real estate 5

Why might a licensee want to make two visits to the property as part of a listing presentation?

To use information from a tour to prepare the CMA

our client, Joseph, has a commercial income-producing property. How long does he depreciate this property?

39 years

Why should you always meet new clients at the brokerage first?

To photocopy their ID and introduce them to others.

Sheila is a new investor who wants to use FHA financing for her first purchase. She doesn't intend to live in the unit, but in order to obtain an FHA loan, she wants to claim that she will. What do you tell her?

"This is mortgage fraud."

In what year was the Americans with Disabilities Act made law?

1990

Malcolm loves his apartment, even though he's rarely there. His job in international development has him on the road for months at a time. He doesn't have to worry about missing out on his lease renewal though, because he has a(n) ______.

A periodic estate renews automatically at the end of the lease period.

Who, or which entity, reviews and approves or disapproves of the CPS1 or the Cooperative Policy Statement?

Attorney general

This well is similar to dug wells; is usually cased, and the bottom may be screened.

Bored

Your seller client is very attached to her home and has not agreed with any price ranges you've presented. She insists on pricing the home at 15% above the current market, claiming the home has a certain air about it that is priceless (but 15% higher is a start). How should you advise this seller?

Be kind but firm. Advise the seller that the home's value is dictated by the market, not her perception.

Which municipal agency oversees regulations regarding construction on or near a wetland, including inventorying and mapping open areas, marshlands, swamps, and other wetlands?

Conservation Advisory Council

Which of the following is an example of a universal agent?

Conservator

Which mortgage clause requires the lender to discharge the mortgage lien once the borrower has paid in full?

Defeasance The defeasance clause means that the lender is prevented from trying to pursue additional payment because the loan has been paid in full.

______ determines who the heir or heirs will be if a person dies without a will.

Intestate succession

Home buying programs for Long Island borrowers are available through which of the following organizations?

Economic Opportunity Council of Suffolk Inc.

What's the best way for a licensee to prevent the potential issue with sellers of believing that a property has sold too quickly or took too long to sell?

Educate sellers about why a list price has been recommended, and the effect of current market conditions on the length of time a property takes to sell.

Which act attempted to eliminate discrimination caused by blockbusting, steering, and redlining?

Fair Housing Act of 1968

Prior to the ______, there was no legal protection for women who endured sexual harassment from landlords and sellers when they attempted to obtain housing.

Housing and Community Development Act of 1974

Which is the formal action to impose the property tax?

Levy

Who matches borrowers with the lender and loan option that best meets their needs?

Mortgage broker

Which of the following is an example of a prime lender, as compared to a subprime lender?

Offers lower fees

Which of the following is true regarding loan pre-qualification and pre-approval?

Pre-approval is preferred over pre-qualification because it's stronger proof that a buyer is qualified to purchase the property.

The municipal officer who collects water bills, sewer rentals, permit fees, and other fees and charges payable to the local government is the _________.

Receiver of Taxes

Early in its history, the Federal Housing Administration officially supported keeping "incompatible" racial groups out of the newly developed white suburbs. This practice is known as ______.

Redlining

Loans made to high-risk borrowers, at higher interest rates and with higher fees, are ______.

Subprime loans

To file a grievance based on unequal assessment or an over-assessment, what is needed?

Taxpayer needs to gather evidence to support the claim

Which option is true if a deed is not recorded after closing?

The property's legal ownership can be challenged.

According to custom, who pays the costs on the day of closing for property taxes, utilities, etc.?

The seller

Developer A has a project planned that does not conform to the zoning regulations of the community. The developer would make what kind of change request from which local land use group?

The zoning board of appeals for either a variance or a special use permit

Certain homes and other buildings are "target" dwellings by the EPA. What does this mean?

There are specific requirements for contractors performing lead abatement or remodeling these homes.

Regina closed on the sale of her house to Tom on Thursday, then went to a second closing on Friday and sold it to Martin. How could the title company in Martin's transaction have missed the fact that Tom had purchased the property?

Tom's title company didn't have time to record Tom's deed before Regina closed with Martin.

The statute of frauds states that if a contract transferring ownership of real property is not in writing it is __________.

Void

Which of the following factors would play a role in an IRS determination as to whether a licensee should be classified as an employee or an independent contractor?

Whether the licensee receives benefits from the brokerage firm

Article 36-B of the New York General Business Law provides certain warranties for homeowners when completing contracts of sale for new housing. Among these are a _______-year builder's warranty against construction defects.

one

Display shelves installed by a business owner in a rented building are a good example of ______.

trade fixtures