NY TEST GUIDE QUESTIONS AND
ANSWERS
Designed to promote the informed use of consumer credit, by requiring disclosures
about its terms and cost to standardize the manner in which costs associated with
borrowing are calculated and disclosed. - ANSWER -Truth-in-lending
What rights go with the sale of property? - ANSWER -Appurtenances are rights that go
with the property, such as easements, littoral, or riparian rights.
What law creates an automatic lien on a commercial property, subject to the listing
agreement? - ANSWER -Broker lien law: an automatic lien attaches to the commercial
property to secure the payment of the broker's commission.
What type of life estate involves three parties? - ANSWER -life estate pur autre vie
involves the party living at the property, the party who co-owns that same property, and
the party who will become owner, when one party dies.
A borrower pays off his loan. However, the lender refuses to cancel the mortgage.
Which of the following clauses of a mortgage has the lender violated? - ANSWER -A
defeasance clause states that when the loan is paid, the mortgage is void.
Which of the following is NOT part of the secondary market? - ANSWER -Federal
Universal Mortgage Association
Which secondary mortgage market funds the SONYMA loan? - ANSWER -The State of
New York Mortgage Agency (SONYMA) is funded by the sale of tax-exempt bonds.
Under New York State Department of State law regarding independent contractor
relationships, which one deals with how the broker must keep his business records? -
ANSWER -Section 175.23
Ben and his mother owned her property. When his mother dies, the property would
automatically revert back to Ben. What type of life estate was this? - ANSWER -A
conventional life estate lasts as long as a specified person lives. There is no such thing
as a family life estate. Dower and curtesy do not exist in New York State.
Requiring lenders to limit their escrow funds falls under what federal law? - ANSWER -
RESPA has a specific section of the law for lenders who take too much escrow money
from borrowers to earn interest for themselves, not the borrower.
requires mortgage issuers, credit card companies and other lenders to provide written
disclosure of important credit terms, such as interest rate and other financing charges,
ANSWERS
Designed to promote the informed use of consumer credit, by requiring disclosures
about its terms and cost to standardize the manner in which costs associated with
borrowing are calculated and disclosed. - ANSWER -Truth-in-lending
What rights go with the sale of property? - ANSWER -Appurtenances are rights that go
with the property, such as easements, littoral, or riparian rights.
What law creates an automatic lien on a commercial property, subject to the listing
agreement? - ANSWER -Broker lien law: an automatic lien attaches to the commercial
property to secure the payment of the broker's commission.
What type of life estate involves three parties? - ANSWER -life estate pur autre vie
involves the party living at the property, the party who co-owns that same property, and
the party who will become owner, when one party dies.
A borrower pays off his loan. However, the lender refuses to cancel the mortgage.
Which of the following clauses of a mortgage has the lender violated? - ANSWER -A
defeasance clause states that when the loan is paid, the mortgage is void.
Which of the following is NOT part of the secondary market? - ANSWER -Federal
Universal Mortgage Association
Which secondary mortgage market funds the SONYMA loan? - ANSWER -The State of
New York Mortgage Agency (SONYMA) is funded by the sale of tax-exempt bonds.
Under New York State Department of State law regarding independent contractor
relationships, which one deals with how the broker must keep his business records? -
ANSWER -Section 175.23
Ben and his mother owned her property. When his mother dies, the property would
automatically revert back to Ben. What type of life estate was this? - ANSWER -A
conventional life estate lasts as long as a specified person lives. There is no such thing
as a family life estate. Dower and curtesy do not exist in New York State.
Requiring lenders to limit their escrow funds falls under what federal law? - ANSWER -
RESPA has a specific section of the law for lenders who take too much escrow money
from borrowers to earn interest for themselves, not the borrower.
requires mortgage issuers, credit card companies and other lenders to provide written
disclosure of important credit terms, such as interest rate and other financing charges,
