studyyyy

What does DUST stand for?

demand, utility, scarcity and transferability

Which of the following can hold a broker's license?

A person or an entity

What is the term for the build up of land over water caused by sand, silt or gravel?

Accretion

When the transaction involves a condominium or a co-op, a seller must bring certain fees up to date. This includes __________.

Assessments

Where would you likely find loose-fill insulation?

Attic floor

Which of the following is true about down payments in New York?

Attorneys pay into a fund that reimburses down payment losses caused by New York lawyers' misconduct.

Local regulations have to be more protective of wetlands than the current state regulations. A municipality can regulate the wetlands by setting up a separate Wetlands Commission or ________ to monitor the wetlands.

Conservation Advisory Council

Which of the following is true about ownership or title to a property?

Constructive notice to the public of real property ownership occurs when the deed is recorded.

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

Equitable (The buyer has financial interests in the property, meaning equitable title but not legal title.)

Which structural component is described as "the concrete base that supports the foundation of a building"?

Footing

Prior to a certain act's existence, there was no legal protection for women who endured sexual harassment from landlords and sellers when they attempted to obtain housing. What's this act called?

Housing and Community Development Act of 1974

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

How conflict happened

Putting a halt to new development until more schools can be built is a _________.

Moratorium

Buyer Dylan is working with an individual who discussed several loan options with him, and is now negotiating terms of the loan on Dylan's behalf. Who is Dylan most likely working with?

Mortgage broker

Which of the following describes sub-agency?

Norm is a listing agent. He allows Stu, an agent from another firm, to present an offer from an unrepresented buyer.

With this type of loan, personal property is included with the real property in the sale. It's commonly seen in commercial real estate, but you may also see this in the sale of furnished condominiums.

Package mortgage

Which type of framing is most commonly used in housing?

Platform

Which decision stated that separate facilities for blacks and whites were constitutional as long as they were "equal"?

Plessy vs. Ferguson

What type of IRS deduction can be taken for a vacation home?

Property tax

Conrad just closed on the house he's buying to fix up. Why should he follow up to be sure the deed has been recorded?

Recording provides constructive notice that he owns the property.

Which of the following practices is NOT prohibited for sub-prime lenders in New York?

Requiring the borrower to pay loan origination fees

Which of these is a recommended source for a real estate professional to use when looking for opportunities for an investor client?

Sheriff's sales

Within a taxing unit, what does the projected budget for the upcoming fiscal year determine?

Tax rate

To claim unequal assessment, the taxpayer would have to prove _________.

That the property was assessed at a higher percentage of value than the average of all other properties on the assessment roll

How did the decision in Naldi v. Grunberg interpret the New York Statute of Frauds definition of "in writing"?

The court ruled that an agreement made via email communication can be considered a binding contrac

Who does the agent assisting the buyer in a transaction represent if there's no buyer agency agreement?

The seller

Which of the following is a true statement about anchors?

They relate to a specific feeling.

In New York, after an insurance policy has been in place for at least 60 days, how long must an insurance company wait before cancelling the policy or refusing to renew it (providing payments are kept up to date)?

Three years

Karen meets the experience requirements related to credit analysis and underwriting to qualify as a mortgage broker. At a minimum, how many years' experience does she have?

Two