NYC Real Estate Practice Test Part
2 Questions with 100% Correct
Answers
What does Regulation Z (TILA) require beside the disclosure of interest rates? -
Answer-Down payment
What does the secondary mortgage market do? - Answer-Buys and sells mortgages
The type of legal listing agreement which is least desirable for the broker is a(n): -
Answer-Open listing
What Is Agency? - Answer-A relationship of trust created when one party (such as a
seller, buyer, landlord, or tenant) gives another (a real estate licensee) the right to
represent him in dealing with third parties
What is the summary of the chronological history of title and related documents to that
called? - Answer-Abstract of Title
What type of mortgage is when a new mortgage that is higher in amount wraps around
an existing first mortgage that's smaller in amount? - Answer-Wraparound mortgage
What document provides detailed information on a condo or coop project? - Answer-
Offering plan
What is the process called that calculates the value of an asset in the past, present and
future? - Answer-Time value of money
What is it called when a building loses its desirability because of an outdated design
feature? - Answer-Obsolescence
What types of investment properties are warehouses and distribution centers? -
Answer-Manufacturing
What governs issues such as noises, pets in a condo or coop? - Answer-House rules
, What are homestead properties? - Answer-Residential condos, 1-4 family homes,
mobile homes & farm dwellings
What's the area the tenant actually occupies and uses? - Answer-Usable square
footage or net square footage
Accountability - Answer-Brokers are prohibited from commingling (mixing) the funds of
their principal with their personal funds
What Is a general agent? - Answer-is empowered to represent the principal in a specific
range of matters
1. In NYS how old must one be to enter into contracts? - Answer-18
2. What Happens if one of the parties to the contract is a minor? - Answer-The contract
is voidable by the minor
3. What other capability should one posses to qualify as a real estate agent? - Answer-
Mental and emotional capability
4.What does the zoning board of appeals do? - Answer-Grant Variances
6. What does municipal engineers office do? - Answer-Oversees planning and
construction of major highways, sewer systems and water connections.
7. If a property ad states that the property is near the vicinity of a geographical area,
what else must the ad include? - Answer-It must include the name of the geographical
area where the property is actually located
8. Who is usually exempt from property taxes? - Answer-Disabled, veterans, farmers,
elderly, gold star parents and star program home owners.
9. Who is not usually exempt from property taxes? - Answer-Second Home owners
10.what covers fully personal property lost in a fire? - Answer-Replacement cost
11. What's the cash on cash return on a $2,000,000 property with a down payment of
$500,000 and $15,000 monthly rental income? - Answer-36 percent
12. Who hires the agent? - Answer-Principal or client
13. What is not a comparative market Analysis? - Answer-An appraisal
14. What is a comparative market analysis? - Answer-Essentially, a comparative market
analysis is a less-sophisticated version of a formal, professional appraisal.
2 Questions with 100% Correct
Answers
What does Regulation Z (TILA) require beside the disclosure of interest rates? -
Answer-Down payment
What does the secondary mortgage market do? - Answer-Buys and sells mortgages
The type of legal listing agreement which is least desirable for the broker is a(n): -
Answer-Open listing
What Is Agency? - Answer-A relationship of trust created when one party (such as a
seller, buyer, landlord, or tenant) gives another (a real estate licensee) the right to
represent him in dealing with third parties
What is the summary of the chronological history of title and related documents to that
called? - Answer-Abstract of Title
What type of mortgage is when a new mortgage that is higher in amount wraps around
an existing first mortgage that's smaller in amount? - Answer-Wraparound mortgage
What document provides detailed information on a condo or coop project? - Answer-
Offering plan
What is the process called that calculates the value of an asset in the past, present and
future? - Answer-Time value of money
What is it called when a building loses its desirability because of an outdated design
feature? - Answer-Obsolescence
What types of investment properties are warehouses and distribution centers? -
Answer-Manufacturing
What governs issues such as noises, pets in a condo or coop? - Answer-House rules
, What are homestead properties? - Answer-Residential condos, 1-4 family homes,
mobile homes & farm dwellings
What's the area the tenant actually occupies and uses? - Answer-Usable square
footage or net square footage
Accountability - Answer-Brokers are prohibited from commingling (mixing) the funds of
their principal with their personal funds
What Is a general agent? - Answer-is empowered to represent the principal in a specific
range of matters
1. In NYS how old must one be to enter into contracts? - Answer-18
2. What Happens if one of the parties to the contract is a minor? - Answer-The contract
is voidable by the minor
3. What other capability should one posses to qualify as a real estate agent? - Answer-
Mental and emotional capability
4.What does the zoning board of appeals do? - Answer-Grant Variances
6. What does municipal engineers office do? - Answer-Oversees planning and
construction of major highways, sewer systems and water connections.
7. If a property ad states that the property is near the vicinity of a geographical area,
what else must the ad include? - Answer-It must include the name of the geographical
area where the property is actually located
8. Who is usually exempt from property taxes? - Answer-Disabled, veterans, farmers,
elderly, gold star parents and star program home owners.
9. Who is not usually exempt from property taxes? - Answer-Second Home owners
10.what covers fully personal property lost in a fire? - Answer-Replacement cost
11. What's the cash on cash return on a $2,000,000 property with a down payment of
$500,000 and $15,000 monthly rental income? - Answer-36 percent
12. Who hires the agent? - Answer-Principal or client
13. What is not a comparative market Analysis? - Answer-An appraisal
14. What is a comparative market analysis? - Answer-Essentially, a comparative market
analysis is a less-sophisticated version of a formal, professional appraisal.
