Exam questions

Question 1

Air rights

Answer 1

80-500’ above property FAA

Question 2

Profit a prendre

Answer 2

If you buy mineral rights separately, harvesting is an implied easement, rights to earth’s core.

Question 3

Examples of personal property not included in real estate

Answer 3

Emblem ends and trade fixtures

Question 4

Info about condos

Answer 4

Fee simple ownership; super-priority lien up to 6 months of condo fees runs with ownership (thus cert 6d)

Question 5

Info about coops

Answer 5

Corporation owns in severalty; stockholders have proprietary leases on units; coop fees also cover mortgage

Question 6

Tenancy at will

Answer 6

Can be verbal and without exp date

Question 7

Periodic tenancy

Answer 7

Fixed intervals (month to month)

Question 8

Eminent domain topics

Answer 8

Condemnation (takes all), severance (takes partial), inverse condemnation (neighbor experiences depreciation and makes claim)

Question 9

Starting place with ZBA

Answer 9

Zoning law doesn’t allow owner quiet enjoyment of property

Question 10

Property tax dates

Answer 10

November and may

Question 11

Private limitations on property rights

Answer 11

Covenants and deed restrictions (making fee simple defeasible) run with land - if violated, grantor or heir may claim back

Question 12

Best home in bad neighborhood

Answer 12

Regression/depreciation

Question 13

Increased cap rate means

Answer 13

Decreased value

Question 14

Economic obsolescence

Answer 14

Includes changes in zoning laws

Question 15

Makes a contract unenforceable

Answer 15

Lack of competency/consent; statute of frauds (verbal); statute of limitations (expired)

Question 16

Doctrine of privity

Answer 16

Recission (cancel); injunction (specific performance); damages, liquid damages, forfeiture (deposit)

Question 17

Lessee can do with lease

Answer 17

Sublet, assign, novate

Question 18

Commercial lease can be broke with

Answer 18

Foreclosure and eminent domain

Question 19

Bargain and sale deed

Answer 19

Used by those who have right to sell but do not own (tax/estate); no warranty

Question 20

Salesperson

Answer 20

Always sub agent to principal bc the broker is the agent; do not have listings - belong to brokerage

Question 21

Do not call fee

Answer 21

$43,792

Question 22

Sherman anti-trust fine

Answer 22

Up to $100,000 and 3 years

Question 23

Fed fair housing protected classes

Answer 23

1866: race; 1968: color, religion, national origin, 1974: sex; 1988: disabilities and familial status

Question 24

HUD discrimination fines

Answer 24

$16,000 fist, second 37,500; subsequent 65,000

Question 25

Types of take over mortgages

Answer 25

Subject to (seller liable), assumption of (both parties liable), novation (buyer liable)

Question 26

Mortgage payments

Answer 26

In arrears

Question 27

Regulation Z/TILAPIA requirements on APR

Answer 27

Does not include appraisal, municipal tax, credit reports, atty fees, survey fees…anything charged by third party not lender

Question 28

Black mold

Answer 28

S. Chartarum and s. Chlorohalonata