NYREI School Exam Questions and Answers (100% Verified) Latest Updated 2024/2025 Graded A+.

NYREI School Exam Questions and Answers (100% Verified) Latest 2024/2025 Graded A+. What is the minimum licensing requirement to sell commercial real estate in New York? - ANSWER a real estate salesperson's license What is the preferred method of creating an agency relationship? - ANSWER expressed agency An amenity purchaser - ANSWER occupies or uses the purchased property Condominium units are considered _____ property and are conveyed by _____. - ANSWER real / deed A salesperson who is an independent contractor - ANSWER is not subject to withholding requirements. A homeowner facing foreclosure has a number of liens: The original mortgage, a mechanic's lien from six months ago, a judgment lien from two years ago, and a property tax lien that was just filed. When the property is sold, which lien will be paid first from the proceeds? - ANSWER property tax lien What is another word for principal? - ANSWER Client. The principal in any fiduciary relationship is the client. The tenant signs a two-month lease on an apartment ending September 1. What type of leasehold estate does this represent? - ANSWER estate for years What are the age and experience requirements to apply for a salesperson license? - ANSWER 18 years old and no experience necessary Craig owns a warehouse and his property taxes were recently raised. In turn, Craig charged the tenant currently occupying the building additional operating expenses. This is an example of - ANSWER a pass-through. Which federal environmental law, known as the Superfund, creates requirements for closed and abandoned waste sites? - ANSWER Comprehensive Environmental Response, Compensation, and Liability Act Who is responsible for approving septic and other sanitation systems in New York State? - ANSWER NYS Department of Health Who pays the property taxes in a triple net lease? - ANSWER tenant NYREI School Exam Questions and Answers (100% Verified) Latest 2024/2025 Graded Opal lives in an apartment that is going cooperative. The current residents are given the first option to buy in, and Opal decides to take advantage of the opportunity. Which statement about Opal's new co-op is FALSE? - ANSWER She will own the airspace inside her co-op fee simple. An example of chattel is - ANSWER wheat that has been harvested. A mortgage loan originator can perform each of these activities EXCEPT - ANSWER lend money. Which type of listing agreement provides the greatest opportunity for a listing broker to earn a commission? - ANSWER exclusive right to sell agreement Ad valorem taxes are based on a property's - ANSWER assessed value What is it called when a lender evaluates a prospective buyer and documents, in writing, that he is willing to loan this buyer up to a certain amount of money? - ANSWER pre-approval ABC Utility Company has the right to enter a homeowner's property to repair electric lines. What kind of easement does this represent? - ANSWER easement in gross A contract between a minor and an adult is - ANSWER voidable by the minor. Tony owns the barbershop he built 25 years ago on the same street as his family home. The area was zoned residential 10 years ago. Why is the barbershop allowed to remain open? - ANSWER It is a nonconforming use. When a licensee is the client's designated agent, the client gives up the agent's duty of - ANSWER undivided loyalty. Under what circumstance is a deed restriction most likely to be removed? - ANSWER The deed restriction prohibits minorities from owning the property. After examining a property, an appraiser made the following notes: Replacement cost= $465,000; Depreciation= $18,000; Site Value= $85,000. Determine the final estimate of value using the cost approach. - ANSWER $532,000 Homeowner Frank is challenging the assessment of his property. Each of these would be a valid reason to file a grievance EXCEPT - ANSWER the amount of the tax bill is too high. Sally is interested in renting the other half of an owner-occupied duplex. She calls the listing broker about it who tells her that the owner, his client, does not allow children. Who, if anyone, is violating fair housing laws in this situation? - ANSWER ABC Mortgage Company loaned Judy $180,000 to buy a house. A week later, they sold her mortgage on the secondary market. Who most likely bought Judy's mortgage? - ANSWER the Federal National Mortgage Association An agent who discusses the commission rates charged by his broker with someone from another agency could be accused of which antitrust violation? - ANSWER price fixing Which agency issues real estate licenses in the State of New York? - ANSWER the Department of State The fullest interest in property is known as what kind of estate? - ANSWER fee simple estate A licensee attempts to get listings by telling homeowners in a neighborhood that their property values will decline when a group of immigrants move in. The licensee could be found guilty of - ANSWER blockbusting. A buyer makes an offer, contingent on selling his house first. What clause can be included in the sales contract that would allow the seller to pursue other buyers in the meantime? - ANSWER escape clause A building has 28,000 rentable square feet, 22,160 square feet of which are considered useable. What is this building's loss factor? - ANSWER 20.9% In his first week on the job, property manager Tim checks the insurance coverage for the building he manages and indicates potential needs for more coverage. This is an example of Tim's obligation to - ANSWER risk management An agent owes all of these duties to a customer EXCEPT - ANSWER The Truth In Lending Act encompasses all of the following EXCEPT - ANSWER limits the number of points a lender may charge to close a commercial mortgage. An agent lists a 1.8 acre properly for sale. The owner wants $3.25 per square foot. What is the asking price of the properly? - ANSWER $254,826.00 A listing broker must maintain a signed agency disclosure form - ANSWER for at least three years after the transaction closes. Someone walks into an open house. The listing agent must present an agency disclosure before - ANSWER A valid deed must contain whose signatures? - ANSWER all granters The owner of Oliver's Bakery leases space in a recently renovated building in an up-and-coming neighborhood. His lease calls for a base rent of $3,500 per month plus a 6% overage percentage. What is Oliver's base rent for the year? - ANSWER $42,000