NY Real Estate Exam:NY Real Estate Exam Study Guide: Questions & Answers: Updated Solution

Which type of insurance coverage protects against claims alleging negligence resulting in bodily injury or property damage? (Ans- Liability Insurance Which type of home insurance policy covers condominium unit owners? (Ans- HO-6 A real property tax is what type of encumbrance on a property? (Ans- Appurtenance Which group is not eligible for a reduction or exemption in real property taxes? (Ans- Second home (Vacation) Owners If a property's market value is $180,000 and the community's level of assessment (LOA) IS 60%: What is the property's assessed value? (Ans- 180,000 X .6 = $108,000 Which document sets forth the Attorney General's rules for test marketing new condominiums or cooperatives? (Ans- CPS-1 (Cooperative Policy Statement)Rachel wants to make some renovations to her cooperative apartment. Which agreement will she likely have to sign in order to undertake these renovations? (Ans- Alteration Agreement