NYS - Real Estate Express Practice Exam Flashcards
What is the effective rental income for a company that has a gross rent income of $164,100, vacancies worth $12,000, extra income of $8,200 and operating expenses of $28,400?
$152,100
Mary’s property has been assessed at a higher percentage of value than all of the other properties on the same assessment roll. What is this an example of?
Unequal assessment.
A daycare center is allowed to open in a residentially-zoned area. What is this an example of?
A special use permit.
Which of these is a distinguishing feature of a deed condition?
It gives the grantor the right to re-possess the property if the grantee violates the condition.
What is an emblement?
A plant or crop that is considered personal property.
What does the term “mixed-use development” mean?
More than one use for a single building.
Which of the following is considered a fixed operating expense?
Insurance premiums.
Sandy rents space in a building for her beauty and tanning salon. She pays rent for occupancy, but the owner of the building pays the taxes, insurance and other operating expenses. What kind of lease does Sandy have?
Gross lease.
What is a policy that protects against claims above and beyond the amount covered by primary policies?
Umbrella.
What is the employment contract between a property manager and owner called?
Management agreement.
What is an emblement?
A plant or crop that is considered personal property.
Under federal income tax law, the “sale price” for a personal property is which of the following?
Sales price, minus any sales expenses.
Which of the following statements about plumbing venting is false?
Venting is not required for structures taller than 2 stories.
Hometown Bank and Trust refuses to lend money to homeowners trying to purchase property in a predominantly Hispanic neighborhood. What is this practice called?
Redlining.
Allison is moving into a new condominium. Which of these documents does not apply to her purchase?
Stock certificate.
What is the amount of the surety bond that a mortgage broker must furnish when applying for licensure in New York?
$10,000
Which of these properties would be considered a nonhomestead property?
Warehouse.
Which statement is not true?
Underground storage tanks pose no hazard to residential areas.
What is the most common reason a property fails to sell?
Overpricing.
Which law extended discrimination to include handicap and familial status?
Fair Housing Amendment Act.
What is the employment contract between a property manager and owner called?
Management agreement.
What is overage rent?
Rent calculated on a percentage of sales volume.
Which of these properties would be considered a nonhomestead property?
Warehouse.
Patrick has a written independent contractor agreement with his broker Tami. Last year, about 25% of his income came from sales commissions. The other 75% came from an hourly wage paid by Tami. For income tax purposes, the IRS would probably classify Patrick as
An employee.
A parcel of land 250 feet wide and 150 feet deep sold for $240,000. What was the price per square foot?
$6.40
Which of the following statements about plumbing venting is false?
Venting is not required for structures taller than 2 stories.
Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. Whoever brings the buyer will get the commission. What kind of agreement is this?
Open listing.
What is the minimum period of time over which the owner of an apartment building can depreciate the improvements?
27.5 years.
The first fine for a violation of federal fair housing law could be as much as what amount?
$10,000
What must a listing agent do before entering into a cooperative agreement creating a subagency?
Obtain the informed consent of the seller.
Hometown Bank and Trust refuses to lend money to homeowners trying to purchase property in a predominantly Hispanic neighborhood. What is this practice called?
Redlining.
Which property would most probably have the longest lease term?
Industrial property.
Under federal income tax law, the “sale price” for a personal property is which of the following?
Sales price, minus any sales expenses.
What do we use to show the percent of gross income that is required to meet cash expenditures?
Break-even ratio.
A historic preservation commission does not have the power to do which of these?
Require a property owner to restore a historic building.
Which law extended discrimination to include handicap and familial status?
Fair Housing Amendment Act.
Broker Greg performed all of the following actions. Which one violates license law?
Withheld earnest money that should have been returned to a purchaser.
Who are the essential parties involved in an estate in trust?
Trustor, trustee and beneficiary.
A section contains how many acres?
640
Real estate agents are typically what kind of agent?
Special agent.
