NY REAL ESTATE LICENSE

What is a written document created by a planning board that identifies goals, objectives, principles, guidelines, policies, standards and strategies for growth and development of a community?

That is called a comprehensive or master plan.

What type of policy would a tenant living in an apartment purchase?

The HO-4 form provides coverage for a tenant's personal property, but not on the structure.

The Truth-in-Heating law requires

The New York Truth-in-Heating law requires sellers to furnish, on written request, two past years' heating and cooling bills to any prospective buyer of a one or two-family home. Sellers may also furnish a statement of the extent and type of insulation they have installed.

When two companies conspire to list at the same commission, which law is violated?

The Sherman Anti-Trust Act prohibits business practice that limits competition.

Karen lives in a large multi-family building. She and her neighbors evict resident Joe, and refuse Pat's application to buy Joe's unit because she has two large dogs. Karen lives in a

The shareholders in a co-op may evict residents who do not pay their association fees. They also have the right to deny admittance to the co-op, as long as the applicant is not a member of a protected class.

Lucy's son, who was born with a disability, gets a companion dog to assist him with daily tasks. Lucy wants to put up an 8-foot fence around her back yard so that her son can let the dog out during the day when Lucy is not home. The current zoning ordinance in her town does not allow a fence that high. She will need to go to the zoning board to obtain a

The zoning board can issue a variance to allow for the higher fence.

Which is not a requirement to get a license to sell commercial real estate in New York?

There is only one real estate sales license and someone who has one can sell residential or commercial real estate. The age limit for that license is 18.

Residential rental property can be depreciated over _______ years.

27.5

In New York, a mortgage broker must disclose a business relationship with a lender unless he submits loan applications to more than ____ lenders?

3 If the mortgage broker submits loan applications to more than three lenders, he is not required to disclose any business relationship he has with the lenders.

Donna owns a small gas station in a residential area. She is allowed to have this zoning usage because there isn't another gas station within 10 miles. What type of permit does she have?

A conditional use permit may be granted to allow the use of property that is in the public's best interest.

Tom conveys a life estate to his daughter Dixie, as long as his son, Matthew, is alive. What type of ownership interest does Dixie have?

A life estate pur autre vie (for the life of another) lasts as long as a particular third party, named by the owner, is alive.

An intermediary who earns a commission for bringing together borrowers and lenders is called a

A mortgage broker is similar to a real estate broker who earns a commission for connecting buyers and sellers.

sale-leaseback arrangement

A sale-and-leaseback arrangement is a method for financing commercial or industrial properties. In this situation, a company will construct a building that suits its needs, and then sell the building to an investor, who becomes the landlord.

A typical management proposal should include a

A typical management proposal should include a one-year operating budget and a five-year plan.

Which is NOT a protected class under the Federal Fair Housing Act?

Age

Craig wants to buy an insurance policy that will cover him for theft, personal liability, and medical payments. Which provides this coverage?

All of the homeowners policies provide coverage for theft, personal liability, and medical payments.

Which property would be least likely to be eligible for property tax exemption?

An exempt property must be used for tax-exempt purposes. A vet hospital would not qualify.

Property that is not like-kind but part of a like-kind exchange is called

BOOT Sometimes boot is used to help equalize an exchange.

Which type of ownership has separate mortgages and taxes for each unit?

Condo owners have a separate interest in their individual units.

An example of external obsolescence might be

External obsolescence is reduction in a property's value caused by factors outside the subject property (environmental forces, etc.).

There are eight general areas of real estate law. Which one is enforced by the U.S. Department of HUD?

Fair housing law License Law is enforced by the Department of State. RESPA laws are enforced by the Federal Banking Commission and State Banking Department. There is no such thing as an FHA law. Fair Housing Laws are enforced by the U.S. Department of HUD.

Joe Brown (a black male) and Sarah Achoe (an Asian female) feel that they were discriminated against when filling out a rental application. They would like to file a lawsuit alleging discriminatory practices according to the Civil Rights Act of 1866. They must file a lawsuit in which court?

Federal District Court is the only court that hears complaints regarding the Civil Rights Act of 1866.

Which of the following is NOT part of the secondary market?

Federal Universal Mortgage Association (not real)

Who is not eligible for New York's STAR program? (New York State School Tax Relief Program)

Marie, who owns a vacation home on Lake George. STAR applies to primary residences only.

A property owner paid $25 per front foot for a lot 600 ft. x 1,452 ft. How much did he pay for the lot?

Multiply $25 x 600 (the number of front feet) to obtain the answer of $15,000. The front footage of the lot is always expressed first in the lot size. For example, a lot 50' x 100' has front footage of 50' and a depth of 100'.

The victim of fraud has ___ years to file suit.

New York allows a specific time limit of six years during which parties to contract may bring legal suit to enforce their rights. The six-year period applies to contracts, foreclosures, mortgages, and cases of fraud.

Jerry Stone moved into a two-bedroom condo with a city view, near shopping and a small tavern. One year later, Jerry complained that the loud music and smell of strange foods from the tavern interfered with his bundle of rights. What right was he referring to?

Right of enjoyment (nuisance)

A lender's title insurance protects

The lender's title insurance protects the lender against any defect in the title challenged by anyone.

Signature Realty committed a tort against a client that caused a loss of more than $30,000. What is the statute of limitation for torts in New York?

The only limit for action is three years, which is New York's statute of limitation for torts.

Joe and Tina enter into a contract to purchase a home built prior to 1978. They should receive a lead-based property disclosure form

before signing the purchase contract.

A lease temporarily transfers the rights of property from the _________ to the ________.

lessor/lessee The lessor is the owner or landlord, and the lessee is the tenant who occupies the property temporarily.

Real property rights are defined as

the bundle of legal rights. The bundle of legal rights are known as one's real property rights. Real Property Law 443 does not exist. Personal property rights refer to chattel. Land rights are part of real property rights, but not all inclusive.

Informing clients on how to take title in real estate is

unlawful practice of law. A real estate agent has a duty to inform the client that any questions dealing with title possession should be discussed with the client's attorney, and that it is an illegal practice to answer any question pertaining to law.

What is assessment value?

value the property taxes are based on