NYREI Test Prep Exam With 100% Correct Answers 2023, Exams of Advanced Education

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NYREI Test Prep Exam With 100% Correct Answers 2023 Where is license law written? - Correct Answer-Article 12A of NY State Real Property Law Who is responsible for administrative discipline of real estate licensees? - Correct Answer-Department of State (DOS) or Secretary of State Under NYS Real Property Law, when Dept. of State revokes a salesperson license, the salesperson can't be relicensed until how much time has expired? - Correct Answer-1 year If a broker's license is revoked, what happens to the salespersons who work for him? - Correct Answer-Licenses are suspended until they associate with a different broker What could happen to somebody who breaks Article 12A? - Correct Answer-loss of license, $1,000 fine, or 1 year in jail Is violation of 12A a misdemeanor or felony? - Correct Answer-misdemeanor What dollar amount of capital gains is tax-exempt for a single person? - Correct Answer-$250,000 What dollar amount of capital gains is tax-exempt for a married couple? - Correct Answer-$500,000 If a married couple sells their house for a profit of $300,000, on what amount of capital gains do they pay tax? - Correct Answer-$0 cap gains tax If a married couple bought their house for ___ and sold it for ___, on what amount do they pay capital gains tax? - Correct Answer-profit - exemption = cap gains tax If seller fails to deliver property condition disclosure statement before buyer signs contract of sale, how much credit does buyer receive? - Correct Answer-$500 Which properties need a property condition disclosure statement? - Correct Answer- Houses When does seller have to deliver property condition disclosure to buyer? - Correct Answer-Before the buyer signs the sale contract What liquid carcinogen can get into water or soil? - Correct Answer-PCBs (poly- chlorinated biphenyls) What substance depletes the ozone layer? - Correct Answer-CFCs (chloro-fluoro- carbons) What federal law curtailed use of CFCs? - Correct Answer-Clean Air Act What gas that leaks out of air conditioners is covered by Clean Air Act? - Correct Answer-CFCs (chloro-fluoro-carbons) What is freon? - Correct Answer-CFC What type of UST is not regulated? - Correct Answer-under 1100 gallons that hold gas or diesel What NYS dept regulates USTs? - Correct Answer-NYS Dept. or Environmental Conservation What kind of insulation has cancer-causing substance in it? - Correct Answer-UFFI (urea formaldehyde foam insulation) What info must a real estate ad tell? - Correct Answer-Name of the broker/brokerage + full address or telephone # of broker/brokerage What is a blind ad? - Correct Answer-employer does not state the name of the practice or the telephone number in their ad. Unless it is a lesser estate, what kind of freehold is it? - Correct Answer-fee simple absolute What kind of ownership includes the full bundle of rights? - Correct Answer-Fee Simple What kind of estate has the fullest freehold interest? - Correct Answer-Fee Simple What right is included in any deed or lease? - Correct Answer-Possession, Quiet Enjoyment and Exclusion Does the landlord have the right to enter a tenant's apartment in a non-emergency situation? - Correct Answer-No What do you call a tenant's right to uninterrupted use of a leased premise? - Correct Answer-Quiet Enjoyment Compared to fee simple owners, tenants have which rights? - Correct Answer- Possession, Quiet Enjoyment and Exclusion What kind of mortgage has a large principal payment at the end? - Correct Answer-non amortized What groups do federal laws protect? - Correct Answer-race, national origin, religion, gender, disability, and family status (kids) What groups do state laws protect? - Correct Answer-race, national origin, religion, gender, disability, and family status (kids), + age, marital status, sexual orientation, and military status Do the Feds and NYS protect citizenship, legal source of income and lawful occupation? - Correct Answer-no What is the difference between pre-qualification and pre-approval? - Correct Answer- pre-approval is in writing What is it called when a lender looks at a buyer's finances and says in writing the amount they will loan this buyer? - Correct Answer-pe-approval Who makes the lender's final decision on a loan application? - Correct Answer-the underwriter What is it called when another state honors your real estate license? - Correct Answer- reciprocity Who is the mortgagor? - Correct Answer-borrower What do you call the lender who makes a loan to be secured by a mortgage lien? - Correct Answer-mortgagee Who receives the mortgage? - Correct Answer-mortgagee How many points are needed for equivalent experience? - Correct Answer-5250 points When does a lawyer need a real estate license? - Correct Answer-if he wants to open a brokerage and hire salespersons If an applicant is already a real estate broker, what is the experience requirement for mortgage broker registration? - Correct Answer-they do not need any more experience If someone is a real estate salesperson, how many years' experience must they document with their mortgage broker application? - Correct Answer-2 years What state department registers mortgage professionals? - Correct Answer-Dept of financial services What is the difference between a mortgage banker and a mortgage broker? - Correct Answer-Mortgage bankers originate (make) loans Mortgage brokers compare loans from many banks What kind of multi-family building is always owned as tenants in common? - Correct Answer-condo How is ownership of a co-op conveyed? - Correct Answer-by selling stock shares What kind of property is a co-op? Real or personal? - Correct Answer-personal property Is a co-op freehold or leasehold? - Correct Answer-Leasehold Who holds title to a specific co-op apartment? - Correct Answer-the co-op corporation that owns the building Who is responsible for running a co-op? - Correct Answer-Board of Directors What a common charges? - Correct Answer-in a condo, covers costs of maintaining the common areas of the building (cleaning, payroll, utilities, repairs, etc) What kind of loan does a co-op buyer get to finance purchase of the co-op? - Correct Answer-share loan What docs do condo and co-op owners get? - Correct Answer-condo owner gets a deed and mortgage co-op owner gets a stock certificate and proprietary lease What is a condop? - Correct Answer-Part condo, part co-op If a building is divided into 2 condos for residential and commercial use, what is it called? - Correct Answer-condop What is the term for a building that includes both co-op and condo ownership? - Correct Answer-condop What % of a co-op's income can come from a store tenant and still allow shareholders to get tax deductions? - Correct Answer-<20% If money supply increases, do interest rates go up or down? - Correct Answer-Down If money in circulation increases without increase in goods and services, what happens in the economy? - Correct Answer-inflation What is an example of an encumbrance? - Correct Answer-lien(debt), easements(someone else using it), deed restrictions (limits use), lis pendent (pending lawsuits), unpaid bills and taxes Real estate tax is what type of encumbrance? - Correct Answer-lien What do you call a debt related to real estate? - Correct Answer-lien What year was Brown vs. Board? - Correct Answer-1954 What case did Brown vs. Board of Education overturn? - Correct Answer-segregation What practice did Brown vs. Board stop? - Correct Answer-separate but equal from plessy v ferguson What document might a buyer prepare to predict future income of a building? - Correct Answer-Pro forma What financial doc is a planning tool to help owners make decisions about a property? - Correct Answer-Pro forma What statement is used by an investor to estimate and project a property's future financial potential? - Correct Answer-Pro forma What is the difference between an operating statement and a pro forma? - Correct Answer-Operating statement shows actual performance Pro forma is to planned performance What is a vertical piece used to frame a house? - Correct Answer-stud What is the slope of a roof called? - Correct Answer-pitch How long should you keep real estate records? - Correct Answer-3 years for residential 7 years for commercial How long should you keep lead paint disclosure forms? - Correct Answer-3 years for residential What property is assessed for tax? - Correct Answer-real estate What are the most common real estate exemptions? - Correct Answer-STaR disabilities seniors veterans farms