Practice Exam 83%

The owner's covenants section states that the owner actually...

- owns the property - not facing foreclosure - property manager is solely responsible for it's management.

some components of the floor system

- sill plates - lally columns - beams

forced warm air system

-include a furnace, a heat source, distribution ducts, and return air ducts -life expectancy 15-20 years

Estate for years (tenancy for years)

1. Continues for a definite period of time, regardless of how long 2. Specific beginning and ending dates 3. No notice is required to terminate 4. Does not automatically renew

According to Article 9A, how long does a consumer have to cancel a contract on subdivided land?

10 days

In certain cases, antitrust violators may be subject to court-ordered supervision. How long can this supervision last?

10 years

how long does it take to depreciate residential properties?

27.5 years

Under the ECOA Valuations Rule, a lender has ______ from the date of receiving the loan application to notify applicants of their right to receive a copy of appraisals.

3 days

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

39 years

Joint Tenancy

A form of co-ownership that includes the right of survivorship.

Building Department

A group of people responsible for issuing building permits and seeing that building codes are followed and construction and renovations are done by licensed professionals.

Estate at Will (Tenancy at Will)

A lease that can be terminated by either party at will, without notice

Planned Unit Development (PUD)

A planned combination of diverse land uses, such as housing, recreation, and shopping, in one contained development or subdivision.

Which phase of the investment cycle is best known for write-offs and, depending on the project, tax credits?

Acquisition

Freehold Estate

An estate in real property which continues for an indefinite period of time.

Periodic estate

An estate that renews itself automatically at the end of each lease period

Licensing procedures and regulations for mortgage professionals are regulated by

Articles 12 D and E

Payden sold his home and made a nice profit. His real estate agent told him he can offset his capital gains from what home costs?

Capital Improvements

Who oversees regulations regarding construction on or near a wetland?

Conservation Advisory Council

What steps can the real estate professional take to assist buyers with property taxes?

Disclose to buyers that a sale may prompt a reassessment.

The parties are in conflict. What should they focus on to reach a resolution most quickly?

How conflict happened

If there is a non-payment of premium, what can happen?

If payment is received within 15 days of a cancellation notice being sent, it cannot be canceled.

Under which type of ownership arrangement can buyers purchase condominiums?

In severalty, in joint tenancy, in tenants in common, or tenants by the entirety

Nonresident applicants applying for New York real estate licensure must agree to submit to the jurisdiction of New York courts. What form must they also complete?

Irrevocable consent and designation form

GFCI (Ground Fault Circuit Interrupter)

It's designed to trip the power off when potentially hazardous electrical faults occur.

Clean Water Act of 1972

Law intended to clean up the nation's rivers and lakes.

Which entity oversees rent-controlled apartments in New York?

NYS Division of House and Community Renewal

Complaints of violations of the Human Rights Law in New York can be filed with

NYS Division of Human Rights

In place since 1975, Article 24 of the Environmental Conservation Law is the

New York Freshwater Wetlands Act

What's the definition of a qualified mortgage?

One that meets stringent CFPB guidelines

Severalty Ownership

Ownership by one person.

How might you convince a seller to accept your buyer client's low offer?

Pay cash - allows the transaction to close quickly and is usually motivating to the seller.

Insurers are required to offer premium discounts for

Preventive measures taken against hurricanes and storms

Planning Board

Responsible for developing and controlling a municipality's comprehensive strategy for growth and development

termites are the most _________ type of wood eating pest.

Termites

Besides the appraisal, what's a common hurdle as transactions approach closing?

The buyer's financing falls through.

Article 12 A

The section of the New York Real Property Law pertaining to real estate salespersons and brokers.

There are different tax rules depending on how much you rent a second home out, compared to your personal use of the property. The rule is __

The taxpayer can rent their second home out for up to 14 days per year and the income is tax free

Department of Housing and Urban Development (HUD)

This department works on national housing needs. It helps poorer families to buy homes.

The New York City Department of Housing Preservation and Development (HPD) established the HomeFirst Down Payment Assistance Program. The criteria for the program includes

being a first-time homebuyer

In which form of price determination does the real estate professional often just drive by the property and take photos, then complete paperwork for the lender?

brokers price opinion

hot water system

consists of a boiler, pipes, and convectors or radiators; relies on a process of heating and cooling liquid to heat a home

Which of the following is true of the harm caused to a person relying on false information?

could be physical or monetary

an example of passive solicitation

creating a website, publishing an article, sharing a new listing

A number that signifies your credit risk to lenders

credit score

Which of the following is a good source for leads on discounted investment properties?

divorce attorneys

When a contract is executory (for instance, in an installment sales contract), what type of title does the buyer hold?

equitable title

Radiant System

fans and O2 control

What is the best way to reduce debt while maintaining cash reserves?

increase tax deductions

What is misrepresentation?

is a misstatement of fact—either intentional or inadvertent.

Article 12 B

is to permit a withholding tax on gross payments for "automated digital services"

What's one of the most fundamental of all fiduciary duties, and is the one that underlies all other duties?

loyalty

One aspect of Laura's job is to match borrowers with the lender and loan option that best meets their needs. What is Laura?

mortgage broker

Which clause in the listing agreement gives the listing broker the authority and obligates the broker to market the property to other brokers?

multiple listing clause

In the eyes of the lender, which action is the least damaging to loan qualification?

several open cards with available credit on them

Tenants in Common

shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists

a component of the roof

soffits

real estate agents are....

special agents

What type of heating system uses a boiler to produce steam, which is transferred to rooms through a pipe?

steam system

Which type of electrical service has electricity supplied to the entire building through a utility-owned meter, and involves building-owned meters through which electrical usage in each unit is measured?

sub-meter

an example of active solicitation

texting a potential client

Issuing a pre-approval letter means that borrowers have completed the loan application and provided their debt, total income, and savings information, and the _______ has verified this information.

underwriter

New York Architectural Review Boards have a broad scope of responsibility that includes the ability to

withhold approval of building permits

Office property manager

you need to negotiate favorable leases with businesses. Longer-term leases are great for the owner, but you want to make sure you build in stepped-up increases in leasing rates.