Real Estate: Other Agencies
Randolph has a leasehold estate that automatically renews at the end of each lease period. What type of leasehold estate does Randolph hold?
Periodic Estate
What is a mill rate?
1/10 of a cent
In certain cases, antitrust violators may be subject to court-ordered supervision. How long can this supervision last?
10 years
The manufacturer of soundproofing, decorative material, shingles, and siding with asbestos was outlawed in which decade?
1970's
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 business days
According to the EPA, at what level does radon become a health concern requiring mitigation?
4.0 picocuries per liter of air
What is assessed value?
A percentage of market value; also the amount of property value to which the tax rate is applied
"A party to a transaction and the person for whom the agent acts" is the definition of ________.
A principal
Your client, Gabriel, has invested in a rental property. He looks at his property's operating statement, tweaks the numbers based on his knowledge of the market, and re-works the statement. Gabriel has created
A pro-forma statement
What is puffery?
A statement of opinion or exaggeration that's generally understood not to be a statement of fact
Which of the following statements is true regarding trusts?
Any asset can be held in a trust
Licensing procedures and regulations for mortgage professionals are regulated by?
Articles 12-D and 12-E of New York Banking Law
What is another word for plottage?
Assemblage
An LOA of 10% means that assessments are _________.
At 10% of value
Clark works for Acme Bank and asks for your assistance. He wants you to look at a property that's about to go into foreclosure and provide him with a report on its current marketability and an approximate market value. What's Clark most likely asking you to provide?
BPO
Which of these is a type of gap financing that's used temporarily until the consumer can obtain permanent financing?
Bridge loan
Which of the following contracts do licensees use to sell retail property?
Commercial contract of sale
Specifically, what does the fiduciary duty of disclosure relate to?
Conflicts of interest, material facts, and adverse material facts
Which of the following is an included covenant(s) in a warranty deed?
Covenants of right to convey
If, after seeing your carefully prepared comparative market analysis, a seller doesn't agree with the price range you prepared in your listing presentation, your best practice would be to:
Decline the listing if the seller's price and your price analysis are too far apart.
Functions performed by local health departments in cooperation with the NYS Department of Health?
Establishing standards for drinking water safety Approving certain wastewater treatment Approving septic systems
Jake, who was leasing a house, retained possession even after his right to possess had terminated. Jake has a(n) ______.
Estate at sufferance
Which of the following describes an estate for an unknown period of time, with either party permitted to terminate the lease by giving notice to the other?
Estate at will
In an air conditioning system, what takes heat from the air and brings it to the refrigerant?
Evaporator
Farm families financing the purchase of properties in rural areas may be able to obtain financing through this government agency if they meet certain criteria, such as income requirements.
Farm Service Agency
Because property managers do a lot of number crunching and prepare monthly and yearly financial reports, they must have a command of _______.
Generally accepted accounting principles
Shana received a devise from her mother. What might this be?
Her mothers farm
Which one of these situations represents the illegal practice of redlining?
Hunter, a mortgage broker, refused to underwrite mortgage applications from applicants who want to buy in specific neighborhoods based on the neighborhood's demographics.
Which of the following is NOT true about single agency?
In single agency, one agent represents both the buyer and seller in the same transaction.
Once the Building Department agrees that a construction project is in compliance with all building codes, the next action is to ________.
Issue a Certificate of Occupancy, or CO
When property changes hands, the deed is recorded. There's a fee for recording. What is the benefit to the grantee of having the deed recorded?
It puts the public on notice regarding ownership.
A mortgage is a legally binding document that creates a lien on a piece of property and gives the lender the right to foreclose on the property if the borrower defaults. Who or what entity is considered the mortgagee?
Lender
When agents put their clients' interests ahead of their own, this describes the duty of ______.
Loyalty
What must you do to convert a decimal to a percentage?
Move the decimal point two spots to the right and add a percent symbol.
Which type of lease is one in which the tenant pays the rent and some expenses related to the property (e.g., maintenance) separately?
Net
Who might be impacted by the expiration of abatements?
New buyers
What entity insures VA loans?
No one; they are guaranteed by the Department of Veterans Affairs
Generally, there are covenants between the borrower and the lender within a mortgage document. Which of the following is a mortgage covenant?
Pay any charges and assessments against the property.
"The ability of water to drain through the ground" is the definition of
Percolation
Your client, Skip, is an investor who's just opened a thriving new sporting goods store in a location outside the city. What principle of value indicates that his thriving business will attract others to engage in similar activity in the same area, driving down his profits?
Principle of competition
Bonnie always schedules an in-person meeting with prospective buyers before she begins sending them data on properties. Why might this be?
She needs to define the buyers' needs and wants.
Which type of worker, though an independent contractor, is defined as an employee by statute for certain employment tax purposes? A food delivery driver who is paid on commission is an example.
Statutory employee
The town engineer and the engineer's primary responsibilities.
Surveys public/private lands and waterways within town Issue permits to private contractors Responsible for sewage, water supply, and distribution systems Estimates the cost of paving, sewers, sidewalks, and other public works
Under what policy name is Homeowners 4 (HO-4) known?
Tenants or cooperative owner policy (rental insurance)
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
If a buyer wants to write an offer and asks for your help but doesn't want to sign an agency agreement with you, who do you represent?
The Seller
Kim is a sub-agent in a transaction involving a buyer customer, a seller, and a listing agent. Who is Kim a sub-agent for?
The listing agent and seller
Which of the following is an example of a material fact?
The seller would not have accepted an offer had the fact been known.
Simon is a buyer represented by Peter. Peter shows Simon several homes currently on the market. What is Peter's relationship to the sellers, if he doesn't represent them?
The seller's are Peter's customers
An office property manager is responsible for which area of property management?
Thinking about how much build out or change to the design, floor plan, and power requirements a tenant will require
What is the purpose of the Lawyers' Fund for Client Protection?
To reimburse client money that goes missing during the practice of law, including earnest money
The organizational levels that local health departments can be established?
Village Town County City
At a sales meeting you learn that one of your firm's listings must sell that week. "Get 'er sold!" your broker tells you. "The clients must move out in 40 days." You'd really like to get that sale. What can you tell prospective buyers?
"I'd love to show you one of my firm's listings."
