NYREI Exam Prep Exam Questions & Answers

NYREI Exam Prep Exam Questions & Answers A leasehold estate that continues for a successive periods of equal length until terminated by proper notice from either party is a - CORRECT ✔️✔️Periodic tenancy Physical land and everything attached to it is called - CORRECT ✔️✔️Real Estate Equipment a tenant installs for use in his or her business is called - CORRECT ✔️✔️Trade fixture The illegal practice of inducing homeowners to sell their homes (Usually at a deflated price) by suggesting the ethinic or racial composition of the ne ighborhood Is changing, with the implication that property values will decline is called - CORRECT ✔️✔️Blockbusting Loans that follow the criteria set by secondary markets are called - CORRECT ✔️✔️Conforming loans A "Rule" that says an informed buyer wil l not pay more for one home than a comparable one is - CORRECT ✔️✔️Substitution Funds offered as an indication of good faith regarding a future performance of a purchase agreement is called - CORRECT ✔️✔️Earnest money Possession of property by a holdover tenant is - CORRECT ✔️✔️Tenancy at sufferance An agent authorized to do everything that can be lawfully delegated to be a representative is a - CORRECT ✔️✔️Universal agent The relationship between the cost of borrowing money and the total amount finance d is - CORRECT ✔️✔️APR A revocable, non assignable permission to enter another persons land for a particular purpose is - CORRECT ✔️✔️License Lease for which a landlord pays all property taxed, insurance ect - CORRECT ✔️✔️Gross lease Loan where the inte rest rate remains the same for the duration of the loan - CORRECT ✔️✔️Fixed rate loan When something outside the control of a property makes it less desirable - CORRECT ✔️✔️Economic/External obsolescence An acre is a measure of a land area that is equal to - CORRECT ✔️✔️43,560 feet A title that is free and clear from undisclosed encumbrances or other defects that would expose a purchaser to litigation or to impede a purchasers ability to enjoy the property or to later sell the property - CORRECT ✔️✔️Marketable title A right that goes along with the ownership of real property - CORRECT ✔️✔️Appurtenance A financial encumbrance on the owners title is called a - CORRECT ✔️✔️Lien A written agency between a seller and broker is a - CORRECT ✔️✔️Listing The e ffect when a loan balance grows because of a differed interest when payments are not covering the interest portion of the loan are called - CORRECT ✔️✔️Negative Amortization The agent who finds a buyer in a real estate transaction - CORRECT ✔️✔️Sellers agent Broker Bob uses money from the firms escrow account to pay the electrical bill. This could be best described as - CORRECT ✔️✔️Conversion (Conversion is another word for stealing) A latent defect can be best described as - CORRECT ✔️✔️Not plainly vis ible A clause requiring commission to be paid even if the property is sold AFTER the listing agreement expires is known as a - CORRECT ✔️✔️Protection period clause Rachel and Monica work for different brokers. One morning over coffee, Rachel mentions that her broker has raised her commission to 7.5%. This can be considered what type of violation? - CORRECT ✔️✔️Antitrust When is a broker/agent entitled to commission? - CORRECT ✔️✔️When a ready, willing, and able buyer is found on the terms accepted to the seller Errors and omissions insurance cover all of the following except - CORRECT ✔️✔️Fraud (E&O) cover mistakes and negligence What duties does an agent owe a customer? - CORRECT ✔️✔️Fair dealing, Honesty, and integrity They only owe loyalty to their client How long must a New York Broker maintain record of sales? - CORRECT ✔️✔️3 years for one too four family dwellings