NEW YORK 77 HOUR COURSE EXAM
QUESTIONS AND ANSWERS
What happens to the interest earned on earnest money deposited into a trust fund or
escrow account? - ANSWER -There is generally no interest
What does FEMA stand for? - ANSWER -Federal Emergency Management Agency
In addition to upholding federal, state and local public health laws, what other
responsibilities does the Department of Health have? - ANSWER -The Department of
Health's other responsibilities include regulating drinking water safety and septic system
and certain waste water treatment approval.
A residential tenant hasn't paid rent for more than three months, so the landlord went to
court to start eviction proceedings. The landlord has now been granted the right to
remove the tenant. This is a(n) ______ eviction.
Actual, Aggressive, Constructive, Sufferance - ANSWER -Actual
In which form of co-ownership is a person's ownership inheritable? - ANSWER -
Tenancy in common
Where is aluminum wiring used in construction today? - ANSWER -Where the current is
heaviest, such as at the service entrance In today's construction, aluminum wiring is
used primarily where the load is heaviest. Once used in circuit wiring throughout the
house, aluminum branch wiring is now considered to be a fire hazard.
When marketing a commercial space to investors, what information will they likely be
most interested in? - ANSWER -Cash flow analysis and projections
Which type of ownership includes unity of time, title, interest, possession, and
marriage? - ANSWER -Tenancy by the entirety
To claim unequal assessment, the taxpayer would have to prove _________.
That the assessment was unlawful
That the property had been misclassified for assessment purposes
That the property's assessed value was greater than the property's full value That the
property was assessed at a higher percentage of value than the average of all other
properties on the assessment roll - ANSWER -That the property was assessed at a
higher percentage of value than the average of all other properties on the assessment
roll
,Which of the following was designed to monitor whether financial institutions were
adequately serving the credit needs of their communities and not engaging in redlining?
- ANSWER -The HMDA requires institutions to report the geographic location, race,
national origin, sex, and income of an applicant. This information helps to identify unfair
lending practices and helps the government identify private sector neighborhoods (as
opposed to public housing) that could use its assistance.
Which phrase from the following description should be edited to meet fair housing
guidelines? "Nestled away in a neighborhood of gracious pre-war mansions, many now
converted to offices, Bertrice Place, built in 2004, emulates its predecessors in scale,
and to some extent in visual expression. The peaked roofline has a Tudor effect,
capped by our ancestors' signature copper roofing. The handsome interiors are ample,
not over-sized, with 10-foot ceilings and high-quality features and finishes." - ANSWER
-"Our ancestors' signature copper roofing
What term means a sum of money set aside at closing to be used later for a specific
purpose, such as insurance?
Credit ,Earnest money, Reserve, Trust - ANSWER -Reserve
Which of the following is a requirement for septic systems in New York? - ANSWER -
Septic systems must be designed by an engineer or architect.
Fred is an agricultural lender who helps the ranchers and farmers in his community by
providing credit for purchasing land, making repairs to their buildings, and improving
their agricultural prop.
Capital Grants
Guaranteed loans
Secondary market for agricultural loans - ANSWER -guaranteed loans
To obtain financing to fund a cooperative purchase, a buyer will apply for a ______.
Home equity loan
Lease loan
Mortgage loan
Share loan - ANSWER -Share Loan
Which one of the following is a true statement about radon testing?
It can only be performed by a licensed professional.
It's not necessary.
Test kits are available for purchase.
Test kits are only available to certified professionals. - ANSWER -Test kits are available
for purchase.
______ determines who the heir or heirs will be if a person dies without a will
Court appointment
Escheat
, Intestate bequest
Intestate succession - ANSWER -Intestate succession
Under Article 10 of the National Association of REALTORS® Code of Ethics, equal
professional service should be given to all clients and customers, irrespective of race,
color, religion, sex, disability, _______, or national origin. - ANSWER -Familial status
In 1990, the Clean Air Act (CAA) was amended to ______ the use of CFCs. - ANSWER
-restrict
When considering loan risk, which two items will lenders consider in equal measure?
Borrower and property
Credit and employment
Debt and income
Loan and value - ANSWER -Borrower and property
What type of pest can be found in new construction and lay their larvae in unsealed
wood?
Carpenter ants
Fire ants
Termites
Wood boring beetles - ANSWER -Wood boring beetles
Over the life span of owning a home, homeowners may be able to take advantage of
what tax benefits? - ANSWER -Property tax deduction
What type of police power allows cities to identify specific uses for an area? - ANSWER
-Zoning
Which of the following is a true statement about deducting interest on mortgages taken
out in tax years between 2018 and 2025? - ANSWER -Interest on the first $750,000 of
mortgage debt is deductible for married couples filing jointly or $375,000 for married
couples filing separately.
What is a wrap-around mortgage? - ANSWER -A wrap-around mortgage is one where
the buyer's new loan wraps around the seller's existing financing. The seller uses a
portion of the buyer's payments to the seller to pay on the original loan.
Which organization establishes relationships with financial institutions to offer home
ownership programs that include down payment assistance through grants and
favorable terms? - ANSWER -The National Homebuyer's Fund (NHF)
Bill is a seller who tells his neighbor, "I got lucky! My listing agent is buying my house
from me." What could be the danger to Bill?
Additional taxes may apply if the sale happened too quickly
QUESTIONS AND ANSWERS
What happens to the interest earned on earnest money deposited into a trust fund or
escrow account? - ANSWER -There is generally no interest
What does FEMA stand for? - ANSWER -Federal Emergency Management Agency
In addition to upholding federal, state and local public health laws, what other
responsibilities does the Department of Health have? - ANSWER -The Department of
Health's other responsibilities include regulating drinking water safety and septic system
and certain waste water treatment approval.
A residential tenant hasn't paid rent for more than three months, so the landlord went to
court to start eviction proceedings. The landlord has now been granted the right to
remove the tenant. This is a(n) ______ eviction.
Actual, Aggressive, Constructive, Sufferance - ANSWER -Actual
In which form of co-ownership is a person's ownership inheritable? - ANSWER -
Tenancy in common
Where is aluminum wiring used in construction today? - ANSWER -Where the current is
heaviest, such as at the service entrance In today's construction, aluminum wiring is
used primarily where the load is heaviest. Once used in circuit wiring throughout the
house, aluminum branch wiring is now considered to be a fire hazard.
When marketing a commercial space to investors, what information will they likely be
most interested in? - ANSWER -Cash flow analysis and projections
Which type of ownership includes unity of time, title, interest, possession, and
marriage? - ANSWER -Tenancy by the entirety
To claim unequal assessment, the taxpayer would have to prove _________.
That the assessment was unlawful
That the property had been misclassified for assessment purposes
That the property's assessed value was greater than the property's full value That the
property was assessed at a higher percentage of value than the average of all other
properties on the assessment roll - ANSWER -That the property was assessed at a
higher percentage of value than the average of all other properties on the assessment
roll
,Which of the following was designed to monitor whether financial institutions were
adequately serving the credit needs of their communities and not engaging in redlining?
- ANSWER -The HMDA requires institutions to report the geographic location, race,
national origin, sex, and income of an applicant. This information helps to identify unfair
lending practices and helps the government identify private sector neighborhoods (as
opposed to public housing) that could use its assistance.
Which phrase from the following description should be edited to meet fair housing
guidelines? "Nestled away in a neighborhood of gracious pre-war mansions, many now
converted to offices, Bertrice Place, built in 2004, emulates its predecessors in scale,
and to some extent in visual expression. The peaked roofline has a Tudor effect,
capped by our ancestors' signature copper roofing. The handsome interiors are ample,
not over-sized, with 10-foot ceilings and high-quality features and finishes." - ANSWER
-"Our ancestors' signature copper roofing
What term means a sum of money set aside at closing to be used later for a specific
purpose, such as insurance?
Credit ,Earnest money, Reserve, Trust - ANSWER -Reserve
Which of the following is a requirement for septic systems in New York? - ANSWER -
Septic systems must be designed by an engineer or architect.
Fred is an agricultural lender who helps the ranchers and farmers in his community by
providing credit for purchasing land, making repairs to their buildings, and improving
their agricultural prop.
Capital Grants
Guaranteed loans
Secondary market for agricultural loans - ANSWER -guaranteed loans
To obtain financing to fund a cooperative purchase, a buyer will apply for a ______.
Home equity loan
Lease loan
Mortgage loan
Share loan - ANSWER -Share Loan
Which one of the following is a true statement about radon testing?
It can only be performed by a licensed professional.
It's not necessary.
Test kits are available for purchase.
Test kits are only available to certified professionals. - ANSWER -Test kits are available
for purchase.
______ determines who the heir or heirs will be if a person dies without a will
Court appointment
Escheat
, Intestate bequest
Intestate succession - ANSWER -Intestate succession
Under Article 10 of the National Association of REALTORS® Code of Ethics, equal
professional service should be given to all clients and customers, irrespective of race,
color, religion, sex, disability, _______, or national origin. - ANSWER -Familial status
In 1990, the Clean Air Act (CAA) was amended to ______ the use of CFCs. - ANSWER
-restrict
When considering loan risk, which two items will lenders consider in equal measure?
Borrower and property
Credit and employment
Debt and income
Loan and value - ANSWER -Borrower and property
What type of pest can be found in new construction and lay their larvae in unsealed
wood?
Carpenter ants
Fire ants
Termites
Wood boring beetles - ANSWER -Wood boring beetles
Over the life span of owning a home, homeowners may be able to take advantage of
what tax benefits? - ANSWER -Property tax deduction
What type of police power allows cities to identify specific uses for an area? - ANSWER
-Zoning
Which of the following is a true statement about deducting interest on mortgages taken
out in tax years between 2018 and 2025? - ANSWER -Interest on the first $750,000 of
mortgage debt is deductible for married couples filing jointly or $375,000 for married
couples filing separately.
What is a wrap-around mortgage? - ANSWER -A wrap-around mortgage is one where
the buyer's new loan wraps around the seller's existing financing. The seller uses a
portion of the buyer's payments to the seller to pay on the original loan.
Which organization establishes relationships with financial institutions to offer home
ownership programs that include down payment assistance through grants and
favorable terms? - ANSWER -The National Homebuyer's Fund (NHF)
Bill is a seller who tells his neighbor, "I got lucky! My listing agent is buying my house
from me." What could be the danger to Bill?
Additional taxes may apply if the sale happened too quickly
