Which of the following is considered a fixed operating expense?

Greta Manes passed the salesperson licensing exam. For how long are her results valid?

24 months

What is the minimum period of time over which the owner of an apartment building can depreciate the improvements?

27.5 years

A section contains how many acres?

640

Which statement is true about investing in commercial property?

A commercial property could have a percentage lease.

What is an emblement?

A plant or crop that is considered personal property

In which of these places is asbestos not likely to be found?

Adhesives in pressed wood.

What is the difference between a balloon loan and an amortized loan?

An amortized loan is paid off by the end of the term.

Patrick has a written independent contractor agreement with his broker Tami. Last year, about 25% of his income came from sales commissions. The other 75% came from an hourly wage paid by Tami. For income tax purposes, the IRS would probably classify Patrick as

An employee.

Which statement is false about Internet advertising?

Any ads placed on the Internet must have a link to the licensee's email address.

What do we use to show the percent of gross income that is required to meet cash expenditures?

Break-even ratio.

According to Truth in Lending, a lender must disclose all of the following except which one?

Broker's commission.

Who pays the real estate taxes for a condominium?

Condominium owner

Mary's property has been assessed at a higher percentage of value than all of the other properties on the same assessment roll. What is this an example of?

Excessive assessment

A court renders a judgment which authorizes a lien to be placed against the defendant's house, car, and personal belongings. What is this an example of?

General judgement lien.

Which of the following is an allowed activity for an unlicensed assistant?

Get status reports on the loan progress.

Sandy rents space in a building for her beauty and tanning salon. She pays rent for occupancy, but the owner of the building pays the taxes, insurance and other operating expenses. What kind of lease does Sandy have?

Gross lease.

John is doing a CMA for his potential sellers. He has collected the data on the seller's property and collected data on a number of comparables. Now he's ready to make his price adjustments. Which statement is true?

If a comparable lacks a feature the subject property has, he will add the value of that feature to the comparable.

What is required for a title to be marketable?

It must be free of undisclosed defects and encumbrances.

Amanda Green sold her property to Sally Fay. Amanda will retain title to the property until Sally has paid in full. What kind of contract do Amanda and Sally have?

Land contract.

What is the employment contract between a property manager and owner called?

Management agreement

What does the term "mixed-use development" mean?

More than one use for a single building.

What must a listing agent do before entering into a cooperative agreement creating a subagency?

Obtain the informed consent of the seller.

"Everyone charges the same so you might as well list with me" is an example of what?

Price fixing.

Hometown Bank and Trust refuses to lend money to homeowners trying to purchase property in a predominantly Hispanic neighborhood. What is this practice called?

Redlining

What is overage rent?

Rent calculated on a percentage of sales volume

A historic preservation commission does not have the power to do which of these?

Require a property owner to restore a historic building.

In which of these cities is the Board not required to hold a public hearing each year?

Rochester

Under federal income tax law, the "sale price" for a personal property is which of the following?

Sales price, minus any sales expenses.

A daycare center is allowed to open in a residentially-zoned area. What is this an example of?

Special use permit

Which law extended discrimination to include handicap and familial status?

The Fair Housing Amendment Act

Who are the essential parties involved in an estate in trust?

Trustor, trustee and beneficiary

What is a policy that protects against claims above and beyond the amount covered by primary policies?

Umbrella.

Which of the following statements about plumbing venting is false?

Venting is not required for structures taller than 2 stories.

Broker Greg performed all of the following actions. Which one violates license law?

Withheld earnest money that should have been returned to a purchaser.

Broker Jim signs a listing agreement with seller, Grace and a buyer agency agreement with buyer, Pat. Both Grace and Pat signed written disclosure statements agreeing to this arrangement. What is this relationship called?

consensual dual agency

Which property would most probably have the longest lease term?

industrial property

Which of these is a distinguishing feature of a deed condition?

it gives the grantor the right to re-possess the property if the grantee violates the condition.

Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. Whoever brings the buyer will get the commission. What kind of agreement is this?

open listing

What is the most common reason a property fails to sell?

overpricing

Real estate agents are typically what kind of agent?

special agent

A landlord suddenly terminates a tenant's lease in violation of the lease terms. The tenant takes action to compel the landlord to comply with the violated terms. What kind of suit is this?

specific performance

Allison is moving into a new condominium. Which of these documents does not apply to her purchase?

stock certificate

What is the amount a buyer owes at closing equal to?

the excess of the buyer's debits over the buyer's credits.

Which of these properties would be considered a nonhomestead property?

warehouse

The first fine for a violation of federal fair housing law could be as much as what amount?

$10,000

What is the amount of the surety bond that a mortgage broker must furnish when applying for licensure in New York?

$10,000