NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
Statutory Period of Redemption
Period of time after a tax sale during which a property may be redeemed
a "mill"
millage x 1,000 = mill rate
Cash Flow
NOI - debt service
Effective Gross Income
Potential gross income - vacancy and collection loss
NOI
effective gross income - operating expenses
Capital Gains
selling price - adjusted basis
A section = ______ mile or _______ acres
1 sq mile or 640 acres
I acre = _____ sq ft
43,560 sq ft
Package Mortgage
a type of financing which allows the purchaser to finance personal property along with
the purchase price of the home.
How many city council members must vote affirmatively to pass a bill?
34 - 2/3 majority vote
NY Executive Law prohibits discrimination based on...
race, creed, color, national origin, sex, disability, age, sexual orientation, marital and
military status
Fair Housing Act of 1968 prohibits discrimination based on...
race, religion, color, or national origin
Market Value
theoretical price real estate will likely bring in a typical transaction
Market Price
actual sale price
What is CERCLA?
After the Love Canal contamination disaster of 1978, Congress created CERCLA in
1980 to hold responsible parties liable for the clean up action. This liability includes
clean up of not only the landowner's property, but neighboring properties that are
affected as well.
How many hours of training for broker license?
120
How long must you keep records of transaction?
3 yrs
when to sign agency disclosure form?
first substantial contact
What are riparian rights?
, water rights along a flowing body of water
What is an easement in gross?
an individual or company interest or right to use the land of another. Commonly a utility
easement.
escheat
When a person dies without will or heirs and property reverts to state
UCC Filing
a legal form that creditors file that it has an interest in a debtors personal property. A
lien on the personal property.
If a licensee has wrongfully obtained funds in the course of a violation of license
law, DOS may impose a fine of
$1,000 or the full amount received
Trade Name Broker
A broker who conducts business as a sole proprietorship under an assumed name
The principal amount of an assumed mortgage appears on the buyer's statement
as
A credit - buyer will assume debt/obligations
Blanket Mortgage
covers more than one parcel of land.
A public grant
A transfer from the government to a private individual is accomplished by
Deed that carries no warranties?
Quit claim
When is equitable title acquired by the buyer?
acquired by the buyer after the sales contract is executed. Legal title has not
transferred.
How long do you have to file mechanic's lien
4 mts
Rate of Return
Article 12A
440 A - New York real property law
Riparian Rights
Navigable waters - person owns to the edge of the river or the mean high water mark
Fair Housing Act of 1968
prohibited discrimination concerning the sale, rental and financing of housing based on
race, religion, national origin and sex.
Emblements
annual crops - personal property
Fiduciary Duties
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable Care
OLD CAR
Quality Materials
Statutory Period of Redemption
Period of time after a tax sale during which a property may be redeemed
a "mill"
millage x 1,000 = mill rate
Cash Flow
NOI - debt service
Effective Gross Income
Potential gross income - vacancy and collection loss
NOI
effective gross income - operating expenses
Capital Gains
selling price - adjusted basis
A section = ______ mile or _______ acres
1 sq mile or 640 acres
I acre = _____ sq ft
43,560 sq ft
Package Mortgage
a type of financing which allows the purchaser to finance personal property along with
the purchase price of the home.
How many city council members must vote affirmatively to pass a bill?
34 - 2/3 majority vote
NY Executive Law prohibits discrimination based on...
race, creed, color, national origin, sex, disability, age, sexual orientation, marital and
military status
Fair Housing Act of 1968 prohibits discrimination based on...
race, religion, color, or national origin
Market Value
theoretical price real estate will likely bring in a typical transaction
Market Price
actual sale price
What is CERCLA?
After the Love Canal contamination disaster of 1978, Congress created CERCLA in
1980 to hold responsible parties liable for the clean up action. This liability includes
clean up of not only the landowner's property, but neighboring properties that are
affected as well.
How many hours of training for broker license?
120
How long must you keep records of transaction?
3 yrs
when to sign agency disclosure form?
first substantial contact
What are riparian rights?
, water rights along a flowing body of water
What is an easement in gross?
an individual or company interest or right to use the land of another. Commonly a utility
easement.
escheat
When a person dies without will or heirs and property reverts to state
UCC Filing
a legal form that creditors file that it has an interest in a debtors personal property. A
lien on the personal property.
If a licensee has wrongfully obtained funds in the course of a violation of license
law, DOS may impose a fine of
$1,000 or the full amount received
Trade Name Broker
A broker who conducts business as a sole proprietorship under an assumed name
The principal amount of an assumed mortgage appears on the buyer's statement
as
A credit - buyer will assume debt/obligations
Blanket Mortgage
covers more than one parcel of land.
A public grant
A transfer from the government to a private individual is accomplished by
Deed that carries no warranties?
Quit claim
When is equitable title acquired by the buyer?
acquired by the buyer after the sales contract is executed. Legal title has not
transferred.
How long do you have to file mechanic's lien
4 mts
Rate of Return
Article 12A
440 A - New York real property law
Riparian Rights
Navigable waters - person owns to the edge of the river or the mean high water mark
Fair Housing Act of 1968
prohibited discrimination concerning the sale, rental and financing of housing based on
race, religion, national origin and sex.
Emblements
annual crops - personal property
Fiduciary Duties
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable Care
OLD CAR
