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A married couple buys a home for $650,000. They live in the home for a year, then rent it for two more years. After that, they sell it for $750,000. Do they qualify for a capital gains exemption, and why or why not? - correct answer ✅No because to qualify for the capital gains tax exemption, homeowners must have the property as a primary residence for two of the last five years. A breach of the lease occurs when a tenant refuses to vacate the property upon the expiration of the lease. When a tenant will not vacate, the lease becomes a(n) - correct answer ✅Tenancy at Sufferance When it comes to fair housing, what is a tester? - correct answer ✅A tester is a person who goes undercover to visit real estate offices and brokerages to see how potential clients are treated. The listing agreement usually creates an agency relationship between - correct answer ✅The broker and the seller
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All of the following are phases of a CERCLA Environmental Site Assessment EXCEPT - correct answer ✅Compensation 4 steps of CERCLA - correct answer ✅Investigation, testing, remediation, management What are the two primary functions of the zoning board of appeals? - correct answer ✅interpreting zoning ordinances and granting variances An investor is considering purchasing a shopping center. One thing he needs to review before he makes a decision is the lease of all tenants. What kind of lease are these tenants most likely to have? - correct answer ✅Percentage A buyer's agent knows that Property A will bring the agent a higher commission than Property B. However, Property B is best for their principal. What should they advise? - correct answer ✅They should advise their principal to purchase Property B because of their fiduciary duty.
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An advertisement reads, "Lively senior citizen community. No families with small children, please." Evaluate the ad. - correct answer ✅Usually, terms like "no kids" are discriminatory advertising. But when advertising a specific senior community, the phrases are acceptable. Property managers owe the duties of obedience, loyalty, disclosure, confidentiality, accountability, and reasonable care to property owners. This means that property owners and property managers are in what kind of relationship with each other? - correct answer ✅Fiduciary relationship Lizzie and her husband Mark are gifted a property from Lizzie's parents at their wedding. Lizzie's parents have transferred the property via - correct answer ✅Voluntary Alienation Properties that are used for business purposes, generate revenue, and are typically considered investment properties can be qualified as - correct answer ✅Commercial Property
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An alienation clause would require a borrower to - correct answer ✅pay the mortgage debt in its entirety upon the property being sold Agency relationships are generally what kind of relationships? - correct answer ✅Fiduciary relationship In New York, brokers can be held liable for the known actions of ____ - correct answer ✅Sponsored salespersons Which is NOT a reasonable deed restriction? - correct answer ✅forbidding the sale of a property to certain racial groups The Superfund Amendments and Reauthorization Act (SARA) amended which federal legislation? - correct answer ✅Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) What is a point? - correct answer ✅a loan fee that is one percent of the loan; lenders
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The market value of Alex's house is $500,000. What is the assessed value of the house? - correct answer ✅This cannot be determined because assessed value and market value are two distinct, independent values. Like a seller, a landlord typically uses what document to enter into an agency relationship with a landlord's agent? - correct answer ✅listing agreement Which of these BEST describes the purpose of the New York Disclosure Form? - correct answer ✅It describes the permitted forms of agency relationships and the rights and obligations those relationships entail. Which of the following is a unique characteristic of unimproved land? - correct answer ✅It's not eligible for depreciation. A potential buyer signs a letter of intent to buy a condominium. They do not move forward with the deal, however. What happens to the potential buyer? - correct answer ✅Nothing happens to the potential buyer. A letter of intent is not binding.
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Which term is defined broadly by FDIC as "imposing unfair and abusive loan terms on borrowers"? - correct answer ✅Predatory Lending What is one way lending institutions protect their investment in the properties they issue mortgages to? - correct answer ✅They require buyers to have hazard insurance. Which of these provides the BEST definition of undisclosed dual agency? - correct answer ✅the type of agency created when both parties to a real estate transaction are unknowingly represented by the same broker Judicial review can be part of the assessment grievance process. What are two ways property owners can pursue a judicial review? - correct answer ✅through a tax certiorari proceeding or SCAR appeal A board package is - correct answer ✅a package presented by a potential shareholder or buyer to a co-op or condominium board of managers
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a fair housing violation? - correct answer ✅Yes, Yolanda could be liable for providing unequal services. Which of these activities is the job of the planning board? - correct answer ✅Creating a master plan A mortgage commitment is a lender's approval of a specific - correct answer ✅Loan for a specific property What is a type of statutory, specific lien that a mechanic or materialman can impose upon a property if the property owner fails to pay for materials or work done on the property? - correct answer ✅Mechanic's lien Houses in Ivy Ridge sell at a rate of 10 per month. There are 50 homes currently listed for sale. What is the supply of housing? - correct answer ✅Supply of housing= homes for sale/sell rate per month 5 months Which of these statements best describes a limited partnership? - correct answer ✅has at least one general partner, who is personally
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liable for the company's losses, and one limited partner, who is shielded from liability Which part of the Truth in Lending Act (TILA) seeks to protect consumers by requiring proper disclosures and fair lending practices? - correct answer ✅Regulation Z Which of these best describes joint tenancy with the right of survivorship? - correct answer ✅requires all four unities, and property passes to remaining co-owners upon the death of a co-owner With forced-air systems, furnaces typically use any of the following as heating sources EXCEPT: - correct answer ✅Water The listing agent should get the seller's permission before - correct answer ✅using a lockbox on the property or hosting an open house Which is NOT one of the three types of agency? - correct answer ✅Abstract Agency
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What is TRUE of this situation? - correct answer ✅The seller maintained the right to sell and does not need to pay the broker a commission. Katie is a broker whose license is revoked. What happens to Jim, her salesperson? - correct answer ✅Jim's license is suspended. A homeowner bought a home for $450,000. They paid $8,000 in closing costs. They also did a kitchen renovation that cost $13,000. What is their adjusted basis? - correct answer ✅$471, The swimming pool in a condo needs to be repaired. Who pays for it? - correct answer ✅All of the condo owners The net operating income (NOI) of a property is $50,000 and the average capitalization rate of three comparable properties is 10%. What is the value of the property? - correct answer ✅NOI/Capitalization Rate=Value 50,000/.1= $500,
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The Americans with Disabilities Act addresses discrimination in all of the following areas EXCEPT - correct answer ✅Religious Organizations Metes and bounds is the most common method of - correct answer ✅Identifying a piece of land A certificate of occupancy is issued by a governmental authority to indicate that a building is - correct answer ✅Ready and fit for inhabitants Which of these is a second dwelling unit located on the same property as a single family home that is usually smaller in size than the primary residence? - correct answer ✅Accessory Apartment Masha purchased a residential investment building. It cost $750,000. She paid $15,000 in closing costs. The value of her land is $123,000. Before putting it into service, she did $43,000 in improvements on it. What is her depreciable basis? - correct answer ✅750,000+15,000+43,000-123,000= $685,
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and does not include expenses. NOI does include expenses and shows the annual profit produced. Jedidiah says that if every office suite was leased at his office building, he'd have a rental income of $400,000. Which metric is Jedidiah referring to? - correct answer ✅Gross potential rent income An assessor determines the market value of a property in New York City to be $1,938,239. This value is known as the property's - correct answer ✅Assessment What is the term used to describe the critical point at which agency disclosure is required? - correct answer ✅first substantive contact What is a management proposal? - correct answer ✅a plan a property manager creates for managing a property, including an analysis of the market, financial standing, and operating budget BTU is a measurement that would be used for: heating and air conditioning units
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insulation voltage amperage - correct answer ✅Heating and air conditioning units Which of the following is NOT true about co-ops and condos? Co-op shareholders obey bylaws and CC&Rs, while condo owners do not. Co-op shareholders own personal property (shares), while condo owners own real property. The mortgage is paid on the whole building by the co-op, while a condo owner pays an individual mortgage. One co-op shareholder's actions can threaten the entire community, which is not true for condo owners. - correct answer ✅Co-op shareholders obey bylaws and CC&Rs, while condo owners do not. What is a plat? - correct answer ✅a surveyor's or developer's map detailing the borders of the individual lots that they will develop and sell
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a statement about the usefulness of a property but not necessarily the value of it a professional estimate of how much a property has depreciated an analysis of the reproduction cost of a specific building an official declaration of the taxable value of a property - correct answer ✅a statement about the usefulness of a property but not necessarily the value of it Jami pays rent and property taxes for her office suite lease. What type of lease does Jami have? single-net lease double-net lease triple-net lease gross lease - correct answer ✅Single net lease What is a boot? - correct answer ✅extra, non-like-kind property included in a tax- deferred exchange to make up a pricing disparity in the exchange
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When dealing with assessment grievances, before appealing to the assessment review board or seeking judicial review, who should property owners appeal to first? their local assessor SCAR their mayor tax certiorari committee - correct answer ✅Their local assessor What is an example of a CC&R? Owners can only hang beige curtains in their windows. Owners must sign a letter of intent before purchase. Owners must submit a master plan after purchase. Owners may not take out a mortgage. - correct answer ✅Owners can only hang beige curtains in their windows. A clause within a deed that clarifies the type and extent of interest conveyed by the granting clause is called a(n): habendum clause deed restrictions clause granting clause
