NYREI practice exam questions
For the income approach to appraisal, value is a reference to what? - correct answer-the
worth of the investment
Which method of property description is most frequently used in New York State? - correct
answer-Metes and bounds
One important characteristic of investing caused Bill to invest in certificates of deposit rather
than real estate. Bill was concerned with - correct answer-liquidity.
Who sets the legal description? - correct answer-surveyor
Dwelling policies generally exclude - correct answer-water damage.
John is gathering up his paperwork to complete his income taxes. His home expenses
include: Mortgage interest / month = $520; Property taxes = $3,280; New deck = $5,300.
What is the total deduction John can take for the year? - correct answer-$9,520
Broker Sam told the seller that her listing contract would automatically renew after the
expiration date of June 1st. One June 2nd, the seller listed with another agency. Sam's
statement had no effect because - correct answer-New York prohibits automatic extensions
of listings.
Effective gross income best describes - correct answer-gross income minus a figure for
vacancy and collection losses.
A lease temporarily transfers the rights of property from the _________ to the ________. -
correct answer-lessor / lessee
When showing a downtown condominium, a licensee brags, "This unit probably has the best
view of Lake Michigan in the whole city!" Would this statement have legal consequences? -
correct answer-No, this is puffing and is the agent's opinion
The Division of Licensing Service may suspend or revoke a sales license on the basis of
which of the following? - correct answer-All of the above
Alfred and Allie buy a 10-year-old home and have it tested for radon prior to closing. The test
results in an average reading of 4.8 pCi/L. Under federal law, is the seller required to mitigate
the home? - correct answer-No, unless agreed upon in the contract between buyer and
seller.
The best way to create an agency relationship is by - correct answer-written agreement.
The day before his property was being auctioned off at a foreclosure sale, Peter redeemed
the property by - correct answer-equitable right of redemption.
, The Santiagos placed their home on the market for $100,000. The price it sold for was
$99,000. What was the market price? - correct answer-99000
The type of legal description that references a plat of subdivision is - correct answer-the
section/block and lot method.
During a phone call, a salesperson discusses showing a property to a prospect. Three days
later, the agent shows the property; at that time the customer reveals her financial abilities
and motivation. Three days after that, the agent prepares her offer; he asks the buyer to sign
an agency disclosure statement stating he represents the seller. When should the agent
have disclosed this fact? - correct answer-Before showing the house
Broker Bruce, on behalf of his client, Jim, who wanted to buy a vacant lot from Tom, submits
to Tom a purchase and sale agreement signed by Jim and stipulating a price of $25,000, a
sales commission of 6%, and closing within 90 days. Tom accepts the price, changes the
commission rate to 5%, the closing period to 45 days, initials the changes, then signs and
returns the contract to Broker Bruce who gives it to Jim. Is the contract valid? - correct
answer-No, because there was no meeting of the minds.
Mrs. Wilson hired a carpenter to fix some items around her house. His estimate was $875 for
the entire job. Which of the following requirements was the carpenter bound to regarding his
work? - correct answer-Both B and C
A CMA is prepared to estimate the likely sale price of a property. This analysis is based on
the - correct answer-market data approach.
Bill has a right of way through his neighbor's property. What type of easement would Bill
receive? - correct answer-Easement appurtenant
What are the three approaches to real estate value? - correct answer-The sales comparison
approach, the income approach, and the cost approach
An amenity's market value is a reflection of - correct answer-what a typical buyer would pay
for the item
The term "right of survivorship" is closely associated with a - correct answer-joint tenancy.
An agency agreement that allows the sellers to procure the buyer themselves best describes
a(n) - correct answer-exclusive agency.
Which of the following liens expire one year after filing? - correct answer-Mechanic's lien
A real estate salesperson says, "I hear that a large group of minorities is moving into the
neighborhood. It may be time to move before your property value decreases." This is an
example of - correct answer-blockbusting
For the income approach to appraisal, value is a reference to what? - correct answer-the
worth of the investment
Which method of property description is most frequently used in New York State? - correct
answer-Metes and bounds
One important characteristic of investing caused Bill to invest in certificates of deposit rather
than real estate. Bill was concerned with - correct answer-liquidity.
Who sets the legal description? - correct answer-surveyor
Dwelling policies generally exclude - correct answer-water damage.
John is gathering up his paperwork to complete his income taxes. His home expenses
include: Mortgage interest / month = $520; Property taxes = $3,280; New deck = $5,300.
What is the total deduction John can take for the year? - correct answer-$9,520
Broker Sam told the seller that her listing contract would automatically renew after the
expiration date of June 1st. One June 2nd, the seller listed with another agency. Sam's
statement had no effect because - correct answer-New York prohibits automatic extensions
of listings.
Effective gross income best describes - correct answer-gross income minus a figure for
vacancy and collection losses.
A lease temporarily transfers the rights of property from the _________ to the ________. -
correct answer-lessor / lessee
When showing a downtown condominium, a licensee brags, "This unit probably has the best
view of Lake Michigan in the whole city!" Would this statement have legal consequences? -
correct answer-No, this is puffing and is the agent's opinion
The Division of Licensing Service may suspend or revoke a sales license on the basis of
which of the following? - correct answer-All of the above
Alfred and Allie buy a 10-year-old home and have it tested for radon prior to closing. The test
results in an average reading of 4.8 pCi/L. Under federal law, is the seller required to mitigate
the home? - correct answer-No, unless agreed upon in the contract between buyer and
seller.
The best way to create an agency relationship is by - correct answer-written agreement.
The day before his property was being auctioned off at a foreclosure sale, Peter redeemed
the property by - correct answer-equitable right of redemption.
, The Santiagos placed their home on the market for $100,000. The price it sold for was
$99,000. What was the market price? - correct answer-99000
The type of legal description that references a plat of subdivision is - correct answer-the
section/block and lot method.
During a phone call, a salesperson discusses showing a property to a prospect. Three days
later, the agent shows the property; at that time the customer reveals her financial abilities
and motivation. Three days after that, the agent prepares her offer; he asks the buyer to sign
an agency disclosure statement stating he represents the seller. When should the agent
have disclosed this fact? - correct answer-Before showing the house
Broker Bruce, on behalf of his client, Jim, who wanted to buy a vacant lot from Tom, submits
to Tom a purchase and sale agreement signed by Jim and stipulating a price of $25,000, a
sales commission of 6%, and closing within 90 days. Tom accepts the price, changes the
commission rate to 5%, the closing period to 45 days, initials the changes, then signs and
returns the contract to Broker Bruce who gives it to Jim. Is the contract valid? - correct
answer-No, because there was no meeting of the minds.
Mrs. Wilson hired a carpenter to fix some items around her house. His estimate was $875 for
the entire job. Which of the following requirements was the carpenter bound to regarding his
work? - correct answer-Both B and C
A CMA is prepared to estimate the likely sale price of a property. This analysis is based on
the - correct answer-market data approach.
Bill has a right of way through his neighbor's property. What type of easement would Bill
receive? - correct answer-Easement appurtenant
What are the three approaches to real estate value? - correct answer-The sales comparison
approach, the income approach, and the cost approach
An amenity's market value is a reflection of - correct answer-what a typical buyer would pay
for the item
The term "right of survivorship" is closely associated with a - correct answer-joint tenancy.
An agency agreement that allows the sellers to procure the buyer themselves best describes
a(n) - correct answer-exclusive agency.
Which of the following liens expire one year after filing? - correct answer-Mechanic's lien
A real estate salesperson says, "I hear that a large group of minorities is moving into the
neighborhood. It may be time to move before your property value decreases." This is an
example of - correct answer-blockbusting
