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NY Real Estate Exam > Final Exam # 3 > Flashcards

Final Exam # 3 Flashcards

1
Q

Which of the following is NOT exempt from obtaining a license?

A license attorney admitted to the NYS Bar
Public officers
A court ordered official
A licensed attorney acting as a sponsor to a real estate salesperson

A

A licensed attorney acting as a sponsor to a real estate salesperson

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2
Q

A real estate salespersons license must be renewed every ………years.

1
2
3
4

A

2

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3
Q

A real estate salesperson operates as what type of agent to their client?

Special agent
General agent
Universal agent
Dual agent

A

Special agent

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4
Q

According to this, a broker may be held responsible for the unlawful actions of his/her salespersons?

Self-dealing
Implied agency
Unintentional misrepresentation
Vicarious liability

A

Vicarious liability

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5
Q

This Act made price fixing, group boycotts, market allocation, and tie-in arrangements illegal?

RESPA
TILA
Sherman Anti-Trust Act
Fair Housing Act

A

Sherman Anti-Trust Act

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6
Q

Which of the following is required in order for a broker to act as a dual agent?

Consent from the seller only
Consent from the buyer only
Advanced informed consent from both the buyer and seller
Nothing is required to act as a dual agent

A

Advanced informed consent from both the buyer and seller

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7
Q

Personal property is also known as…?

Chattel
Real property
Fixtures
Improvements

A

Chattel

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8
Q

Mark owns a single family home. He decides to transfer ownership of the property to his daughter, Nancy; however, the ownership of the property will revert back to Mark upon the death of Nancy’s aunt, Martha. Which of the following was created?

Life estate
Leasehold estate
Joint tenancy
Tenancy in common

A

Life estate

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9
Q

Which of the following leasehold estates is open-ended, as it does not have a termination date?

Estate for years
Estate at will
Periodic estate
Estate at sufferance

A

Estate at will

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10
Q

Which of the following is an example of a fixture…?

Custom book shelves
Dining room table
Hallway rug
Pictures hung on a wall

A

Custom book shelves

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11
Q

Which of the following would be considered a trade fixture by a commercial tenant?

Recessed lights
Wall-to-wall carpeting
Display case
Bathroom plumbing fixtures

A

Display case

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12
Q

Which of the following types of easements is obtained by a squatter who uses another’s property without the owner’s permission?

Easement by necessity
Easement by condemnation
Easement in gross
Easement by prescription

A

Easement by prescription

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13
Q

Which of the following must a real estate salesperson carry on them at all times when doing business and show it on demand?

Their real estate license
A valid government issued ID
Their pocket card
A valid social security card

A

Their pocket card

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14
Q

A claim or charge against the property of another is known as a/an…?

Lien
Easement
Judgement
Tax

A

Lien

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15
Q

In order to obtain an easement by prescription, for how many years must the property by used by the dominant tenement?

3 years
5 years
7 years
10 years

A

10 years

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16
Q

Which of the following parties in required to sign a valid deed?

Grantor only
Grantee only
Both the Grantor and Grantee
Neither party is required to sign the Deed

A

Grantor only

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17
Q

If a homeowners association does not allow houses in a sub-divided community to have brick on the exterior of the house, where will this restriction be documented?

It will appear as a restrictive covenant in the deed.
It will appear as a condition in the title.
It will appear as a covenant in the Certificate of Occupancy.
It will appear on the building permit.

A

It will appear as a restrictive covenant in the deed.

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18
Q

Which of the following is used as evidence that an individual owns a particular piece of real property?

Deed
Title
Promissory note
Mortgage

A

Title

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19
Q

In a residential transaction, who typically holds on to the buyer’s down payment/earnest money?

The seller themselves
The seller’s attorney
The lender’s attorney
The seller’s real estate salesperson

A

The seller’s attorney

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20
Q

Which of the following items may be prorated between the buyer and seller at closing?

Appraisal fees
Property taxes
Loan origination fees
Attorney fees

A

Property taxes

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21
Q

Replacing an obligation to perform with a new obligation in a contract is known as…?

Assignment
Novation
Rescission
Reformation

A

Novation

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22
Q

Which of the following may be added to a contract, which awards the non-breaching party a specified sum of money for certain breaches listed in the contract?

Compensatory damages
Liquidated damages
Reformation
Specific performance

A

Liquidated damages

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23
Q

Which of the following is NOT considered a bi-lateral agreement?

Exclusive Right to Sell Agreement
Buyer Representation Agreement
Independent Contractor Agreement
Open Listing Contract

A

Open Listing Contract

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24
Q

Which of the following types of ads are illegal in New York State?

Blind ads
Ads for the lease of property
Ads for the sale of property
Ads that market a commercial property

A

Blind ads

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25
Q

A straight-term loan is also known as a/an…?

Interest-only loan
Partially amortized loan
Fixed-rate mortgage
Reverse loan

A

Interest-only loan

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26
Q

Which of the following is typically used as a short-term loan?

Bridge loan
Wraparound mortgage
Term loan
ARM

A

Bridge loan

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27
Q

Which of the following is a form of interim, or temporary, short-term financing for creating improvements or buildings on a property?

Construction mortgage
Wraparound mortgage
Term loan
Fixed-rate mortgage

A

Construction mortgage

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28
Q

According to TILA, which of the following items may be specified in an advertisement without making a full disclosure?

Origination fees
Time to closing on the loan
Annual percentage rate
Buydowns

A

Annual percentage rate

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29
Q

The lender in a transaction is known as the…?

Mortgagor
Grantor
Mortgagee
Grantee

A

Mortgagee

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30
Q

Which of the following governs the amount of interest that can be charged on a loan?

Credit laws
Department of Finance
Department of State
Usury laws

A

Usury laws

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31
Q

The right of the government to acquire private property for public use is known as…?

Condemnation
Foreclosure
Gifting
Eminent domain

A

Eminent domain

32
Q

If a property owner wants to enlarge the building on their property to be larger than is permitted by the local zoning code, they fist must obtain a/an…?

Special permit
Moratorium
Spot zoning approval
Variance

A

Variance

33
Q

The movement of water through soil is known as…?

Pitch
Sump
Percolation
Septic

A

Percolation

34
Q

Which of the following construction elements is the lowest horizontal wood beam in the frame of a house?

Sill plate
Base plate
Header plate
Column

A

Sill plate

35
Q

What is the maximum fine the Department of State may impose on a licensee for violations of the Real Property Law?

500
650
750
1000

A

1000

36
Q

Which of the following framing members are horizontal beams that support the floor in a house?

Studs
Headers
Joists
Rafters

A

Joists

37
Q

Which of the following building components is primarily used to prevent water from entering a structure at a joint, corner, or bend?

Soffit
Flashing
Eave
Sheathing

A

Flashing

38
Q

Which of the following structural members is set in the soil and supports the building’s foundation wall?

Sill plate
Footing
Girder
Beam

A

Footing

39
Q

Building contractors use which of the following detailed building plans to build a house?

Specifications
Survey
Blueprints
Plot plan

A

Blueprints

40
Q

Which of the following is a chemical compound used in refrigerants?

CFCs
EMFs
Freon
Radon

A

CFCs

41
Q

Which of the following building materials is a type of foamed in-place insulation that releases formaldehyde gas?

PCBs
Asbestos
CFCs
UFFI

A

UFFI

42
Q

Which of the following uses properties currently on the market, recently sold properties, and expired listings to determine the value of a property?

Pro forma
Comparative Market Analysis
P&L Statement
Income Approach

A

Comparative Market Analysis

43
Q

Which of the following is considered a direct cost?

Architectural fees
Attorney fees
Labor fees
Appraisal fees

A

Labor fees

44
Q 
The actual selling price of a property is known as the…?
Market value
Market price
Assessed value
Tax value
A

Market price

45
Q

Familial status was added as a protected class to the Fair Housing Act in what year?

1968
1974
1980
1988

A

1988

46
Q

According to the …………., real estate salespersons are considered independent contractors.

Internal Revenue Service (IRS)
National Association of Realtors
Real Estate Commission
Department of Real Estate

A

Internal Revenue Service (IRS)

47
Q

Gender was added as a protected class to the Fair Housing Act in what year?

1866
1968
1974
1988

A

1974

48
Q

Which of the following are volunteers who pose as prospective homebuyers to see if race influences information and services offered by a real estate broker or salesperson?

Testers
Agents
Attorneys
Advocates

A

Testers

49
Q

If a seller nets $310,200 from the sale of their property, what was the final sales price if the broker was paid a 6% commission?

285,000 Dollars ($)
300,000 Dollars ($)
330,000 Dollars ($)
350,000 Dollars ($

A

330,000 Dollars ($)

50
Q

Which of the following must be obtained by a property owner before construction or renovation can begin on their property?

Variance
Building permit
Certificate of Occupancy
Property inspection

A

Building permit

51
Q

When an individual is renting an apartment or house, what type of insurance is typically obtained?

HO-2
HO-3
HO-4
HO-5

A

HO-4

52
Q

Which of the following agencies administers the National Flood Insurance Program (NFIP)?

FEMA
FDIC
HUD
FNMA

A

FEMA

53
Q

This refers to a pool of insurance companies in New York State that writes fire insurance policies for homeowners, as well as coverage for vandalism and malicious theft?

NYPIUA
FEMA
NAR
FNMA

A

NYPIUA

54
Q

What is the role of an assessor?

Determine assessed values of properties
Appraise a property for a prospective buyer
Determine market values of properties
Determine the capitalization rate of a neighborhood

A

Determine assessed values of properties

55
Q

Which of the following properties does not have to be assessed?

Church
Single family home
Office building
Multi-family building

A

Church

56
Q

Ad valorem means…?

According to value
Tax rate
Equalization rate
Tax levy

A

According to value

57
Q

Which of the following is illegal in New York State?

Exclusive Right to Sell Agreement
Buyer Representation Agreement
Open Listing
Net Listing

A

Net Listing

58
Q

Which of the following is NOT considered real property?

Single family house
Cooperative
Condominium
Office building

A

Cooperative

59
Q

Which of the of following is used by real estate developers to test the market before building a new condominium or cooperative building?

CPS-1
C/O
Offering plan
Letter of intent

A

CPS-1

60
Q

Which of the following financial documents is used by the Board of Mangers to help determine if a prospective buyer’s application to purchase a cooperative is approved or not?

Board package
Declaration
Pro forma
Letter of intent

A

Board package

61
Q

Which of the following clauses may be included in a condominium contract, which allows the condominium association the first opportunity to purchase the condominium when it goes up for sale?

Buy-back clause
Estoppel clause
Use clause
Right of first refusal clause

A

Right of first refusal clause

62
Q

Which of the following leases is most commonly used by a long-term commercial tenant?

Gross lease
Net lease
Ground lease
Percentage lease

A

Net lease

63
Q

A land lease is also known as a…?

Gross lease
Percentage lease
Adjustable lease
Ground lease

A

Ground lease

64
Q

Which of the following commercial leases increases in a stair-stepped fashion?

Loft lease
Gross lease
Graduated lease
Percentage lease

A

Graduated lease

65
Q

Which of the following statements are used by real estate investors to estimate the return on investment for a particular investment property?

Pro forma
Operating statement
Executive summary
P&L statement

A

Pro forma

66
Q

If a property sold for $2,200,000, and the net operating income is $132,000, what is the capitalization rate for the property?

5 Percent (%)
6 Percent (%)
7 Percent (%)
8 Percent (%)
A

6 Percent (%)

67
Q

According to this concept, real estate is considered an illiquid asset because it cannot quickly or easily be sold?

Liquidity
Passive
Capitalized
Leveraged

A

Liquidity

68
Q

If a broker is hired by a buyer to represent them in a transaction, the broker is considered what type of agent?

Seller’s agent
Buyer’s agent
Dual agent
Associate agent

A

Buyer’s agent

69
Q

Money earned from interest, annuities, dividends, and royalties is known as…?

Active income
Portfolio income
Passive activity income
Capital income

A

Portfolio income

70
Q

For tax purposes, residential properties depreciate over how many years using the straight-line depreciation method?

22 years
27.5 years
32 years
39 years

A

27.5 years

71
Q

The original cost plus certain additions and minus certain deductions is equal to the…?

Adjusted basis
Assessed value
Capital gains
Net value

A

Adjusted basis

72
Q

If a married couple sold their property for a $435,000 profit, how much in capital gains taxes will the couple be responsible for?

0 Dollars ($)
4,350 Dollars ($)
5,000 Dollars ($)
43,500 Dollars ($)

A

0 Dollars ($)

73
Q

Which of the following is used by property managers to project the net operating income for a property?

Pro-forma
Yield statement
Operating statement
Budget statement

A

Operating statement

74
Q

If a broker commingles their client’s funds, which of the following fiduciary duties are violated?

Confidentiality
Obedience
Accountability
Full disclosure

A

Accountability

75
Q

If an agent’s client has a financial loss because of the agent’s negligence, which fiduciary duty has been violated?

Confidentiality
Obedience
Accountability
Reasonable skill and care

A

Reasonable skill and care

NY Real Estate Exam (6 decks)

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