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
