Download New York Real Estate Exam Q&A: Comprehensive Study Guide and more Exams Real Estate Management in PDF only on Docsity!
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Is primarily responsible for issuing real estate licenses, pocket cards, and handing down disciplinary action. - correct answer ✅The Department of State Is the highest court in New York State. - correct answer ✅The New York Court of Appeals A real estate salesperson must be at least? - correct answer ✅18 Years Old A real estate salesperson's license is valid for? - correct answer ✅2 Years If a real estate salesperson fails to renew their license within 2 years what happens? - correct answer ✅Their license is considered expired. Someone authorized to transact every kind of business for the principal. - correct answer ✅General Agent
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An agent with limited authority to act on behalf of the principal, such as created by a listing. - correct answer ✅Special Agent A universal agent has complete authority over any activity of the principal. - correct answer ✅Universal Agent A maintenance task performed to identify, isolate, and rectify a problem with a property so that the property can be restored to an acceptable condition. - correct answer ✅Corrective Maintenance: Involves keeping property and equipment in a good state of repair so as to minimize the need for more costly repair work or replacement. - correct answer ✅Preventative Maintenance: Money earned through salaries or in a business in which the taxpayer actively participates.(Example: a typical full-time job). - correct answer ✅Active income
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Is signed between the property owner and the property manager. - correct answer ✅A management agreement Is used by property managers to project the net operating income for the property and defines all of the income and expenses for the property. - correct answer ✅The operating statement When a mortgage broker representing the buyer is also the real estate broker representing the seller in the same transaction - this creates what? - correct answer ✅A Dual Agency Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. - correct answer ✅Tax shelters A 1031 tax-deferred exchange allows an individual to defer capital gains taxes on real estate bought and
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sold for investment purposes. - correct answer ✅Like-Kind Exchanges Depreciation is a paper loss required for estimated wear, tear, and obsolescence of a property. - correct answer ✅Straight-Line Depreciation Residential buildings and improvements are depreciable over how many years using straight-line depreciation? - correct answer ✅27.5 years Commercial buildings and improvements depreciate over how many years 39 years using straight-line depreciation? - correct answer ✅over 39 years A lease of property in which the rent is based upon the percentage of the volume of sales made upon the leased premises, usually provides for minimal rent. - correct answer ✅Percentage Lease
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"other people's money". - correct answer ✅Leverage Is an accounting statement that forecasts income and expenses for a period of time, typically five or more years. Are typically used by investors to estimate their rate of return for a particular property. - correct answer ✅pro forma Is considered an illiquid asset because it cannot quickly or easily be sold. - correct answer ✅Liquidity CPS-1 stands for? - correct answer ✅Cooperative Policy Statement. Is a building that includes condominium and cooperative ownership in the same structure.In other words, the building is part condo, part co-op. - correct answer ✅condop Are NOT considered real property. - correct answer ✅Cooperatives
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Are considered real property.For that reason, these types of owners receive a deed a closing. - correct answer ✅Condominiums Is the amount a property would sell under normal conditions. - correct answer ✅Market value Is a percentage of the market value. The assessed value is used to calculate property taxes. - correct answer ✅The assessed value Is an elected or appointed local official who has the legal authority to independently estimate the value of real property in an assessing unit. - correct answer ✅The assessor Can protest the assessed value of their property.Their grievances are heard by the Board of Assessment Review. - correct answer ✅Property owners
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A local elected or appointed government board charged with recommending to the local town or city council the boundaries of the various zoning districts and appropriate regulations to be enforced therein. - correct answer ✅Planning Board Established to review proposed projects within historic districts for compliance with standards established for new development or alteration or improvement of historic buildings and landmarks. - correct answer ✅Historic Preservation / Landmark Commissions Has no exemptions and contains the blanket statement that 'citizens have the same rights to inherit, buy, sell, or lease real and personal property.Is primarily interpreted to prohibit racial discrimination. - correct answer ✅The Civil Rights Act of 1866 The Fair Housing Act was included as part of what? The initial protected classes under the Fair Housing Act included:- Race- Color- Religion- National origin - correct answer ✅Civil Rights Act of 1968
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Is a study of the property being listed.The analysis views the property in light of the conditions in the marketplace. - correct answer ✅Residential Market Analysis Is a property evaluation that determines property value by comparing other properties currently on the market, properties that have recently sold, and expired listings. - correct answer ✅Comparative Market Analysis (CMA) An appraisal is an estimate of a property's value by an appraiser who is usually presumed to be an expert in his/her work.An appraisal is specific to a certain date in time. - correct answer ✅Appraisal consists of a furnace that contains a fan, a heat source such as gas or oil, and filters. The system extracts cool air from in and out doors and passes this cool air through the heat sources. The warmed air flows through ducts to the rooms. - correct answer ✅Forced Warm Air System
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Which of the following is a budget that forecasts income and expenses as may be reasonably projected over a short term? - correct answer ✅Stabilized budget The slope of a roof is also referred to as the...? - correct answer ✅Pitch Sheathing on the exterior of a building is typically what material? - correct answer ✅Plywood Upon selling their home, married couples are exempt from paying taxes on capital gains up to...? - correct answer ✅$500, Which of the following does not qualify as like-kind property for a tax-deferred exchange? - correct answer ✅A residence for a residence
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Brokers must maintain records of all real estate transactions for at least...? - correct answer ✅3 years If a real estate salesperson closes a deal with a client, whom should the salesperson go to receive their commission? - correct answer ✅Their sponsoring broker The grantor of a deed must be at least ..........years old. - correct answer ✅ 18 Everything that is not real property is considered...? - correct answer ✅Personal property How many hours of continuing education is a real estate salesperson required to complete every two years? - correct answer ✅22.5 hours A broker represents an Asian-American client who is looking to rent a 2-bedroom apartment. If the broker
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Which of the following individuals is required to file a Form 1099-MISC with the IRS? - correct answer ✅A real estate salesperson working under a sponsoring broker Which of the following is a friable, naturally occurring mineral fiber material sometimes found in insulation in older homes? - correct answer ✅Lead This type of agency is created when a principal does not stop an individual from representing his or her interests? - correct answer ✅General agency Which of the following interests in real property offer the most complete form of ownership? - correct answer ✅Cooperative estates Which of the following leasehold estates automatically renews for another fixed period of time? - correct answer ✅Periodic estate
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What type of easement is commonly used by utility companies? - correct answer ✅Easement in gross Which of the following documents shows the list of owners to a property, from the original owner to the present owner? - correct answer ✅Chain of title Who typically signs the sales contract first? - correct answer ✅The buyer A homeowner recently hired a broker to sell their house. If the property is destroyed by fire, what happens to the agency relationship between the owner and their listing broker? - correct answer ✅The agency relationship is terminated. This occurs when a landlord takes matters into their own hands and removes a tenant from the property? - correct answer ✅Actual eviction
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What type of estate is created when only one person holds title to real property? - correct answer ✅Ownership in Severalty The right to access water from a river or stream is known as? - correct answer ✅Riparian rights Marcus was not paid for the supplies and labor he provided to homeowner Sam during a recent renovation of Sam's house. What kind of lien will be filed against Sam? - correct answer ✅Mechanic's Lien What type of listing agreement is it where the listing broker earns a commission for the sale of the property, even if the owners themselves sell the property? - correct answer ✅Exclusive Right to Sell
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What occurs when the agent represents the seller but also works in the best interests of the buyer? - correct answer ✅Undisclosed Dual Agency What carcinogenic component was used as insulation in electric transformers that contaminated soil and groundwater? - correct answer ✅PCBs (Polychlorinated bihpenyls) A real estate salesperson operates as what type of agent to their client? - correct answer ✅Special agent This Act made price fixing, group boycotts, market allocation, and tie-in arrangements illegal? - correct answer ✅Sherman Anti-Trust Act Personal property is also known as...? - correct answer ✅Chattel If a homeowners association does not allow houses in a sub-divided community to have brick on the exterior of the house, where will this restriction be
