Docsity
Docsity

Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity


Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan


Guidelines and tips
Guidelines and tips

New York State Real Estate Salesperson Licensing Exam, Exams of Real Estate Management

A comprehensive overview of the key topics and questions covered in the new york state real estate salesperson licensing exam. It covers a wide range of subjects, including contract law, zoning regulations, property taxes, real estate transactions, mortgage financing, and various real estate concepts and terminology. Structured in a question-and-answer format, making it a valuable resource for individuals preparing for the exam. It includes actual questions and answers, providing a realistic representation of the exam content. Likely to be useful for university students studying real estate, law, or business, as well as individuals seeking to obtain a real estate salesperson license in new york state.

Typology: Exams

2024/2025

Available from 10/18/2024

Holygrams
Holygrams 🇺🇸

3

(2)

2K documents

Partial preview of the text

Download New York State Real Estate Salesperson Licensing Exam and more Exams Real Estate Management in PDF only on Docsity!

In NYS, how old must one be to enter into contracts? ✔✔ 18 What other capability should they possess? ✔✔Mental and emotional capability What happens if one of the parties to the contract is a minor? ✔✔The contract is voidable by the minor What does the zoning board of appeals do? ✔✔Grants variances What regulates construction standards in NYS? ✔✔Building codes What does municipal engineer's office do? ✔✔Oversees planning and construction of major highways, sweet systems and water connections

New York State Real Estate SalespersonLicensing Exam/LATEST

UPDATE 2025 WITH ACTUAL Questions and Answers100% Pass

If a property ad states that the property is near the vicinity of a geographical area, what else mud the ad include? ✔✔It must include the name of the geographical area where the property is actually located Who is usually exempt from property taxes? ✔✔Disabled, veterans, farmers, elderly gold star parents *kids die in the war, star program homeowners Who is not usually exempt from property taxes? ✔✔Second home owners What covers fully or personal property lost in a fire? ✔✔Replacement cost Find the square footage of a rectangular shaped floor plan. How do you find the area of a square/rectangle? ✔✔Length x Width = Area What is the cash on cash return on a $2,000,000 property with a down payment of $500,000 and $15,000 monthly rental income? ✔✔36% Who hires the agent? ✔✔Principal or client

What is not a CMA (Comparative Market Analysis?) ✔✔An apprasial What cannot a salesperson do? ✔✔Collect money directly from the client or customer When should the Agency disclosure form be submitted? ✔✔At the first substantive contact Which document describes the agency (who he or she represents) of the salesperson? ✔✔Agency disclosure form What is another name for the slope of a roof? ✔✔Pitch What carcinogenic component was used as insulation in electric transformers that contaminated soil and ground water? ✔✔PCB's or polychlorinated biphenyls What can brokers provide their salespeople if they are independent contractors? ✔✔Office phone Whats right to access whiter from a river or stream called? ✔✔Riparian

What did the civil rights act of 1866 protect without exception? ✔✔Race What did the 1988 amendment to the civil rights act protect? ✔✔Disability and familial status What is convincing owners to sell/lease property by telling them a particular group of people are moving into the area called? ✔✔Blockbusting What is it called when lenders/insurance agents refuse to do business in a certain area based on the characteristics of the people living there? ✔✔Redlining Unless specified a lesser estate, transfer of title to real property in NYS creates what type of interest? ✔✔Fee Simple What is another name for transfer of title to real property? ✔✔Conveyance What is it called when the government dictates how a property can be used? ✔✔Zoning Who issues real estate licenses? ✔✔NY Department of State

Who oversees licensing and registration of mortgage bankers and brokers? ✔✔NYS banking department Which department oversees drinking water safety? ✔✔Department of Health Who determines commission? ✔✔Principal/Client and the broker What occurs when the agent represents the seller but also works in the best interests of the buyer? ✔✔Undisclosed dual agency A real estate salesperson is what type of agent? ✔✔Special What clause in the deed describes the property? ✔✔Legal descriptions What type of income is partnership/investments? ✔✔Portfolio

Whats the name of the policy that provides additional liability coverage beyond the primary policy? ✔✔Umbrella policy What type of maintenance is fixing a leaky faucet? ✔✔Corrective maintenance What are property taxes based on? ✔✔Assessed value What is the market value? ✔✔What the property will sell for in a competitive marketplace What is a loft lease? ✔✔Its a lease for space that is not divided into rooms Which types of commercial properties use percentage lease? ✔✔Retail stores/ shopping malls Who is responsible for the terms in the lease if the unit has been subleased? ✔✔Lessee What is the tang of private property by the government for public use called? ✔✔Eminent Domain

How many years is a residential investment property depreciable for? ✔✔27.5 years How much profit can a single person claim from the sale of a personal residence thats tax free? ✔✔$250, What is the right to use another's land that falls short of ownership called? ✔✔Easement Joe was not paid for the supplies and labor he provided to homeowner Smith. What kind of lien will he file against Smith? ✔✔Mechanics Lien What serves the same function as a circuit breaker? ✔✔Fuse What type of estate is created when only one person holds title to real property? ✔✔Ownership in severalty How much should the seller reimburse the buyer for refusing to provide a property disclosure form? ✔✔$

Seller tells the listing agent he filed for bankruptcy the previous year. The seller ends up not listing the property with the agent, Still, what fiduciary duty does the agent owe the seller? ✔✔Confidentiality What type of financing is used to purchase a new property when the old property hasn't been sold yet? ✔✔Swing loan or bridge loan Who is the borrower of a mortgage loan? ✔✔Mortgagor What does the Real Estate Settlement Procedures Act (RESPA) require? ✔✔Good faith estimate of the closing costs for federally funded loans What is the right reserved for the condo association that gives them the first opportunity to buy or lease a unit when it becomes available? ✔✔Eight of first refusal A coop is what type of ownership? ✔✔Leasehold What is the summary of the chronological history of title and related documents to that called? ✔✔Abstract of title

What type of mortgage is when a new mortgage that is higher in amount wraps around an existing first mortgage thats smaller in amount? ✔✔Wraparound Mortgage What document provides detailed information on a condo or coop project? ✔✔Offering plan What is the process called that calculates the value of an asset in the past, present, and future? ✔✔Time value of money What is it called when a building loses its desirably because of an outdated design feature? ✔✔Obsolescence What types of investment properties are warehouses and distribution centers? ✔✔Manufacturing What governs issues such as noises, pets in a condo or coop? ✔✔House rules What are homestead properties? ✔✔Residential condos, 1 - 4 family homes, mobile homes & farm dwellings

Whats the area the tenant actually occupies and uses? ✔✔Usable square footage or net square footage Who signs the contract first? ✔✔Purchaser What is the budget that is set aside for repairs and large improvements? ✔✔Capital reserve budget or replacement reserve budget Whats another name for land lease? ✔✔Ground lease What allows landlords to raise rents during the term of the lease? ✔✔Escalation clause What are tax advantages on investment properties called? ✔✔Tax Shelters What type of listing agreement is it where the listing broker gets commission for the sale of the property even if the owners themselves sell the property? ✔✔Exclusive right to sell

Whats the implied clause in a deed? ✔✔Grantor owns the property and has a right to convey it or right to quiet enjoyment What does Regulation Z (TILA) require beside the disclosure of interest rates? ✔✔Down payment What does the secondary mortgage market do? ✔✔Buys and sells mortgages