NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
equitable right of redemption.
Just one day prior to a foreclosure sale, the homeowner pays to the bank all the past-
due payments, late charges, attorney fees, etc. The homeowner saves the property
under the right called
Condominium Act
Article 9B of New York State's Real Property Law is also known as the
computerized loan origination.
An electronic network for handling loan applications through remote computer terminals
linked to several lenders' computers, which may be used by a real estate broker or
salesperson to help a buyer select and apply for a loan, is called
the level of assessment is full market value.
An approved assessing unit is one in which
marketability.
The ability to convert an asset to cash quickly at any price is known as
Uniform Commercial Code
What is the body of law that governs negotiable instruments?
binder
a shorter version of a sales contract.
rider
an addition to a sales contract
contingency
a provision in the contract that must occur or the contract will not be performed
option
a one sided, unilateral agreement
percentage lease
most common lease for retail property
land contract.
An installment agreement where the buyer makes payments for the right to possession
but no title transfers until most or all of the terms have been met.
three days to back out of the contract
In construction, the right of rescission law allows the homeowner
any homeowners policy
insurance policy that will cover him for theft, personal liability, and medical payments
Polychlorinated biphenyls
It's organic and it's used as a cooling and insulating agent for certain electrical
equipment
2 years
A real estate license is good for a period of
covenant
a promise that runs with property forever in a general warranty deed.
Eminent domain
the right of the government to take private property for public use
, restriction
a clause placed in a deed by a grantor, which restricts the use of the property
fee simple absolute
absolute ownership without any restriction
amount financed
Discount points on a mortgage are computed as a percentage of
portfolio
ack has made good investments and every year he receives dividends from the stocks
that he owns. What type of income is this?
640 acres
A section of land contains which of the following?
2 years
the minimum warranty for new home construction regarding the plumbing and heating
system is
hypothecation
Pledging a property as security on a loan without giving up possession of the property is
known as
Straight term loan
What type of note calls for interest payments during the term of the loan and principal
due at the end of the loan?
60 days
On dwelling property forms, there is no coverage for vandalism if the dwelling has been
vacant for more than
growth, stability, decline, and revitalization.
The life cycle of a neighborhood occurs in these four stages, in this order:
exclusive right to sell
What entitles the listing broker a commission no matter who procures the sale?
External obsolescence
a situation outside of the subject property that may affect the value of the subject
property.
alluvian
The soil added to a property line due to lakes, rivers or streams
multiply assessed value by tax rate
To compute the real property tax on a parcel of land
mortgage lien
What lien is voluntary specific?
deed
The instrument that conveys a grantor's interest in real estate is called a
lessee
the tenant of a lease
lessor
the landlord of a lease
exclusive agency
An agency agreement that allows the sellers to procure the buyer themselves best
describes a(n)
t is automatically listed on the State's Register of Historical Buildings.
Quality Materials
equitable right of redemption.
Just one day prior to a foreclosure sale, the homeowner pays to the bank all the past-
due payments, late charges, attorney fees, etc. The homeowner saves the property
under the right called
Condominium Act
Article 9B of New York State's Real Property Law is also known as the
computerized loan origination.
An electronic network for handling loan applications through remote computer terminals
linked to several lenders' computers, which may be used by a real estate broker or
salesperson to help a buyer select and apply for a loan, is called
the level of assessment is full market value.
An approved assessing unit is one in which
marketability.
The ability to convert an asset to cash quickly at any price is known as
Uniform Commercial Code
What is the body of law that governs negotiable instruments?
binder
a shorter version of a sales contract.
rider
an addition to a sales contract
contingency
a provision in the contract that must occur or the contract will not be performed
option
a one sided, unilateral agreement
percentage lease
most common lease for retail property
land contract.
An installment agreement where the buyer makes payments for the right to possession
but no title transfers until most or all of the terms have been met.
three days to back out of the contract
In construction, the right of rescission law allows the homeowner
any homeowners policy
insurance policy that will cover him for theft, personal liability, and medical payments
Polychlorinated biphenyls
It's organic and it's used as a cooling and insulating agent for certain electrical
equipment
2 years
A real estate license is good for a period of
covenant
a promise that runs with property forever in a general warranty deed.
Eminent domain
the right of the government to take private property for public use
, restriction
a clause placed in a deed by a grantor, which restricts the use of the property
fee simple absolute
absolute ownership without any restriction
amount financed
Discount points on a mortgage are computed as a percentage of
portfolio
ack has made good investments and every year he receives dividends from the stocks
that he owns. What type of income is this?
640 acres
A section of land contains which of the following?
2 years
the minimum warranty for new home construction regarding the plumbing and heating
system is
hypothecation
Pledging a property as security on a loan without giving up possession of the property is
known as
Straight term loan
What type of note calls for interest payments during the term of the loan and principal
due at the end of the loan?
60 days
On dwelling property forms, there is no coverage for vandalism if the dwelling has been
vacant for more than
growth, stability, decline, and revitalization.
The life cycle of a neighborhood occurs in these four stages, in this order:
exclusive right to sell
What entitles the listing broker a commission no matter who procures the sale?
External obsolescence
a situation outside of the subject property that may affect the value of the subject
property.
alluvian
The soil added to a property line due to lakes, rivers or streams
multiply assessed value by tax rate
To compute the real property tax on a parcel of land
mortgage lien
What lien is voluntary specific?
deed
The instrument that conveys a grantor's interest in real estate is called a
lessee
the tenant of a lease
lessor
the landlord of a lease
exclusive agency
An agency agreement that allows the sellers to procure the buyer themselves best
describes a(n)
t is automatically listed on the State's Register of Historical Buildings.
