real estate pt. 2

what is the minimum number comparable will use when using the sales comparison approach

3

what does general business law 36-b not cover by warranty

3 years of for unexplained instrumentation

whats the difference between an appraisal and a (CMA)

A (CMA) does NOT make adjustments based on data from sold properties

parcels of land next to each other that share a common border are known as what?

Abutting

Kristin has been late on her mortgage payments and is now in default on the mortgage. which clause in Kristens mortgage will allow the bank to foreclose on the property?

Acceleration clause

what is an example of a soft cost

Architectural fees

municipal water systems in new york state do NOT get their water supply from what source of water?

Atlantic ocean

who typically conducts a comparative market analysis

Brokers, Developers and Appraisers

Example of a toxic pesticide

Chlordane

the total dollar expenditure

Cost

a loss in value caused by influences external to the property, such as increasing industrial activity near a residential neighborhood is known as what

Economic obsolesces

Andrew hires an appraiser to better understand the supply and demand in a particular market. what will the appraiser produce for Andrew

Evaluation

what type of mortgage is often recommended for buyers seeking to live in their house for a long period of time?

Fixed rate mortgage

the loss of value caused by super inadequacy or changes in the art inherent in the property itself is known as what

Functional obsolescence

who typically does NOT conduct a comparative market analysis

Home Owners

A property's net operating income must be determined before a property can be valued using this appraisal method

Income approach

a commercial property will most likely yield what type of value by an appraiser

Investment value

horizontal timbers, beams or bars supporting the floor are known as

Joists

what gets recoded in the public record

Mortgage

in 1975 this act was passed, which required an environmental review of any project that requires the governmental approvals

SEQR

a mortgage program that assists first-time home buyers with the purchase of a home in NYS is known as what

SONYMA

this federal law intended to ensure safe 1drinking water for the public

Safe drinking water act

example pf a building that would use the sales comparison approach method

Vacation home

the process of estimating market value, investment value, insurable value or other properly defined value of a identified interest or interests in a specific parcel or parcels of real property as of a given date is known as what?

Valuation

due to the fact that real estate operates in a inefficient market, price does NOT equal what

Value

Donald hires an appraiser to better understand the value of his warehouse, what value would the appraiser use in his conclusion

Value in use

why is a (CMA) NOT considered an appraisal

a CMA does not yield a defensible estimate of value

prior to terminating an estate at will what is the landlord or tenant required to provide to the other party

a notice

Mr. and Mrs. smith are looking to buy their first home. they only intend to live in the home for the next 3-5 years as they frequently transfer cities for work. what type of mortgage should Mr. and Mrs. smith obtain?

adjustable rate mortgage

David is reviewing the mortgage documents he received from the bank. what is a typical clause David will most likely encounter when reviewing the mortgage

alienation clause

a legal term used to disclaim some implied warranties for an item being sold is known as what

as is

one or more floors of a building that are either completely or partially below the ground floor is known as what

basement

a horizontal structural member that supports a floor is known as what?

beam

example of a building that was use a cost approach method

church

the "safety valves" in an electrical system are known as what

circuit breaker

the warranty of habitability, offered in a standard lease, may be violated by this type of evection

constructive evection

a loss of utility and value caused by physical deterioration, functional obsolescence or economic obsolensenes or any combonation of those is known as what?

depreciation

the cost of labor and materials is known as what?

direct cost

a legal proceeding by a lessor landlord to recover possession of real property is known as what

evection

concrete set in soil that supports the foundation of the house is known as what?

footing

the part of the building structure, typically below grade, upon which all other construction is built is known as

foundation walls

a primary horizontal structural element, which is typically a deep beam in which smaller joists or beams frame into is known as what?

girder

local horizontal structural elements used in wood framing to span doors and windows are known as

header

how ill someone know if the current building on the property is the highest and best use for the site

if modifications to the building do not make economic sense

it is recommended that agents keep a lead disclosure form for how long

indefinitely

costs that support a construction project, such as legal or architectural fees are referred to as what?

indirect cost

costs that support a construction project, such as legal or architectural fees

indirect costs

mark and his investor group are looking to purchase an office building. to help in their analysis, they hire an appraiser to determine the value of the property. what value will the appraisal report most likely yield?

investment value

the governmental agency that oversees the environmental impact process and makes final decision is known as what?

lead agency

which of the following is NOT an example of a valid contract

letter of intent

a provision in certain legal contracts that allow for the payment of a specified sum should be one of the parties be in breach of contract is known as what?

liquidated damages

the amount of interest a bank charges on a loan over the base rate is known as what?

margin

the actual selling price of a property

market price

the most probable price a property should bring if exposed for sale in the open market for a reasonable period of time, with the buyer and seller being aware of the current market conditions, neither being under duress is known as what?

market value

which of the following is NOT an essential element of a valid contract?

must be recorded

which of the following is an essential element of a valid contract

mutual agreement

a right given for a consideration to purchase or lease a property upon specified terms within a specified time is known as?

option

wood frame construction commonly found in residential construction in which floors are supported by joists, beams, and bearing walls is known as what

platform construction

a mortgage with a dedicated savings account which earns interest, that is used to gradually reduce the mortgage payment is known as what

pledged account mortgage

the sales comparison approach is based on what principal

principal of substitution

What parameters do appraisers typically use to determine the value of a property using the sales comparison approach.

properties within a 1 mile radius, sold within the past 6 months.

a remedy whereby a court orders a change in a written document to reflect what it ought to have said in the first place is known as what?

reformation

what is the most common building code violation in NYS

renting your basement

what is the formula used to determine value using the cost approach

replacement cost - depreciation

which of the following is known as an addendum

rider

What should NOT be considered when trying to determine the market value of a property?

sales price from over 1 year ago

example of a building that would use an income approach method

self storage facility

which of the following is an illegal means of evection in NYS

self-help evection

which of the following is NOT an example of a foundation system

slab on deck

a garage is typically built off this type of construction

slab on grade construction

the underside of a roof overhang is referred to as what

soffit

a document provided by architects that describe the quality of construction is known as what

specifications

abby recently hired an architect to design her new home, abby would like to know which manufacturer will be used for the flooring to be installed throughout the living room and dining room. where should abby look to find this info

specifications

vertical framing members found in wall construction which are typically "12", "16" or "24" on center, are known as

studs

the cash equivalency price of a property compares an all cash purchase price and what

the price of the property being purchased with a mortgage

a lease in which the tenant or lessee is responsible for paying a portion of or all of the expenses related to real estate ownership, in addition to base rent, is known as what?

triple net lease

the New York State Department Environmental conservation regulates what?

underground storage tanks

a standard set of business laws that regulate financial contracts is known as what

uniform commercial code

a site is always valued as if it is?

unimproved

which of the following clauses will a mortgagor typically not encounter in his/her mortgage documents?

warranty clause

when does the price of a property exceed the cost of construction

when the demand is high

when may the cost of construction exceed the price of the property

when the demand is low