NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
Ed is a licensee who's always eager to help his clients in any way he can. One of
his current clients has received an offer that will give her a tidy profit on her
home. She tells Ed she's worried about her tax liability when the home sells. What
can Ed tell her that will be most helpful?
a. "I believe you'll be allowed to exclude some of that profit from your taxable
income, but you should definitely consult with a tax professional to find out the
best way to handle it."
b. "I wish I could help you with that, but as a real estate licensee, I'm not allowed
to offer tax advice."
c. "The Taxpayer Relief Act of 1997 will help you avoid paying any taxes on the
profit you make from selling your home as long as you've been living there for the
last couple of years."
d. "You'll be allowed to exclude as much as $250,000 of capital gains from the
sale of your home if you're filing as a single taxpayer. It would be as much as
a. "I believe you'll be allowed to exclude some of that profit from your taxable income,
but you should definitely consult with a tax professional to find out the best way to
handle it."
If a community isn't growing in an orderly fashion, which local land use group is
likely at fault?
a) Downtown business association
b) Planning board
c) PTA
d) Zoning board of appeals
Planning Board
Which practice involves talking the consumer into refinancing over and over so a
lender can charge fees?
a) loan flipping
b) poison lending
c) premeditated lending
d) turnover lending
loan flipping
Where would you likely find blanket insulation
a. basement
b. Bedrooms
c. Crawl space
d. Rafters
Rafters
A couple bought a house with a gas line easement on the property. An easement
like this one placed by the utility company is an example of __.
a. covenant
b. deed restrictions
, c. private land control
d. subdivision regulation
Private land control
How many adjustments should a licensee make to the subject when performing a
comparative market analysis?
a. It depends
b. 1
c. 2
d. 0
0
Without this easement- usually involving access to a road- the owner requiring
the right of passage would be landlocked.
a. Easement appurtenant
b. easement by necessity
c. easement by prescription
d. easement in gross
Easement by necessity
Christy found a property that was for sale by owner and made an offer. The seller
accepted Christy's offer, but neither of them knew how to proceed. Licensee
Zelda helped Christy complete the necessary purchase documents and walked
her through the process. What kind of agency exists?
a. confirmed agency
b. express agency
c. implied agency
d. verbal agency
Implied agency
You have a new investor client who wants to purchase a high-rise downtown.
Which of the following items related to financing is the LEAST important for the
two of you to consider?
a. possible refinancing strategies
b. interest rate of the financing
c. Operating hours of the financial institution you'll use
d. what type of financing is available
The operating hours of the financial institution you'll use
If a landlord removes the tenant's right of ______, the tenant can claim
constructive eviction and vacate the property with no further financial
responsibility to the landlord.
a. acceptance
b. control
c. ownership
d. quiet enjoyment
quiet enjoyment
Government regulation of a property that deprives the landowner of the economic
value of the property without compensation from the government is called
______.
a. Condemnation
Quality Materials
Ed is a licensee who's always eager to help his clients in any way he can. One of
his current clients has received an offer that will give her a tidy profit on her
home. She tells Ed she's worried about her tax liability when the home sells. What
can Ed tell her that will be most helpful?
a. "I believe you'll be allowed to exclude some of that profit from your taxable
income, but you should definitely consult with a tax professional to find out the
best way to handle it."
b. "I wish I could help you with that, but as a real estate licensee, I'm not allowed
to offer tax advice."
c. "The Taxpayer Relief Act of 1997 will help you avoid paying any taxes on the
profit you make from selling your home as long as you've been living there for the
last couple of years."
d. "You'll be allowed to exclude as much as $250,000 of capital gains from the
sale of your home if you're filing as a single taxpayer. It would be as much as
a. "I believe you'll be allowed to exclude some of that profit from your taxable income,
but you should definitely consult with a tax professional to find out the best way to
handle it."
If a community isn't growing in an orderly fashion, which local land use group is
likely at fault?
a) Downtown business association
b) Planning board
c) PTA
d) Zoning board of appeals
Planning Board
Which practice involves talking the consumer into refinancing over and over so a
lender can charge fees?
a) loan flipping
b) poison lending
c) premeditated lending
d) turnover lending
loan flipping
Where would you likely find blanket insulation
a. basement
b. Bedrooms
c. Crawl space
d. Rafters
Rafters
A couple bought a house with a gas line easement on the property. An easement
like this one placed by the utility company is an example of __.
a. covenant
b. deed restrictions
, c. private land control
d. subdivision regulation
Private land control
How many adjustments should a licensee make to the subject when performing a
comparative market analysis?
a. It depends
b. 1
c. 2
d. 0
0
Without this easement- usually involving access to a road- the owner requiring
the right of passage would be landlocked.
a. Easement appurtenant
b. easement by necessity
c. easement by prescription
d. easement in gross
Easement by necessity
Christy found a property that was for sale by owner and made an offer. The seller
accepted Christy's offer, but neither of them knew how to proceed. Licensee
Zelda helped Christy complete the necessary purchase documents and walked
her through the process. What kind of agency exists?
a. confirmed agency
b. express agency
c. implied agency
d. verbal agency
Implied agency
You have a new investor client who wants to purchase a high-rise downtown.
Which of the following items related to financing is the LEAST important for the
two of you to consider?
a. possible refinancing strategies
b. interest rate of the financing
c. Operating hours of the financial institution you'll use
d. what type of financing is available
The operating hours of the financial institution you'll use
If a landlord removes the tenant's right of ______, the tenant can claim
constructive eviction and vacate the property with no further financial
responsibility to the landlord.
a. acceptance
b. control
c. ownership
d. quiet enjoyment
quiet enjoyment
Government regulation of a property that deprives the landowner of the economic
value of the property without compensation from the government is called
______.
a. Condemnation
