NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
What type of valuation involves depreciation?
Cost Approach Valuation
Accretion
Increase in land by water depositing soil onto the property
Who pays the origination fee on an FHA?
The borrower
Acceleration Clause
A contract provision that allows a lender to require a borrower to repay all or part of an
outstanding loan if certain requirements are not met.
Servient Estate
The land over which an easement is granted
Tenant at Will
No lease, but has owners permission to stay
Real Property
physical property such as land and buildings
Equity
the difference between the market value of your home and the amount you owe the
lender who holds the mortgage.Your equity is the money you'd receive after paying off
the mortgage if you were to sell the home.
General Warranty Deed
Offers the most protection
Escheat
Property reverts to the state when someone dies leaving NO WILL and NO HEIRS.
Housing for Older Persons
80% of residents must be 55+
Amortization
When a loan is divided into equal payments
Lease Option
the tenant has the option to purchase a property at a specified price within a certain
period
How long is a Do Not Call list valid for?
18 Months
Recission of Contract
agreement to waive duties and terminate contract
GRM ( Gross Rent Multiplier)
The figure used as a multiplier of the gross monthly income of a property to produce an
estimate of the property's value.
Fannie Mae
Maintain an active secondary market for mortgages
Time is of the essence directly relates to what?
Performance
Acceleration Clause
Quality Materials
What type of valuation involves depreciation?
Cost Approach Valuation
Accretion
Increase in land by water depositing soil onto the property
Who pays the origination fee on an FHA?
The borrower
Acceleration Clause
A contract provision that allows a lender to require a borrower to repay all or part of an
outstanding loan if certain requirements are not met.
Servient Estate
The land over which an easement is granted
Tenant at Will
No lease, but has owners permission to stay
Real Property
physical property such as land and buildings
Equity
the difference between the market value of your home and the amount you owe the
lender who holds the mortgage.Your equity is the money you'd receive after paying off
the mortgage if you were to sell the home.
General Warranty Deed
Offers the most protection
Escheat
Property reverts to the state when someone dies leaving NO WILL and NO HEIRS.
Housing for Older Persons
80% of residents must be 55+
Amortization
When a loan is divided into equal payments
Lease Option
the tenant has the option to purchase a property at a specified price within a certain
period
How long is a Do Not Call list valid for?
18 Months
Recission of Contract
agreement to waive duties and terminate contract
GRM ( Gross Rent Multiplier)
The figure used as a multiplier of the gross monthly income of a property to produce an
estimate of the property's value.
Fannie Mae
Maintain an active secondary market for mortgages
Time is of the essence directly relates to what?
Performance
Acceleration Clause
