Part 4

Question 1

what are non conforming loans

Answer 1

loans for those who cant qualify for a conventional mortgage

Question 2

what is capital risk

Answer 2

risk of losing cash invested

Question 3

What is sheathing

Answer 3

material applied to wall on an exterior wall

Question 4

who is an agent in real estate?

Answer 4

Individual who can transact business for another usually for a fee

Question 5

when is an independent contractor status not challenged by Irs

Answer 5

when their income is based on sales output

Question 6

what is steering in real estate

Answer 6

illegal practice of directing home seekers to certain areas based on protected classes

Question 7

what is loss factor

Answer 7

the difference between usable area and rentable area

Question 8

Brokers commission calculated

Answer 8

sales price x comission rate

Question 9

What is land lease

Answer 9

where tenant leases land to construct a building

Question 10

what can be deducted from a tax payers federal income tax bill

Answer 10

ad valorem taxes and special tax assessments

Question 11

who is responsible for making tax assessments

Answer 11

the tax assessor

Question 12

what is actual cash value insurance

Answer 12

property insurance that takes depreciation into account

Question 13

what should a real estate professional do when presenting a comparative market analysis

Answer 13

explain the results and what they mean for the owner

Question 14

what is an agent empowered do

Answer 14

transact business on behalf of the principle

Question 15

what does the doctrine of laches pertain to

Answer 15

failure to assert one’s rights

Question 16

how is ad valorem tax determined

Answer 16

by full market value of property being taxed

Question 17

when is loan estimate provided

Answer 17

at time of loan application or within 3 business days

Question 18

what does site refer to

Answer 18

parcel of land that has been prepared for construction

Question 19

what has new york law mandated regarding property assessment

Answer 19

property be assessed at full value

Question 20

what is an implied agency agreement

Answer 20

agency created when both principal and the agent act as though agency exists

Question 21

what are reserves in real estate

Answer 21

funds set aside for large expenses from major capital improvements

Question 22

what is a blanket mortgage

Answer 22

a mortgage that covers more then 1 parcel or lot

Question 23

what defines a primary or principle residence

Answer 23

location where a taxpayer has resided 2 out of 5 years and is used as primary place

Question 24

is HUDS poster legally required to be displayed where brokers conduct business

Answer 24

no it is not a legal requirement

Question 25

what are special assessments

Answer 25

taxes levied on properties that benefit from improvements such as sidewalks or curbs

Question 26

What does irv stand for

Answer 26

income rate and value

Question 27

what is the prelim for a condom conversion called

Answer 27

a red herring

Question 28

what does the seller sign at closing to assure the title company of no judements, bankruptices

Answer 28

an affidavit of title

Question 29

what is an add on factor in rental property investments

Answer 29

difference between usable and rentable square footage added to the usable square feet

Question 30

what must brokers exercise while transacting business entrusted to them by a principal

Answer 30

reasonable care

Question 31

what are the habitation rules that govern shareholders in a co op called

Answer 31

house rules

Question 32

how is gain or loss calculated

Answer 32

purchase price plus capital imporvement and sales price - cost of sale

Question 33

what are mechanics liens

Answer 33

liens placed against a property by workers who have not been paid