NYREI School Exam
What is the minimum licensing requirement to sell commercial real estate in New York? -
correct answer-a real estate salesperson's license
What is the preferred method of creating an agency relationship? - correct answer-expressed
agency
An amenity purchaser - correct answer-occupies or uses the purchased property
Condominium units are considered _____ property and are conveyed by _____. - correct
answer-real / deed
A salesperson who is an independent contractor - correct 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? -
correct answer-property tax lien
What is another word for principal? - correct 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? - correct answer-estate for years
What are the age and experience requirements to apply for a salesperson license? - correct
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 - correct answer-a pass-through.
Which federal environmental law, known as the Superfund, creates requirements for closed
and abandoned waste sites? - correct answer-Comprehensive Environmental Response,
Compensation, and Liability Act
Who is responsible for approving septic and other sanitation systems in New York State? -
correct answer-NYS Department of Health
Who pays the property taxes in a triple net lease? - correct answer-tenant
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? - correct answer-She will own the airspace inside her
co-op fee simple.
An example of chattel is - correct answer-wheat that has been harvested.
A mortgage loan originator can perform each of these activities EXCEPT - correct
answer-lend money.
Which type of listing agreement provides the greatest opportunity for a listing broker to earn
a commission? - correct answer-exclusive right to sell agreement
Ad valorem taxes are based on a property's - correct 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? - correct
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? - correct answer-easement in gross
A contract between a minor and an adult is - correct 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? -
correct answer-It is a nonconforming use.
When a licensee is the client's designated agent, the client gives up the agent's duty of -
correct answer-undivided loyalty.
Under what circumstance is a deed restriction most likely to be removed? - correct
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. - correct 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 - correct 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? - correct 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? - correct
answer-the Federal National Mortgage Association
What is the minimum licensing requirement to sell commercial real estate in New York? -
correct answer-a real estate salesperson's license
What is the preferred method of creating an agency relationship? - correct answer-expressed
agency
An amenity purchaser - correct answer-occupies or uses the purchased property
Condominium units are considered _____ property and are conveyed by _____. - correct
answer-real / deed
A salesperson who is an independent contractor - correct 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? -
correct answer-property tax lien
What is another word for principal? - correct 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? - correct answer-estate for years
What are the age and experience requirements to apply for a salesperson license? - correct
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 - correct answer-a pass-through.
Which federal environmental law, known as the Superfund, creates requirements for closed
and abandoned waste sites? - correct answer-Comprehensive Environmental Response,
Compensation, and Liability Act
Who is responsible for approving septic and other sanitation systems in New York State? -
correct answer-NYS Department of Health
Who pays the property taxes in a triple net lease? - correct answer-tenant
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? - correct answer-She will own the airspace inside her
co-op fee simple.
An example of chattel is - correct answer-wheat that has been harvested.
A mortgage loan originator can perform each of these activities EXCEPT - correct
answer-lend money.
Which type of listing agreement provides the greatest opportunity for a listing broker to earn
a commission? - correct answer-exclusive right to sell agreement
Ad valorem taxes are based on a property's - correct 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? - correct
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? - correct answer-easement in gross
A contract between a minor and an adult is - correct 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? -
correct answer-It is a nonconforming use.
When a licensee is the client's designated agent, the client gives up the agent's duty of -
correct answer-undivided loyalty.
Under what circumstance is a deed restriction most likely to be removed? - correct
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. - correct 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 - correct 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? - correct 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? - correct
answer-the Federal National Mortgage Association
