RESIDENTIAL BUILDERS SALESPERSON
PRACTICE TEST QUESTIONS WITH
COMPLETE SOLUTIONS 2026 GRADED A+
⩥Adverse Possesstion.
Answer: - if someone openly takes over abandoned property for 10 years
they can go to court and claim ownership
⩥Flip Tax.
Answer: move-out paid fee by the seller to cover the buildings cost of
his move (processing documents, servicing, possible damage)
⩥Non-conforming loan.
Answer: - a loan that does not conform to Fannie mae policies
- harder for banks to sell to other banks on the secondary market
⩥Continuing Education.
Answer: - license valid for 2 years
- must renew with 22.5 hours within 2 years to department of state
⩥Variance and Special Use Permit.
Answer: - to change zoning go to Board of Standards and Appeals
,- prove in writing that you have financial hardship because of zoning
⩥Usury.
Answer: Illegally charing higher interest rate that the legal limit
⩥Property insurance.
Answer: - covers damages to real estate
⩥Liability insurance.
Answer: convert injury to another person or their things
⩥Package insurance.
Answer: property and liability insurance
⩥Dwelling policy.
Answer: property insurance only
⩥Homeowners insurance.
Answer: property and liability
⩥Truth in Lending Act (TILA).
Answer: - protects consumers in lending situations
,- regulation z implements tila
- discloses interest in annual percentage rate
⩥Annual Percentage Rate.
Answer: -cost of credit expressed as a yearly percentage rate
- includes interest rate, points, origination fees, mortgage broker
commissions and certain other credit charges
⩥Dual agency.
Answer: - when yo represent both sides
- must agree in writing on both sides that this is ok
⩥Co-operating brokerage (co-broker).
Answer: - 2 real estate firms do a deal together and share the
commission
- *cobrokers represent the seller client
⩥Capital Reserve Fund.
Answer: -money set aside each month for unexpected repairs and large
improvements to a building
- expense on the operating statement
⩥Loft lease.
, Answer: - open space that has not been divided into rooms
⩥Seizin.
Answer: - ownership
⩥Acceleration clause.
Answer: - allows the bank to "speed up" the mortgage- making the entire
payment due now if borrower doesn't pay (defaults)
-
⩥NYS General Business Law 36B.
Answer: - guarantee on new construction for:
- 1 year workmanship
- 2 years trade (plumbing, electric)
- 6 years material defects
⩥Active Income.
Answer: Salary
⩥Portfolio income.
Answer: stocks and bonds
PRACTICE TEST QUESTIONS WITH
COMPLETE SOLUTIONS 2026 GRADED A+
⩥Adverse Possesstion.
Answer: - if someone openly takes over abandoned property for 10 years
they can go to court and claim ownership
⩥Flip Tax.
Answer: move-out paid fee by the seller to cover the buildings cost of
his move (processing documents, servicing, possible damage)
⩥Non-conforming loan.
Answer: - a loan that does not conform to Fannie mae policies
- harder for banks to sell to other banks on the secondary market
⩥Continuing Education.
Answer: - license valid for 2 years
- must renew with 22.5 hours within 2 years to department of state
⩥Variance and Special Use Permit.
Answer: - to change zoning go to Board of Standards and Appeals
,- prove in writing that you have financial hardship because of zoning
⩥Usury.
Answer: Illegally charing higher interest rate that the legal limit
⩥Property insurance.
Answer: - covers damages to real estate
⩥Liability insurance.
Answer: convert injury to another person or their things
⩥Package insurance.
Answer: property and liability insurance
⩥Dwelling policy.
Answer: property insurance only
⩥Homeowners insurance.
Answer: property and liability
⩥Truth in Lending Act (TILA).
Answer: - protects consumers in lending situations
,- regulation z implements tila
- discloses interest in annual percentage rate
⩥Annual Percentage Rate.
Answer: -cost of credit expressed as a yearly percentage rate
- includes interest rate, points, origination fees, mortgage broker
commissions and certain other credit charges
⩥Dual agency.
Answer: - when yo represent both sides
- must agree in writing on both sides that this is ok
⩥Co-operating brokerage (co-broker).
Answer: - 2 real estate firms do a deal together and share the
commission
- *cobrokers represent the seller client
⩥Capital Reserve Fund.
Answer: -money set aside each month for unexpected repairs and large
improvements to a building
- expense on the operating statement
⩥Loft lease.
, Answer: - open space that has not been divided into rooms
⩥Seizin.
Answer: - ownership
⩥Acceleration clause.
Answer: - allows the bank to "speed up" the mortgage- making the entire
payment due now if borrower doesn't pay (defaults)
-
⩥NYS General Business Law 36B.
Answer: - guarantee on new construction for:
- 1 year workmanship
- 2 years trade (plumbing, electric)
- 6 years material defects
⩥Active Income.
Answer: Salary
⩥Portfolio income.
Answer: stocks and bonds
