REAL ESTATE CE SHOP EXAM
QUESTIONS WITH CORRECT
ANSWERS
What's the typical useful life of an underground storage tank? - Answer-15 years
Which Act regulates the public drinking water supply? - Answer-Safe Drinking Water Act
WHich agency enforces the federal fair housing act? - Answer-Department of Housing
and Urban Development
What is a capital gain? - Answer-Sales price minus the adjusted basis
Barb deposited her client's down payment funds into her broker's business account,
intending to remove it the next day and deposit it into the client's trust account. This is
an example of ____________. - Answer-Commingling- mingling the accounts
Which of these is a colorless, odorless, radioactive gas that is released when uranium
decays? - Answer-Radon
In which of the following situations would an agent be representing a customer in a real
estate purchase? - Answer-Never
Which type of loan has more flexible underwriting standards? - Answer-Portfolio
What regulation requires that building owners of two-family or more dwellings have an
asbestos survey completed before renovating or demolishing work is done? - Answer-
Federal Asbestos Hazard Emergency Response Act of 1988
Who provides borrowers with the money for the loan? - Answer-Mortgage banker- get
that BANK
Although federal law provides significant protection against discrimination in housing,
which law goes even further in protecting such discrimination in New York? - Answer-
New York's Human Rights Law
If you are representing a buyer and prepare a binder to forward to the seller's attorney
(who will prepare the actual sales contract), what part of New York do you likely live in?
- Answer-NYC
, Which of the following is the first wooden member of the structure from the ground up
that is used as the nailing surface for the floor system? - Answer-Sill plate
Real property ownership may offer significant tax advantages. Which one of the
following is a potential advantage? - Answer-Depreciation- sounds bad but can actually
be a tax advantage
Janice's life tenant, Jacob, is currently living on her property. Once Jacob dies, Janice
has made arrangements that the property will go to the School for the Gifted. What
interest does the School for the Gifted currently have? - Answer-Remainder- what
remains is being gifted.
Which IRS forms are independent contractors and employees required to complete? -
Answer-Independent contractors fill out W-9s, and employees fill out W-4s.
Ralph leases 1,000 square feet in a large warehouse. The lease agreement requires
him to pay portions of the landlord's taxes, insurance, and maintenance, in addition to
the amount he pays to lease the space. What type of lease does Ralph have? - Answer-
Triple net lease
If there are questions regarding the exact property description, which of the following is
recommended? - Answer-Have the property surveyed
Carson is purchasing a $600,000 property by obtaining an 80/20 loan. How much is
Carson financing? - Answer-$480,000
CCIM, SIOR, CPM, BOMA and ISCS are accreditation programs for licensees who
represent ______ investors. - Answer-commercial
Which of the following is an example of "first substantive contact"? - Answer-Showing a
buyer a property
Question 96
Jillian has a loan-to-value ratio of 90/100. This means __________. - Answer-Her loan
is 90% of the value of the real estate used as collateral and she is putting 10% down.
Which of the following is true regarding an appraiser's three approaches to value? -
Answer-The income approach is most applicable to rental properties.
Which approach to value used by appraisers relies on the sales price of comparable
properties to help determine the adjusted market price? - Answer-Sales comparison
approach
What regulation or regulatory authority identifies sites that have hazardous substances,
and requires the responsible parties to clean them up? - Answer-Comprehensive
Environmental Response Compensation and Liability Act
QUESTIONS WITH CORRECT
ANSWERS
What's the typical useful life of an underground storage tank? - Answer-15 years
Which Act regulates the public drinking water supply? - Answer-Safe Drinking Water Act
WHich agency enforces the federal fair housing act? - Answer-Department of Housing
and Urban Development
What is a capital gain? - Answer-Sales price minus the adjusted basis
Barb deposited her client's down payment funds into her broker's business account,
intending to remove it the next day and deposit it into the client's trust account. This is
an example of ____________. - Answer-Commingling- mingling the accounts
Which of these is a colorless, odorless, radioactive gas that is released when uranium
decays? - Answer-Radon
In which of the following situations would an agent be representing a customer in a real
estate purchase? - Answer-Never
Which type of loan has more flexible underwriting standards? - Answer-Portfolio
What regulation requires that building owners of two-family or more dwellings have an
asbestos survey completed before renovating or demolishing work is done? - Answer-
Federal Asbestos Hazard Emergency Response Act of 1988
Who provides borrowers with the money for the loan? - Answer-Mortgage banker- get
that BANK
Although federal law provides significant protection against discrimination in housing,
which law goes even further in protecting such discrimination in New York? - Answer-
New York's Human Rights Law
If you are representing a buyer and prepare a binder to forward to the seller's attorney
(who will prepare the actual sales contract), what part of New York do you likely live in?
- Answer-NYC
, Which of the following is the first wooden member of the structure from the ground up
that is used as the nailing surface for the floor system? - Answer-Sill plate
Real property ownership may offer significant tax advantages. Which one of the
following is a potential advantage? - Answer-Depreciation- sounds bad but can actually
be a tax advantage
Janice's life tenant, Jacob, is currently living on her property. Once Jacob dies, Janice
has made arrangements that the property will go to the School for the Gifted. What
interest does the School for the Gifted currently have? - Answer-Remainder- what
remains is being gifted.
Which IRS forms are independent contractors and employees required to complete? -
Answer-Independent contractors fill out W-9s, and employees fill out W-4s.
Ralph leases 1,000 square feet in a large warehouse. The lease agreement requires
him to pay portions of the landlord's taxes, insurance, and maintenance, in addition to
the amount he pays to lease the space. What type of lease does Ralph have? - Answer-
Triple net lease
If there are questions regarding the exact property description, which of the following is
recommended? - Answer-Have the property surveyed
Carson is purchasing a $600,000 property by obtaining an 80/20 loan. How much is
Carson financing? - Answer-$480,000
CCIM, SIOR, CPM, BOMA and ISCS are accreditation programs for licensees who
represent ______ investors. - Answer-commercial
Which of the following is an example of "first substantive contact"? - Answer-Showing a
buyer a property
Question 96
Jillian has a loan-to-value ratio of 90/100. This means __________. - Answer-Her loan
is 90% of the value of the real estate used as collateral and she is putting 10% down.
Which of the following is true regarding an appraiser's three approaches to value? -
Answer-The income approach is most applicable to rental properties.
Which approach to value used by appraisers relies on the sales price of comparable
properties to help determine the adjusted market price? - Answer-Sales comparison
approach
What regulation or regulatory authority identifies sites that have hazardous substances,
and requires the responsible parties to clean them up? - Answer-Comprehensive
Environmental Response Compensation and Liability Act
