New York State Real Estate Salesperson Licensing Exam Questions And Answers 2023, Exams of Advanced Education

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New York State Real Estate

Salesperson Licensing Exam

Questions And Answers 2023

In NYS, how old must one be to enter into contracts? - Correct Answer- What other capability should they possess? - Correct Answer-Mental and emotional capability What happens if one of the parties to the contract is a minor? - Correct Answer- The contract is voidable by the minor What does the zoning board of appeals do? - Correct Answer-Grants variances What regulates construction standards in NYS? - Correct Answer-Building codes What does municipal engineer's office do? - Correct Answer-Oversees planning and construction of major highways, sweet systems and water connections If a property ad states that the property is near the vicinity of a geographical area, what else mud the ad include? - Correct Answer-It must include the name of the geographical area where the property is actually located Who is usually exempt from property taxes? - Correct Answer-Disabled, veterans, farmers, elderly gold star parents *kids die in the war, star program homeowners Who is not usually exempt from property taxes? - Correct Answer-Second home owners What covers fully or personal property lost in a fire? - Correct Answer- Replacement cost Find the square footage of a rectangular shaped floor plan. How do you find the area of a square/rectangle? - Correct Answer-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? - Correct Answer-36% Who hires the agent? - Correct Answer-Principal or client

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

• Correct Answer-Office phone Whats right to access whiter from a river or stream called? - Correct Answer- Riparian What did the civil rights act of 1866 protect without exception? - Correct Answer- Race What did the 1988 amendment to the civil rights act protect? - Correct Answer- 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? - Correct Answer-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? - Correct Answer-Redlining Unless specified a lesser estate, transfer of title to real property in NYS creates what type of interest? - Correct Answer-Fee Simple What is another name for transfer of title to real property? - Correct Answer- Conveyance What is it called when the government dictates how a property can be used? - Correct Answer-Zoning

Who issues real estate licenses? - Correct Answer-NY Department of State Who oversees licensing and registration of mortgage bankers and brokers? - Correct Answer-NYS banking department Which department oversees drinking water safety? - Correct Answer-Department of Health Who determines commission? - Correct Answer-Principal/Client and the broker What occurs when the agent represents the seller but also works in the best interests of the buyer? - Correct Answer-Undisclosed dual agency A real estate salesperson is what type of agent? - Correct Answer-Special What clause in the deed describes the property? - Correct Answer-Legal descriptions What type of income is partnership/investments? - Correct Answer-Portfolio Whats the name of the policy that provides additional liability coverage beyond the primary policy? - Correct Answer-Umbrella policy What type of maintenance is fixing a leaky faucet? - Correct Answer-Corrective maintenance What are property taxes based on? - Correct Answer-Assessed value What is the market value? - Correct Answer-What the property will sell for in a competitive marketplace What is a loft lease? - Correct Answer-Its a lease for space that is not divided into rooms Which types of commercial properties use percentage lease? - Correct Answer- Retail stores/ shopping malls Who is responsible for the terms in the lease if the unit has been subleased? - Correct Answer-Lessee What is the tang of private property by the government for public use called? - Correct Answer-Eminent Domain How many years is a residential investment property depreciable for? - Correct Answer-27.5 years

How much profit can a single person claim from the sale of a personal residence thats tax free? - Correct Answer-$250, What is the right to use another's land that falls short of ownership called? - Correct Answer-Easement Joe was not paid for the supplies and labor he provided to homeowner Smith. What kind of lien will he file against Smith? - Correct Answer-Mechanics Lien What serves the same function as a circuit breaker? - Correct Answer-Fuse What type of estate is created when only one person holds title to real property? - Correct Answer-Ownership in severalty How much should the seller reimburse the buyer for refusing to provide a property disclosure form? - Correct Answer-$ 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? - Correct Answer-Confidentiality What type of financing is used to purchase a new property when the old property hasn't been sold yet? - Correct Answer-Swing loan or bridge loan Who is the borrower of a mortgage loan? - Correct Answer-Mortgagor What does the Real Estate Settlement Procedures Act (RESPA) require? - Correct Answer-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? - Correct Answer- Eight of first refusal A coop is what type of ownership? - Correct Answer-Leasehold What is the summary of the chronological history of title and related documents to that called? - Correct Answer-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? - Correct Answer- Wraparound Mortgage What document provides detailed information on a condo or coop project? - Correct Answer-Offering plan

What is the process called that calculates the value of an asset in the past, present, and future? - Correct Answer-Time value of money What is it called when a building loses its desirably because of an outdated design feature? - Correct Answer-Obsolescence What types of investment properties are warehouses and distribution centers? - Correct Answer-Manufacturing What governs issues such as noises, pets in a condo or coop? - Correct Answer- House rules What are homestead properties? - Correct Answer-Residential condos, 1- family homes, mobile homes & farm dwellings Whats the area the tenant actually occupies and uses? - Correct Answer-Usable square footage or net square footage Who signs the contract first? - Correct Answer-Purchaser What is the budget that is set aside for repairs and large improvements? - Correct Answer-Capital reserve budget or replacement reserve budget Whats another name for land lease? - Correct Answer-Ground lease What allows landlords to raise rents during the term of the lease? - Correct Answer-Escalation clause What are tax advantages on investment properties called? - Correct Answer-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? - Correct Answer-Exclusive right to sell Whats the implied clause in a deed? - Correct Answer-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? - Correct Answer-Down payment What does the secondary mortgage market do? - Correct Answer-Buys and sells mortgages