should one look for when reviewing a Cooperative’s financial statement…? 1. The age of the Cooperative building 2. The list of sub-contractors hire by the Cooperative 3. The number of people living in the Cooperative 4. The amount of cash in the Cooperative's Working Capital Fund |
4. The amount of cash in the Cooperative's Working Capital Fund |
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A Cooperative Policy State #1 outline the rules and regulations with regards to what…?1. Developers using broker to sell sponsor units 2. Developers using brokers to test the market 3. Developers using mortgage brokers to obtain financing 4. Developers using brokers to pre-sell condominium units |
2. Developers using brokers to test the market |
