Prep Flashcards
How many hours of qualifying education must a broker complete?
120
A buyer broker CANNOT receive compensation for services through which of the following methods? As a:
subagent of the seller
The most common agency relationship between brokers and principals is:
Special
In general, most real estate agents are:
Independent contractors
The owner of real property may NOT hold title as a(n):
Lessee
A buyer purchased a rental property and closed the transaction on July 20. On July 1, the tenant had paid $540 rent for the month of July. The rent should be shown as a
debit to seller of $180
A deed that conveys to a grantee an interest in real estate with no warranty of title is called a(n):
Quit claim deed
The legal term for the transfer of property is called:
Allienation
A condensed history pertaining to the title of a property is called a(n):
Abstract of title
A definition of a leasehold estate:
provides possession, but not title to real property
A meeting of the minds:
means that a seller and a buyer have agreed to the contract terms
The acceleration clause in a mortgage provides for:
the right of the lender to require immediate payment of principal balance when the borrower is in default
The government agency that sends inspectors onsite to ensure construction code compliance is the:
Building Department
The document containing each property’s assessment in a municipality is the:
Assessment roll
The wooden skeleton of a residential property is called the:
Frame
One of the biggest dangers in highly corrosive water is that it may contain large amounts of:
Lead
Which of the following is TRUE?
Price is not always equivalent to the market value of a property.
In the construction of a property, if time schedules are not met or other construction problems occur, most likely the:
cost may exceed the market value
Which of the following is NOT exempt under the NYS Human Rights Law? The:
rental of rooms in a single-family house when the rental is made by a resident owner
Which of the following is NOT covered under NYS Human Rights Law in regards to transactions involving housing, land, or commercial space?
Citizenship status as a protected class
The Americans with Disabilities Act covers:
buildings open to the public as well as multi-family dwellings
In addition to federal law, protected classes under the New York Human Rights Law include:
Age and martial status
The National Flood Insurance Program is administered by:
FEMA
If a taxpayer is delinquent in paying property taxes, the taxing jurisdiction initiates a:
Tax lien
