Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

NY Real Estate Exam > Final Exam # 2 > Flashcards

Final Exam # 2 Flashcards

1
Q

Which department is responsible for issuing real estate licenses?

DMV
Attorney General
NY Department of State
State Governor

A

NY Department of State

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Mark (the broker), is selling Maria’s house (the client). Who determines the amount of commission paid in a transaction?

Principal/Client and the Broker
Principal only
Broker only
NY Department of State

A

Principal/Client and the Broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

The individual who hires the Agency is also known as who?

Sponsor
Principal or Client
Sub-agent
Attorney

A

Principal or Client

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

An agent can NOT do which of the following?

Collect money directly from the client or customer
Negotiate on the client’s behalf
Rent of the client’s behalf
Sell property on the client’s behalf

A

Collect money directly from the client or customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

As independent contractors, what can sales agents be provided by their sponsoring broker?

A salary
Office phone
Free transportation
Free advertising

A

Office phone

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What type of estate is created when only one person holds title to real property?

Estate for Years
Ownership in Severalty
Tenancy in Common
Joint Tenancy

A

Ownership in Severalty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The right to access water from a river or stream is known as?

Riparian rights
Littoral rights
Air rights
Property rights

A

Riparian rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The right to use another’s land that falls short of ownership is known as?

Lien
Joint tenancy
Tenancy in Common
Easement

A

Easement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Marcus was not paid for the supplies and labor he provided to homeowner Sam during a recent renovation of Sam’s house. What kind of lien will be filed against Sam?

Specific Lien
Mechanic’s Lien
Tax Lien
General Lien

A

Mechanic’s Lien

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Unless determined to be a lesser estate, the transfer of title to real property in NYS creates what type of interest?

Fee Simple
Qualified Fee
Fee on Condition
Life Estate

A

Fee Simple

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

The transfer of title to real property is also known as?

Conveyance
Devise
Testate
Title by Descent

A

Conveyance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What clause in the deed describes the property?

Closing Statement
Habendum Clause
Exemptions
Legal Description

A

Legal Description

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

If an ad for a property states that the property is near the vicinity of a geographical area, what else must the ad include?

The size of the property
The name of the geographical area where the property is actually located
The owner’s name
The type of property

A

The name of the geographical area where the property is actually located

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Covenants in a deed provide what?

That the grantee will own the property and has a right to convey it or right of quiet enjoyment
The location of the property
The seller’s name
The outstanding liens on the property

A

That the grantee will own the property and has a right to convey it or right of quiet enjoyment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the summary of the chronological history of title and related documents to that called?

Chain of Title
Abstract of Title
Title Search
Certificate of Occupancy

A

Abstract of Title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What may happen if one of the parties to a contract is a minor?

The contract is voidable
The contract will be enforced
The contract amount may be reduced
The contract will need to be notarized

A

The contract is voidable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What capabilities must a party possess in order to enter into a valid contract?

High School diploma
Background check
Mental and emotional capability
Must be fluent in English

A

Mental and emotional capability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Who signs the contract first?

Seller
Purchaser
Seller’s Attorney
Purchaser’s Attorney

A

Purchaser

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is a loft lease?

An apartment lease
A lease for space that is not divided into rooms
A lease for warehouse space
A retail space lease

A

A lease for space that is not divided into rooms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Which types of commercial properties use percentage leases?

Office
Self Storage
Retail stores / shopping malls
Multi-family

A

Retail stores / shopping malls

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Who is responsible for the terms in the lease if the unit has been subleased?

Landlord
Sub-lessee
Property Manager
Lessee

A

Lessee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Which clause in the lease allows landlords to raise rents during the term of the lease?

Assignment clause
Escalation clause
Renewal clause
Termination clause

A

Escalation clause

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

A 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?

Accountability
Confidentiality
Obedience
Reasonable Care

A

Confidentiality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

A land lease may also be referred to as what?

Ground lease
Triple Net lease
Percentage lease
Term lease

A

Ground lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
What type of financing is used to purchase a new property when the old property hasn’t been sold yet? Wraparound mortgage Swing loan Conventional loan Balloon loan
Swing loan
26
Who is the borrower of a mortgage loan? Mortgagor Mortgagee Lender Bank
Mortgagor
27
What does the Real Estate Settlement Procedures Act (RESPA) require? Pre-determined interest rates Background checks of all lenders Pre-determined commissions Good faith estimate of the closing costs for federally funded loans
Good faith estimate of the closing costs for federally funded loans
28
A new mortgage that is higher in amount wraps around an existing first mortgage that’s smaller in amount is known as what? Bridge loan Conventional mortgage Interest Only mortgage Wraparound mortgage
Wraparound mortgage
29
What does the secondary mortgage market do? Issue loans Buys and sells mortgages Approve loans Buydown loans
Buys and sells mortgages
30
In addition to the disclosure of interest rates, what else does Regulation Z (TILA) require? Background checks Disclosure of commissions Fixed interest rates Total monthly mortgage payment amount
Total monthly mortgage payment amount
31
Who oversees the licensing and registration of mortgage bankers and broker? ANYS Attorney General BNYS Department of Financial Services CNYS Department of State DNYS Department of Buildings
BNYS Department of Financial Services
32
What is it called when the government dictates how a property can be used? Building codes Eminent Domain Bulk Restrictions Zoning
Zoning
33
The zoning board of appeals is responsible for doing which of the following? Granting variances Issuing permits Approving construction documents Determining City Planning policies
Granting variances
34
Where should someone look to find a description of the agency relationship (who he or she represents) of the salesperson? Agency Disclosure Form Exclusive Contract Agreement Dual Agency Agreement Seller Agent Agreement
Agency Disclosure Form
35
Which of the following regulates construction standards in NYS? Zoning resolution City Masterplan Building Codes NYS Department of Finance
Building Codes
36
The taking of private property by the government for public use is known as what? Eminent domain Easement Grant Lis Pendens
Eminent domain
37
What’s another name for the slope of the roof? Grade Run Pitch Topography
Pitch
38
What serves the same function as a circuit breaker? Panel Fuse Conduit Grounding
Fuse
39
What carcinogenic component was used as insulation in electric transformers that contaminated soil and groundwater? Asbestos Lead PCBs (Polychlorinated bihpenyls) Radon
PCBs (Polychlorinated bihpenyls)
40
What is market value? What the property will sell for in a competitive marketplace What the property will sell for in a down market What the property will sell for in a distressed marketplace What the property will sell for if it were new
What the property will sell for in a competitive marketplace
41
``` What is a CMA (Comparative Market Analysis) NOT? An estimate A theoretical value An appraisal An opinion ```
An appraisal
42
What is it called when a building loses its desirability because of an outdated design feature? Obsolescence Deterioration Modification Drawback
Deterioration
43
What did the Civil Rights Act of 1866 protect, without exception? Gender Race Religion Familial status
Race
44
What did the 1988 amendment to the civil rights act protect? Religion Race Disability and familial status Occupation
Disability and familial status
45
When should the Agency Disclosure Form be submitted? At the closing At the signing of the contract When the first offer is presented to the seller At the first substantive contact
At the first substantive contact
46
What is convincing owners to sell/lease property by telling them a particular group of people are moving into the area called? Red-lining Testing Steering Blockbusting
Blockbusting
47
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? Steering Blockbusting Testing Redlining
Redlining
48
The municipal engineer’s office is responsible for doing what? Approve construction documents Issue permits Approve variances Oversees planning and construction of major highways, sewer systems, and water connections
Oversees planning and construction of major highways, sewer systems, and water connections
49
Which department oversees drinking water safety? NYS Department of Buildings NYS Department of State NYS Department of Health NYS Department of City Planning
CNYS Department of Health
50
The name of the policy that provides additional liability coverage beyond the primary policy is known as what? Monoline policy Package policy Homeowners policy Umbrella policy
Umbrella policy
51
``` What covers fully for personal property lost in a fire? Deductible Replacement cost Market value Actual cash value ```
Replacement cost
52
Property taxes are based on what? Fair market value Assessed value Actual cash value Appraised value
Assessed value
53
What are homestead properties? Commercial Office Multi-family Residential condos, 1-4 family homes, mobile homes & farm dwellings
Residential condos, 1-4 family homes, mobile homes & farm dwellings
54
This document provides detailed information on a condo or coop development? By-laws Board Package House Rules Offering Plan
Offering Plan
55
f the seller refuses to provide a property condition disclosure statement to the buyer, how much should the seller reimburse the buyer? $5,000 $100 $500 $250
$500
56
This document governs issues such as noise, pets, etc., in a condo or coop? House rules By-laws Offering Plan Board Package
House rules
57
A Coop is what type of ownership? Fee simple Real property Leasehold Deed
Leasehold
58
This right is reserved for the condo association, which gives them the first opportunity to buy or lease a unit when it becomes available? Right of first refusal Declaration Recognition Sponsor
Right of first refusal
59
The process that calculates the value of an asset in the past, present, and future is known as what? Time value of money Rate of return Leverage Internal rate of return
Time value of money
60
What type of investment properties are warehouses? Commercial Industrial / Manufacturing Residential Land
Industrial / Manufacturing
61
The area the tenant actually occupies and uses is known as? Actual square footage Buildable square footage Gross square footage Usable square footage (or net square footage)
Usable square footage (or net square footage)
62
``` How much profit can a single person claim from the sale of a personal residence that’s tax free? A$25,000 B$100,000 C$200,000 D$250,000 ```
$250,000
63
Who is usually exempt from property taxes? First time home buyers Students Immigrants Disabled, veterans, farmers, elderly, gold star parents (whose kids died in war), and Star program homeowners.
Disabled, veterans, farmers, elderly, gold star parents (whose kids died in war), and Star program homeowners.
64
Who is not usually exempt from property taxes? Second home owners Disabled Veterans Farmers
Second home owners
65
What occurs when the agent represents the seller but also works in the best interests of the buyer? Dual Agency Undisclosed Dual Agency Breach of loyalty Buyer/Seller Agency
Undisclosed Dual Agency
66
Tax strategies on investment properties are known as what? Tax shelters Boot Tax Depreciation Tax-deferred exchange
Tax shelters
67
How many years is a residential investment property depreciable for? 18 years 27.5 years 29 years 33 years
27.5 years
68
Income earned from investing in a rental property is designated as what type of income? Active Passive Portfolio Tax free
Passive
69
Fixing a leaking faucet is known as what type of maintenance? Preventative maintenance Planned maintenance Corrective maintenance Capital maintenance
Corrective maintenance
70
What is the budget that is set aside for repairs and large improvements? Capital reserve budget Maintenance budget Operations budget Repair budget
Capital reserve budget
71
A real estate agent serves as what type of agent? Special Agent General Agent Both Special and General Agent Neither Special or General Agent
Special Agent
72
What type of listing agreement is it where the listing broker earns a commission for the sale of the property, even if the owners themselves sell the property? Exclusive Right to Sell Exclusive Right to Rent Seller Agency Agreement Dual Agency Agreement
Exclusive Right to Sell

NY Real Estate Exam (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions