Practice exam #3
In order to obtain an easement by prescription for how many years must the property by used by the dominant tenement? 1) 3 years 2) 5 years 3) 10 years
10 years
Gender was added as a protected class to the Fair Housing Act in what year? 1) 1974 2) 1988 3) 1968
1974
Familial status was added as a protected class to the fair housing act in what year? 1) 1988 2) 1968 3) 1974
1988
Which of the following is not exempt from obtaining a license? 1) a licensed attorney admitted to the NYS bar 2) a licensed attorney acting as a sponsor to a real estate salesperson 3) public officers
2
ad volorem means 1) tax levy 2) according to value 3) tax rate
According to value
The original cost plus certain additions and minus certain deductions is equal to the...? 1) adjusted basis 2) assessed value 3) capital gains
Adjusted basis
According to TILA, which of the following items may be specified in an advertisement without making a full disclosure? 1) annual percentage rate 2) origination fee 3) buydown
Annual percentage rate
Building contractors use which of the following detailed building plans to build a house 1) blueprints 2) specifications 3) survey
Blueprints
Which of the following financial documents is used by the board of managers to help determine if a prospective buyers application to purchase a cooperative is approved or not? 1) board package 2) pro-forma 3) letter of intent
Board package
Which of the following is typically used as a short term loan 1) bridge loan 2) wraparound mortgage 3) term loan
Bridge loan
Which of the following must be obtained by a property owner before construction or renovation can begin on their property? 1) variance 2) building permit 3) certificate of occupancy
Building permit
Which of the following is a chemical compound used in refrigerants 1) CFC's 2) radon 3) Freon
CFC's
Which of the following is used by real estate developers to test the market before building a new condominium or cooperative building? 1) offering plan 2) CPS-1 3) letter of intent
CPS-1
Personal property is known as.... 1) chattel 2) fixtures 3) improvements
Chattel
What is NOT considered real property? 1) cooperative 2) condominium 3) office building
Cooperative
Which of the following is an example of a fixture? 1) custom book shelves 2) hallway rug 3) pictures on the wall
Custom book shelves
Which of the following is used as evidence that an individual owns a particular piece of real property? 1) deed 2) title 3) mortgage
Deed
Which of the following would be considered a trade fixture by a commercial tenant? 1) display case 2) wall to wall carpeting 3) bathroom plumbing fixtures
Display case
Which of the following types of easements is obtained by a squatter who uses another's property without the owners permission? 1) easement by prescription 2) easement in gross 3) easement by condemnation
Easement by prescription
The right of the government to acquire private property for public use is known as? 1) condemnation 2) eminent domain 3) foreclosure
Eminent domain
Which of the following leasehold estates is open-ended, as it does not have a termination date? 1) estate for years 2) estate at will 3) periodic estate
Estate at will
Which of the following agencies administers the National Flood Insurance Program? 1) FEMA 2) FDIC 3) HUD
FEMA
Which of the following building components a primarily used to prevent water from entering a structure at a joint corner or bend 1) soffit 2) flashing 3) eave
Flashing
Which of the following structural members is set in a soil and supports the buildings foundation wall 1) footing 2) girder 3) sill plate
Footing
Which of the following commercial leases increases in a stair stepped fashion? 1) graduated lease 2) loft lease 3) percentage lease
Graduated lease
Which of the following parties is required to sign a valid deed? 1) grantor 2) grantee 3) both of them
Grantor
A land lease is known as a..... 1) gross lease 2) ground lease 3) percentage lease
Ground lease
When an individual is renting an apartment or house what type of insurance is usually obtained?? 1) HO-2 2) HO-3 3) HO-4
HO-4
A straight term loan is known as an... 1) interest only loan 2) partially amortized loan 3) fixed rate mortgage
Interest only loan
According to the ................. real estate salespersons are considered independent contractors? 1) Department of real estate 2) International Revenue service 3) National Association of Realtors
International Revenue Service
If a homeowners association does not allow houses in a sub-divided community to have brick on the exterior of the house, where will this restriction be documented? 1). It will appear as a restrictive covenant in the deed 2) it will appear on the building permit 3) it will appear as a condition in the title
It will appear as a restrictive covenant in the deed
Which of the following framing members are horizontal beams that support the floors in a house? 1) joists 2) studs 3) headers
Joists
Which of the following is considered a direct cost? 1) architectural fees 2) attorney fees 3) labor fees
Labor fees
a claim or a charge against the property of another? 1) lien 2) tax 3) judgement
Lien
Which of the following may be added to a contract, which awards the non-breaching party a specified sum of money for certain breaches listed in the contract? 1) liquidated damages 2) compensatory damages 3) specific performance
Liquidated damages
The lender in a transaction is known as 1) mortgagor 2) mortgagee 3) grantor 4) grantee
Mortgagor
This refers to a pool of insurance companies in New York State that writes fire insurance policies for homeowners, as well as coverage for vandalism and malicious theft? 1) NYPIUA 2) FEMA 3) FNMA
NYPIUA
Which of the following leases is most commonly used by a long term commercial tenant? 1) gross lease 2) net lease 3) percentage lease 4) ground lease
Net lease
Which of the following is illegal in New York State 1) open listing 2) net listing 3) exclusive right to sell agreement
Net listing
Replacing an obligation to perform with a new obligation in a contract is known as...? 1) assignment 2) novation 3) reformation
Novation
Which of the following is NOT considered a bi-lateral agreement 1) open listing contract 2) exclusive right to sell agreement 3) independent contractor agreement
Open listing contract
Money earned from interest annuities, dividends and royalties is known as, 1) active income 2) portfolio income 3) passive activity income
Portfolio income
Which of the following items may be prorated between the buyer and seller at closing? 1) appraisal fees 2) property taxes 3) attorney fees
Property taxes
If an agent's client has a financial loss because of the agent's negligence, which fiduciary duty has been violated? 1) reasonable skill and care 2) confidentiality 3) accountability
Reasonable skill and care
In a residential transaction, who typically holds on to the buyers down payment? 1) sellers attorney 2) lenders attorney 3) the real estate salesperson
Sellers attorney
This Act made price fixing, group boycotts, market allocation, and tie-in arrangements illegal? 1) RESPA 2) TILA 3) Sherman Anti-trust act
Sherman anti trust act
Which of the following construction elements is the lowest horizontal wood beam in the frame of a house? 1) sill plate 2) base plate 3) header plate
Sill plate
A real estate salesperson operates as what type of agent to their client? 1) special agent 2) general agent 3) universal agent
Special agent
Which of the following building materials is a type of foamed in-place insulation that releases formaldehyde gas? 1) PCB's 2) asbestos 3) UFFI
UFFI
Which of the following governs the amount of interest that can be charged on a loan? 1) usury laws 2) department of finance 3) department of state
Usury laws
If a property owner wants to enlarge the building on their property to be larger than is permitted by the local zoning code, they must first obtain? 1) special permit 2) variance 3) spot zoning approval
Variance
According to this the broker may be held responsible for the unlawful actions of his/her salespersons? 1) implied agency 2) unintentional misrepresentation 3) vicarious liability
Vicarious liability