24 Flashcards
What’s the main point and purpose of the New York State Real Estate Board?
To promulgate rules and regulations affecting real estate brokers and salespersons
To write laws, issue licenses, and tax real estate agents of their sales and services
To write laws affecting real estate brokers and salespersons
To issue licenses
To promulgate rules and regulations affecting real estate brokers and salespersons
To write laws, issue licenses, and tax real estate agents of their sales and services
To write laws affecting real estate brokers and salespersons
To issue licenses
When calculating the amount of real estate taxes owed, calculations are based on what type of value?
Assessed value
What is the biggest difference between private and public land use controls?
private land use controls are written in the constitution while public are up to the local governments.
public land use controls are written in the constitution while private are up to the local governments.
the government does not write or enforce private land use controls but it does impose and enforce zoning.
the government writes or enforces private land use controls but it does not impose and enforce zoning.
the government does not write or enforce private land use controls but it does impose and enforce zoning.
What specific formula would be used to estimate the value of a property using the income approach?
Net Operating Income / Capitalization Rate = Market Value
Net Operating Income x Capitalization Rate = Market Value
Capitalization Rate - Net Operating Income = Market Value
Capitalization Rate / Net Operating Income = Market Value
Net Operating Income / Capitalization Rate = Market Value
A mortgage loan that requires monthly payments of $400.00 for 15 years and a final payment of $20,000. Typically a loan structured like is called a
a balloon loan.
a payday loan.
a standard loan.
a home equity loan.
a balloon loan.
Fee packing, equity stripping, and balloon payment abuses are all examples of what?
Fixing
False Disclosure
Civil rights laws violations
Predatory lending practices
Predatory lending practices
Fee packing, equity stripping, and balloon payment abuses are all examples of predatory lending practices. Predatory lending typically refers to lending practices that impose unfair, deceptive, or abusive loan terms on borrowers. While these practices are wrong, unfortunately sometimes they are perfectly legal.
What is the difference between the market value of your home, and the amount you owe the lender who holds the mortgage?
Appreciation
Variance
Proration
Equity
Equity
In New York, what does first substantive contact mean?
When the customer signs the contract.
When the agent or broker signs the contract.
When the customer looks at Real Estate Property.
When the customer begins to ask questions pertaining to the Real Estate Property.
When the customer begins to ask questions pertaining to the Real Estate Property.
First substantive contact is the earliest practicable opportunity during a conversation with a consumer. Generally that’s when the customer begins to ask questions pertaining to the Real Estate Property. This can occur prior to entering into a listing agreement, prior to showing a property, or even at an open house.
If a buyer refuses to go ahead with a purchase of property which he has signed a contract, what usually happens to the earnest money?
It is kept by the seller
It is kept by the buyer
It is kept by the escrow company
It is split between the escrow company and the seller
It is kept by the seller
A claim that has the appearance of having valid title, but in reality, the person either does not hold actual title, or there is a significant defect in the written documents supporting title, that makes it invalid. This an example of which legal concept:
Falsifiable Action
Intangible Title
Color of Title
Clerical Title
Color of Title
Color of title refers to a claim to title that appears to be legally valid but may be defective. This legal concept is often discussed in adverse possession claims. If adverse possession is claimed under color of title, usually the claims are met sooner or in an easier fashion
Mrs. Jane lives in a small residential neighborhood. 100-year-old trees surround her home, and her neighbor Mr. Joe claims the trees are on his property and is planning on cutting them down. Mrs. Jane tries to reason with Mr. Joe, but he refuses to listen. Mrs. Jane files a lawsuit that includes a court order for Mr. Joe to stop his actions until they can work something out. What type of court order is this?
A temporary protective order
An authorized dispute order
An injunction
An easement
An injunction
If a dispute is pending, the court will likely issue an injunction preventing Mr. Joe from cutting down the trees until they are entirely resolved. Injunctions can be used to protect interests in real property. A court ordered injunction can be used to prevent a harmful action, stop ongoing or repeated conduct, or force a defendant to take action to prevent harm.
A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the change in the use of the land, the couple can expect the value of their parcel to increase at some future time. This is an example of the principle of
Highest and Best Use.
Contribution.
A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the change in the use of the land, the couple can expect the value of their parcel to increase at some future time. This is an example of the principle of
Highest and Best Use.
Contribution.
Anticipation.
Balance.
Balance.
Anticipation.
