NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
The secondary money market refers to?
Transfers of notes and T.D.s between mortgagees for value
If a broker's salespersons meet IRS criteria as independent contractors, the
broker would be responsible for?
Worker's compensation insurance
Which law prohibits a real estate agent from receiving a referral fee from an
escrow or title Company?
RESPA
In a period of tight money, the Federal Reserve Bank can increase the supply of
money by?
lowering member bank reserve requirements
On FHA and VA loans, the lender is allowed to charge the borrower a fee
(percentage of the loan) as an initial service fee. This is generally referred to as
a(n)?
Origination fee
An investor purchased a $140,000 four-unit apartment building. For a "Cap Rate"
of 10%, what would the owner have to get monthly from each of the two bedroom
units?
$292
"The relationship of the thing desired to potential purchaser..." is a definition of?
value
What is an example of a non-money encumbrance?
an easement
A broker was leaving his office to present an offer he had written on one of his
office listings. The first offer met the terms as listed. The second offer provide for
a larger cash investment, with more favorable financing terms for the sellers, but
the price was $1,000 under the listed price. The listing broker would submit?
Both offers at the same time
Where land values of an area are well known and much data available from recent
lot sales, which method of appraising property in that area would be least likely
used?
Land residual straight-line
Large loans for shopping centers are MOST likely to be made by?
Life insurance companies
The highest form of ownership a person can have in a piece of property is?
Fee simple absolute
A lease agreement written for a definite period of time with prescribed payment
conditions is?
personal property
A lease for a definite time period would be a(n)?
Estate for years
Under no circumstance may a broker?
, Misrepresent material facts
When a real estate broker puts a buyer's deposit check in his personal account,
and then writes a check against it to pay his electric bill, which violation has been
committed?
Both commingling and conversion
A borrower who expects to remain in a property for many years, would MOST
likely prefer?
To pay an overall lower interest rate and higher loan-origination fee
Value levels in a residential neighborhood are influenced more by social
characteristics of its present and prospective occupants than by any other factor.
What would maintain high values in a given neighborhood?
Both "everybody purchasing with comparable down payments" and "Everybody having
approximately the same income levels"
A real estate salesperson does not have to check the do-not-call registry when
making a solicitation call?
To a commercial number, In response to an inquiry made within 3 months, If there was
an existing business relationship within 18 months. *All of the above
There are certain requirements that must be met before a transaction can be
placed in escrow. They are?
Binding contract between buyer and seller. A neutral third party is employed.
Conditional delivery of all documents related to sale
*All of the above
Five people hold undivided interest as tenants in common. Which is always true?
Each cannot identify their respective part of the property
A loan covering 2 properties would BEST be described as a?
A blanket loan
Despite the fact the broker had a valid listing, the seller found the buyer. The
broker did not earn a commission. What kind of listing was this most likely?
Exclusive agency listing
Which of the following is smaller than a section?
27,000,000 sq. ft.
When selling a reasonably priced, well established home in a classy, suburban
neighborhood, the broker would probably gain the most interest in?
Prestige
What is NOT required to be disclosed under the Truth-in-Lending Law?
Total finance charge in purchase of single-family, owner-occupied dwelling
A property is owned by five persons in "joint tenancy." Which of the following
actions would destroy the respective tenancy relationship?
Lender completes a foreclosure action against a joint tenants, issuing a trustee's deed
to the highest bidder
A buyer for a lower-priced home, without a down payment, is MOST likely to
qualify for a?
VA loan
A convertible ARM means the loan?
May be converted to a fixed rate loan
The danger associated with adjustable-rate loans is that?
Quality Materials
The secondary money market refers to?
Transfers of notes and T.D.s between mortgagees for value
If a broker's salespersons meet IRS criteria as independent contractors, the
broker would be responsible for?
Worker's compensation insurance
Which law prohibits a real estate agent from receiving a referral fee from an
escrow or title Company?
RESPA
In a period of tight money, the Federal Reserve Bank can increase the supply of
money by?
lowering member bank reserve requirements
On FHA and VA loans, the lender is allowed to charge the borrower a fee
(percentage of the loan) as an initial service fee. This is generally referred to as
a(n)?
Origination fee
An investor purchased a $140,000 four-unit apartment building. For a "Cap Rate"
of 10%, what would the owner have to get monthly from each of the two bedroom
units?
$292
"The relationship of the thing desired to potential purchaser..." is a definition of?
value
What is an example of a non-money encumbrance?
an easement
A broker was leaving his office to present an offer he had written on one of his
office listings. The first offer met the terms as listed. The second offer provide for
a larger cash investment, with more favorable financing terms for the sellers, but
the price was $1,000 under the listed price. The listing broker would submit?
Both offers at the same time
Where land values of an area are well known and much data available from recent
lot sales, which method of appraising property in that area would be least likely
used?
Land residual straight-line
Large loans for shopping centers are MOST likely to be made by?
Life insurance companies
The highest form of ownership a person can have in a piece of property is?
Fee simple absolute
A lease agreement written for a definite period of time with prescribed payment
conditions is?
personal property
A lease for a definite time period would be a(n)?
Estate for years
Under no circumstance may a broker?
, Misrepresent material facts
When a real estate broker puts a buyer's deposit check in his personal account,
and then writes a check against it to pay his electric bill, which violation has been
committed?
Both commingling and conversion
A borrower who expects to remain in a property for many years, would MOST
likely prefer?
To pay an overall lower interest rate and higher loan-origination fee
Value levels in a residential neighborhood are influenced more by social
characteristics of its present and prospective occupants than by any other factor.
What would maintain high values in a given neighborhood?
Both "everybody purchasing with comparable down payments" and "Everybody having
approximately the same income levels"
A real estate salesperson does not have to check the do-not-call registry when
making a solicitation call?
To a commercial number, In response to an inquiry made within 3 months, If there was
an existing business relationship within 18 months. *All of the above
There are certain requirements that must be met before a transaction can be
placed in escrow. They are?
Binding contract between buyer and seller. A neutral third party is employed.
Conditional delivery of all documents related to sale
*All of the above
Five people hold undivided interest as tenants in common. Which is always true?
Each cannot identify their respective part of the property
A loan covering 2 properties would BEST be described as a?
A blanket loan
Despite the fact the broker had a valid listing, the seller found the buyer. The
broker did not earn a commission. What kind of listing was this most likely?
Exclusive agency listing
Which of the following is smaller than a section?
27,000,000 sq. ft.
When selling a reasonably priced, well established home in a classy, suburban
neighborhood, the broker would probably gain the most interest in?
Prestige
What is NOT required to be disclosed under the Truth-in-Lending Law?
Total finance charge in purchase of single-family, owner-occupied dwelling
A property is owned by five persons in "joint tenancy." Which of the following
actions would destroy the respective tenancy relationship?
Lender completes a foreclosure action against a joint tenants, issuing a trustee's deed
to the highest bidder
A buyer for a lower-priced home, without a down payment, is MOST likely to
qualify for a?
VA loan
A convertible ARM means the loan?
May be converted to a fixed rate loan
The danger associated with adjustable-rate loans is that?
