Attempt 5

______ is the landowners' implied rights associated with a property and refers to those uses that are automatically allowed by the zoning code.

"As of right zoning"

"As of right zoning" is the landowner's rights associated with a property permitting the specific use of that property under the zoning code. This is also known as ______.

"Matter of right" use

The real estate taxes assessed on Jimmy's property are $785 for the year. The taxes on his property were also paid on January 1 but his closing occurred mid-month, on June 15th. Using the statutory year, how much will Jimmy owe for prepaid taxes at closing?

$425.22. 785/12 = 65.42. 65/42 * 6.5 = 425.22.

Sarah's home was burglarized, and she's reported the incident to her insurance company. Her claim for the loss is $1,000, and her deductible is $250. She will collect an amount of ______ for the covered payout for the loss.

$750

1 mile = ___ feet

5280

Under the penal law of New York, a misdemeanor is punishable by ________.

A fine of up to $1,000 and/or imprisonment for up to one year

A directive to all real estate brokers and salespersons telling them they must refrain from soliciting listings to sell residential property within a designated geographic area is known as a ______.

A nonsolicitation order is a directive to all real estate brokers and salespersons telling them they must refrain from soliciting listings to sell residential property within a designated geographic area.

With this type of loan, personal property is included with the real property in the sale. It's commonly seen in commercial real estate, but you may also see this in the sale of furnished condominiums.

A package mortgage is a mortgage in which personal property or business assets are included with the real property in the sale.

Jess has permission to live on his father's property as long as Jess' grandmother is alive. This is an example of which type of life estate?

A pur autre vie life estate grants an estate to someone for the duration of someone else's life.

In completing a CMA, finding a comparable property that had a quick sale may indicate which of the following?

A quick sale of a comparable home usually indicates that the market for similar homes will be good.

What may taxpayers who want to protest their property tax assessments do?

Appeal through RAR, BAR, and SCAR.

Ken signed a contract to purchase Debra's condo. Ken signed the contract two weeks prior to turning 18, which is the age of majority in his state. Debra found out about his age prior to the closing but honored the contract, and they closed on the condo a month after Ken's birthday. What was the status of the contract when Ken and Debra entered into it?

Because Ken was a minor when he entered into the contract, he had the option to cancel it (making it a voidable contract). However, the parties to a voidable contract may choose to execute it, which is what happened here.

Candace and Phil Tolson listed their home for sale with Trent Richards, the broker for Richards Homes. Sadly, Trent became incapacitated due to a car accident. What's the status of the listing agreement?

Because the broker has become incapacitated, the listing agreement terminates by operation of law.

At what point do most lending issues arise?

Because underwriting is the last step, it often happens here. Often the borrower will receive a conditional approval, based on the underwriter receiving certain additional documentation.

Under federal fair housing law, what are the protected classes?

Color, national origin, religion, sex, familial status, disabilities, race

Without this easement—usually involving access to a road—the owner requiring the right of passage would be landlocked.

Easement by necessity

Because of the topography of Elsie's and Lawrence's respective yards, Elsie had to install her fence at the top of a hill, which is actually two feet over Lawrence's property line. What word or phrase best describes Elsie's fence?

Encroachment

What entities make up the secondary mortgage market?

Fannie Mae, Ginnie Mae, Freddie Mac, Farmer Mac, and lending institutions that buy loans from other lenders

Which of the following is the best example of investment leverage?

Financing most of an investment and putting very little cash in. Leverage uses very little of one's own capital, instead using someone else's money to control a large asset.

What are constructed on top of footings?

Foundation walls

How are real estate transactions affected by the Taxpayer Relief Act of 1997?

Homebuyers may use IRA funds to acquire, build, or improve a residence, or for closing costs, and home sellers may exclude some capital gains from the sale from their income tax.

What's NOT true about the planning board in any New York town?

It must have a minimum of eight members.

Jacqueline found a ready, willing, and able buyer for her client's condo, with a sales price of $20,000 more than the asking price. However, the appraisal came in just under the asking price. Which number will the lender use to calculate the loan-to-value ratio?

Lenders use the lesser of the sales price and appraised value.

A legal description can contain ______.

Metes and bounds

Lorena and Julio purchased a home for $205,950 in Ithaca. Their loan amount was $164,760, and the assessed value is now $201,500. Their tax rate is 0.63%. How much will their monthly taxes be?

Monthly taxes are calculated by multiplying the assessed value by the tax rate and dividing by 12: $201,500 x .63% = $1,269.45 ÷ 12 = $105.79.

One aspect of Laura's job is to match borrowers with the lender and loan option that best meets their needs. What is Laura?

Mortgage broker

Which local land use group has the dual focus of livability and quality of life?

Planning board

What discriminatory lending practice by lenders resulted in the destruction of whole neighborhoods, with perfectly good housing left abandoned?

Redlining areas based on protected class status of the area resulted in the destruction of whole neighborhoods and abandoned housing.

Septic systems for homes need to have an as-built drawing filed with the _______.

Septic systems are the domain of the health department.

Susan Duffield died testate at age 49. What can be said about Susan's estate?

Testate means with a will; the estate of a person who died with a will still must go through the probate process.

Your client, Georgette, wants to buy into a cooperative. What is her first step?

The first step is submitting the contract of sale to the seller.

When a New York zoning board of appeals is asked to grant a variance or a special use permit, what's required?

The zoning board of appeals must hold a public hearing when making decisions about special use permits or zoning variances.

Ida and Barry are buying a home. They'll withdraw money from their traditional IRA to help with the down payment and closing costs. What's NOT true about this withdrawal?

They can exclude the amount of the IRA withdrawal when filing their income taxes.

If a buyer assumes the seller's mortgage, which of the following is a true statement?

Unless the lender releases the seller, the seller remains responsible for the mortgage and note.

When must Jed, the sponsor of a new condo project, relinquish control of the board of managers?

When 50% of the units are sold

Which type of framing is most commonly used in housing?

With platform framing, the structure's framing rests on a sub-floor platform.

What's the difference between reversionary interest and remainder interest in a property?

With reversionary interest, the property reverts to the owner after the death of the life tenant. With remainder interest, the title to the property goes to a named third party following the death of the life tenant.