Real Estate Express Exam Questions & Answers Correct 100%

who must sign the mortgage broker dual agency disclosure form? - Answer the borrower and the seller how many members of the NYS board of real estate must be real brokers? - Answer 5 which of the following does not appoint members to the board? - Answer secretary of state a _____ broker conducts business as a sole proprietorship, doing businesses under a name other than his or her own personal name - Answer trade name examinees may or may not bring large bags or briefcases into the test center? - Answer may not sellers employ a broker to sell their home through the use of which of these documents? - Answer listing contract who has the duty to administer all licensing provisions or article 12 A? - Answer the secretary of state how many members are on the board of real estate? - Answer 15 how many members does the governor appoint to the board of real estate? - Answer 3 brokers and 4 public members which of the following is not a mission of the division of licensing? - Answer to provide a vehicle for hearings for license law violations which of the following real estate licenses has a fee of $155? - Answer broker and associate broker how many questions on the salesperson exam? - Answer 75 is a salesperson a real estate broker type? - Answer no who sets the rules for the content of continuing education courses? - Answer secretary of state when did new york begin to require home inspectors to be licensed? - Answer 2005 a licensed _____ must display his/her license conspicuously in the principle place of business at all times - Answer broker failure to notify the DOS of a change of business address is grounds for which of the following? - Answer suspension a broker maintaing more than one place of business must apply for and secure an additional _____ for each of the branch offices - Answer license what is not required for a home inspector? - Answer a $2,500 interest-bearing escrow account does a sign have to include a business telephone #? - Answer no which of the following is not required for a broker from RI to legally practice real estate in NY? - Answer reciprocity agreement. they must pass the NYS exam and maintain license in home state. who is responsible if an unlicensed assistant performs an activity that requires licensure? - Answer both the associated licensee employer and the broker if a licensee fails to pay child support, the DOS can - Answer suspend their license if a broker's license is suspended, when can the associated brokers have the suspension on their license removed? - Answer when the broker's suspension has expired a licensee can be held liable for ______ amount of any compensation received for a transaction in which the license law was violated - Answer four times the hearing decision section that cites the penalty the court is imposing on the respondent is called? - Answer the determination applicant will be notified about denial of license application and has ___ days to request a hearing - Answer 30 what section of real property law makes practicing real estate without a law unlawful? - Answer section 440-a in cases brought against licensees in NY by the DOS, which of the following are the correct names of the parties? - Answer complainant/ respondent the department of state may fine and/or reprimand a licensee for violation of NY license law, when these actions are carried out it is referred to as? - Answer administrative discipline true or false? the DOS can impose a fine up to $5,000 - Answer false true or false? a violation of license law constitutes a misdemeanor? - Answer true the agent must always disclose ____ facts about the property - Answer material bob, representing sue in a selling agency relationship, is required to exercise skill in determining financing alternatives. true or false? - Answer false. only need to do it when you are representing a buyer the authority granted to the broker under a special agent is outlined in the _____ which typically authorizes the broker to perform basic actions like advertising and showing property - Answer listing agreement "everyone charges the same so you might as well list with me" is a violation of what law? - Answer sherman anti-trust act which of the following contracts does not create an agency relationship? - Answer purchase agreement antitrust laws are designed to do which of the following? - Answer maintain business competition and prevent unreasonable restraint of trade to what type of agent does the principle sign a power of attorney? - Answer universal agent a limited agent is allowed to cooperate with other brokers, true or false? - Answer true if an agent fails to verify a fact before passing it tot he buyer, the agent has committed.... - Answer negligent misrepresentation is a special agent allowed to permit early occupancy? - Answer no which type of agency relationship do must NY real estate firms practice? - Answer consensual dual agency which part of the NY license law requires agency disclosures? - Answer Article 12-a, section 443 which type of agency would be most advantageous to a buyer? - Answer buyer brokerage what is an in house sales agreement? - Answer an agreement to allow dual agency what is a blanket unilateral offer? - Answer an offer of subagency to all members of a MLS what is an advantage of subagency? - Answer its an easy way for cooperating broker to share in the commission in what section of a Property Condition Disclosure would you find info regarding basement seepage? - Answer mechanical systems and services a buyers agency agreement is an - Answer exclusive to right to represent agreement in an open listing, who is paid commission? - Answer only the selling broker brokers must include definitions of "exclusive right to sell" and "exclusive agency" with the listing agreement for - Answer four or more unit residential dwellings who is paid commission with a NY property net listing? - Answer no one which listing agreement is the most commonly used? - Answer exclusive right to sell listing agreements - Answer create an agency relationship in what section of a Property Condition Disclosure would you find into regarding age of structures? - Answer general info when a buyer begins to discuss his or her needs with a broker, it is called - Answer the first substantive contact a property condition disclosure must include - Answer anything the seller knows about the condition of the property exclusive listing agreement statements for all residential dwellings - Answer must be in a type size larger than 6-point the disclosure requirements for real property section 443 apply to which of these? - Answer sale or lease of one-to-four family residential units which NY law regulates how long brokers must retain transaction records? - Answer DOS Regulation 175.23 a broker must withhold federal income tax from - Answer an employee's pay if a licensee joins a company as an independent contractor, which of the following will he probably not have to pay? - Answer utility expense which of the following is not required to be retained in relation to soliciting and granting mortgage loans to buyers of one-to-four family dwellings? - Answer purchase offer which of the following can be required of an independent contractor? - Answer maintain proper licensing which type of lien is also called a seller's lien? - Answer vendor's lien what type of action might a creditor take to force the sale of attached property to collect a debt? - Answer writ of execution is a pond fully contained on a property an appurtenance? - Answer no which junior lien is last in the rank order of priority? - Answer mechanic's lien in new york, how long can a judgement real property lien remain in effect? - Answer 10 years There are two adjoining properties. An easement allows property A to use the access road that belongs to property B. In this situation, property A is said to be which of the following in relation to property B? - Answer dominant tenement what are easements and encroachments types of? - Answer encumberances the county water department as a pipeline running under owner fred's backyard. this type of easement is most likely a - Answer commercial easement Seller John sold two parcels of land. Parcel B is now land-locked by Parcel A. What type of easement is given to provide road access to Parcel B? - Answer easement by necessity which encumbrances would restrict the land owner's ownership, value, and right to transfer a clear title? - Answer lien If a third party has been using a portion of a land owner's land without the owner's permission but with the owner's knowledge for 12 years, what type of easement may the third party obtain from a court order? - Answer easement by prescription when might an encroachment be an easement? - Answer when the encroached owner takes no remedial action to have the encroachment removed priority of a mechanic's lien is based on - Answer the date when the work was started or completed when an individual holds the right to take fruit or timber from someone else's land, the individual holds what right? - Answer profit an individual dies with a will, the erson has died... - Answer testate relicition is - Answer the gradual receding of water from its usual watermark to allow access to newly found land how many sections are there in a township? - Answer thirty six when does a deed become valid? - Answer upon delivery and acceptance by the grantee which of the following is not a method of determining legal description - Answer property inspection which method of legally describing parcels of real state is also called the recorded plot system? - Answer not metes and bounds, rectangular survey system, or lot and block when legally describing a parcel of real estate, what are landmarks called? - Answer bounds in NY, how long must a possessor occupy the property to qualify for notorious possession and hostile possession? - Answer 10 years which part of a deed is actually the act of conveyance? - Answer granting clause color of title can best be described as - Answer an instrument that purports to transfer ownership of property but does not due to some defects what is not a process by which involuntary alientation occurs? - Answer death of owner the gradual addition of land as a result of movement by steams or rivers is called - Answer accretion which method of legally describing parcels of real state creates townships? - Answer rectangular survey system what type of deed would be used to transfer property to a public foreclosure sheriff's auction? - Answer sheriff's deed what form does RESPA require ti be used for itemizing closing costs? - Answer closing disclosure who files a satisfaction of mortgage document with the county clerk's office? - Answer the sellers attorney what are items the buyer usually plays at closing? - Answer mortgage recording fee, homeowners insurance, title search what can be a credit to a buyer at closing? - Answer earnest money deposit what is an item that is normally prorated? - Answer title fees RESPA gives the buyer the right to review the completed settlement statement how long before closing? - Answer three days what is real estate transfer tax based on? - Answer sale price of the property who pays for the credit investigation? - Answer the buyer the most important document at closing is the - Answer deed proof of ownership of a property is called? - Answer evidence of title what items would the responsibility of the seller on older construction? - Answer transfer taxes RESPA applies to which of these? seller-financed loan hotel mortgage loan assumption second mortgage on a condo - Answer second mortgage on a condo what property is exempt from FIRPTA requirements? - Answer buyer's personal residence with a sale price under $300,000 the buyer's primary function at closing is to - Answer pay the purchase price of the property revenue stamps are also known as - Answer transfer tax where in NY is the Torrens system used? - Answer suffolk county net net net lease - Answer requires the tenant to pay all taxes, insurance, maintenance, and repairs what is not a basic leasehold estate? - Answer temporary estate what are the four basic types of leasehold estates? - Answer estate for years, periodic estate, estate at will, and estate at sufferance for a rent regulated apartment, how much is the typical security deposit? - Answer 1 month's rent which lease is considered a full service lease - Answer gross (landlord pays the operating expenses) which part of a contract deals with the legal requirements to enter into a contract? - Answer capacity to contract grant moves into new office space while awaiting the completion of the negotiations of the lease terms. during this interim period, Grant makes monthly rent payments and the owner accepts them. how would grant's lease at this time be classified? - Answer estate from period to period what are rights given to tenant in a leasehold interest? - Answer exclusive possession, quiet enjoyment, and profits from use. they can't get unrestricted use. which lease includes a recapture clause? - Answer percentage constructive eviction occurs when - Answer the landlord defaults on lease terms what happens to the lead in the case of a foreclosure? - Answer the lease is extinguished when a tenant agrees to pay all taxes, insurance, maintenance, and repairs, that tenant has what kind of lease? - Answer Net what is one important difference between a sublease and a lease assignment? - Answer in a sublease, the original tenant retains primary responsibility for performance of the original lease contract. which of the following is a characteristic of land leases? - Answer inherently long-term leases what item is not included in a lease agreement? - Answer alienation clause. it is found in a mortgage contract. what is a parol contract? - Answer an oral contract issues that are not covered in the purchase and sale agreement itself are usually - Answer using preprinted riders what is an example of a unilateral contract? - Answer an option to buy what is a unilateral contract? - Answer a unilateral contract means that one party makes an obligation to perform without receiving in return any express promise of performance from the other party. which legal remedy resets parties to pre-contract status? - Answer rescission which contract element indicates mutual agreement? - Answer offer and acceptance if a contract includes an amount of damages due to a party in the case of breach by the other party, the amount is known as? - Answer liquidated damages issues that are not covered in a preprinted purchase element are dealt with by - Answer using a preprinted rider which legal remedy attempts to force the defaulting party to comply with the terms of the contract? - Answer suit for specific performance refraining from taking legal action when promissory note payment is late is called - Answer forbearance the statute of limitations requires that parties to a contract who have been damaged or who question the contract's provisions do what? - Answer act within the statutory period how might a voidable contract be valid? - Answer the party who has reason to disaffirm the contract elects instead to perform it define certificate of occupancy - Answer certificate issued by local building department that indicates the building is in proper condition to be occupied