NYS AYPO Final Real Estate Exam Practice
Questions with Verified Correct Answers
What is the Age requirement to be a real estate agent?
18
what is the age requirement to be a real estate broker?
20
what is a critical issue for broker's agents ?
vicarious liability
What are the possible consequences of violating article 12A?
1,000 fine, license revocation, misdemeanor conviction
Unless it is a lesser estate, what kind of estate is it?
fee simple
What is the most amount of ownership you can get?
Fee simple absolute
What are examples of lesser estates?
leasehold, specified lease, estate for years, periodic tenancy
What is special about freehold estates?
can be inherited, conisdered ownership
what loan does a developer use to cover lots in a subdiviision?
blanket loan
,what is it called when a lease allows landlord to get tenants to pay unexpected increases
in operating costs?
pass through
In real estate, what is not prohibited by the Sherman Act?
Dual Agency
What are the conditions of Dual Agency?
informed consent, agreement form
If a building has 2 condod for residential and commercial use, what is it called?
Condop
How does a brokerage decide whom to represent?
Most brokerages establish a policy
What material are water mains made out of?
Iron
In a tax grievance, who has the burden of proof?
Taxpayer
By law, a CMA can never be called?
Appraisal
What does CMA stand for?
Comparative Market Analysis
If one party in a bilateral contract fails to perfom it is?
, Breach
What real estate is not assessed for tax purposes?
all real estate is assessed
How do condo residents take ownership of shared areas like parking garage and lobby?
tenancy in common
tenancy in common allows for
unequal shares to be owned
Who holds the title of a specific co-op apartment?
Co-op cooperation
What does zoning board of appeals do?
Review variances
What kinds of variances exist?
use variance, area variance
Illegally rezoning one parcel to benefit one owner but without following master plan
spot zoning
CMA can be called
opinion, estimate, valuation
What is the most common insurance for homeowners?
HO3
What is PITI?
Questions with Verified Correct Answers
What is the Age requirement to be a real estate agent?
18
what is the age requirement to be a real estate broker?
20
what is a critical issue for broker's agents ?
vicarious liability
What are the possible consequences of violating article 12A?
1,000 fine, license revocation, misdemeanor conviction
Unless it is a lesser estate, what kind of estate is it?
fee simple
What is the most amount of ownership you can get?
Fee simple absolute
What are examples of lesser estates?
leasehold, specified lease, estate for years, periodic tenancy
What is special about freehold estates?
can be inherited, conisdered ownership
what loan does a developer use to cover lots in a subdiviision?
blanket loan
,what is it called when a lease allows landlord to get tenants to pay unexpected increases
in operating costs?
pass through
In real estate, what is not prohibited by the Sherman Act?
Dual Agency
What are the conditions of Dual Agency?
informed consent, agreement form
If a building has 2 condod for residential and commercial use, what is it called?
Condop
How does a brokerage decide whom to represent?
Most brokerages establish a policy
What material are water mains made out of?
Iron
In a tax grievance, who has the burden of proof?
Taxpayer
By law, a CMA can never be called?
Appraisal
What does CMA stand for?
Comparative Market Analysis
If one party in a bilateral contract fails to perfom it is?
, Breach
What real estate is not assessed for tax purposes?
all real estate is assessed
How do condo residents take ownership of shared areas like parking garage and lobby?
tenancy in common
tenancy in common allows for
unequal shares to be owned
Who holds the title of a specific co-op apartment?
Co-op cooperation
What does zoning board of appeals do?
Review variances
What kinds of variances exist?
use variance, area variance
Illegally rezoning one parcel to benefit one owner but without following master plan
spot zoning
CMA can be called
opinion, estimate, valuation
What is the most common insurance for homeowners?
HO3
What is PITI?
