Real Estate Wrong Questions from Practice EXAM with 100% correct answers already graded A+ 2024

According to Article 36-A of the New York General Business Law, how long does a homeowner have to cancel a home improvement contract after signing it? 3 days - Homeowners have three days in which to cancel home improvement contracts covered by Article 36-A. Which of the following prohibits any licensee from soliciting in a specific area in New York state? a - Cease and desist zone A cease and desist zone is defined by the New York State DOS as an area designated in regulation to address aggressive real estate solicitation. State regulations prohibit the solicitation of a real estate listing from any homeowner whose name appears on a DOS-issued cease and desist list. If a contractor violates Article 36-A relating to payment schedules, how high can the fine be? $250 or 5% of the contract price, up to $2,500 - The fine can be up to $2,500, or 5% of the contract price, whichever is less. The minimum fine is $250. Which of the following will be issued only if title is acceptable and an attorney provides a certificate of title opinion? Title insurance policy - The title commitment comes before closing; the title insurance policy is issued after closing. The commitment says that a title company is willing to issue title insurance under certain conditions. The policy provides coverage for the property. Which act created the Office of Fair Housing and Equal Opportunity under the Department of Housing and Urban Development? Federal Fair Housing Act of 1968 You've committed a per se antitrust violation. Which of the following is true? Your defense will not be allowed in court. A per se violation is one where guilt is determined simply by the circumstances; no defense is allowed, needed, or permitted. To obtain financing to fund a cooperative purchase, a buyer will apply for a ______. Share loan - Cooperative ownership is ownership in shares of a corporation, not real property. Which of the following is true about the New York Fair Housing Notice? It must be prominently displayed in all brokerage offices and branches. The New York Fair Housing Notice is an informational bulletin that must be displayed in the window of every brokerage office and branch, where it's visible from the sidewalk, or in another prominent location. It must also be prominently displayed on all brokerage websites. Which of the following is part of the eave system? Fascia - The frieze board, soffit, and fascia are all part of the eave system. Broker Francine would like to move her office into her home, which is zoned as residential and, as such, does not permit signs in the yard or front windows. Francine ________. Is NOT allowed to violate zoning ordinances in order to comply with license law. Brokers cannot violate law in order to meet a real estate requirement. If an appraisal is lower than the agreed-upon sales price, what steps can the seller take? A second appraisal can be ordered, although there should be good reason to question the first appraisal. It's rare for a second appraisal to help, and it can sometimes backfire. For that reason, a second appraisal should be ordered only if there's good reason to question the validity of the first one. According to the New York Attorney General's Office, a possible penalty for violating fair housing law is ______. Making the housing or loan available that has otherwise been denied to the complainant Fair housing law violators may be required to make available the housing or loan the complainant was denied. Which of the following is a potential disadvantage for a buyer who enters into a lease with an option to buy contract? The buyer/lessee could lose any funds credited to the purchase price if he breaches the lease's terms. Which of the following is a characteristic of New York's equalization program? The program ensures equitable distribution of state aid for education funds and other functions. New York's equalization program ensures equitable distribution of state aid for education funds and other functions by attempting to measure locally assessed values against market value. What is the most likely action by the DOS when a fair housing complaint made against a New York licensee is found to have merit? suspend or revoke the license When might the buyer be required to carry mortgage insurance to protect the lender from buyer default? Less than a 20% down payment What's the process of paying off a loan by making periodic payments? amoritization Your client is upset and begins bad-mouthing the other party's ridiculous terms. In response, you should ______. Stay calm, listen, and empathize - Don't let the conversation get emotional or personal. You can stay calm, listen, and empathize. Be the professional and stay objective. Paulo is a property manager for several large properties. Which type of agent is he in relation to the landlord/client? general What does DUST stand for? demand, utility, scarcity and transferability Hal and Sara own a 212-acre farm. Their property is landlocked, but they have permitted water rights to use the stream located six miles away for irrigation purposes. What kind of water rights do they hold?z Prior appropriation - The doctrine of prior appropriation grants water rights based on need, not adjacency. Hal and Sara likely live in the western part of the U.S. where many states subscribe to this doctrine. What effect does a pre-approval letter have on an offer? It assures the seller that the buyer's financial information has been verified.The pre-approval is a verified pre-qualification. It provides more assurance to the seller that the buyer will be able to complete the transaction. the municipal officer who collects water bills, sewer rentals, permit fees, and other fees and charges payable to the local government is the _________. Receiver of Taxes What do you get when you add the purchase price to closing expenses and the cost of any improvements during the time of ownership, then subtract any depreciation taken? Adjusted basis q - What types of misrepresentation exist? - Positive and unintentional - Misrepresentation can be either positive or unintentional. q - Licensing procedures and regulations for mortgage professionals are regulated by _________. Articles 12-D and 12-E of New York Banking Law q - Licensing procedures and regulations for mortgage professionals are regulated by _________ Articles 12-D and 12-E of New York Banking Law q - When you're putting together a listing presentation, which of these is a key point to address? Buyers won't pay more for a home than the market dictates. Sellers need to know that buyers dictate price, not sellers and not real estate licensees. q - When you're putting together a listing presentation, which of these is a key point to address? Buyers won't pay more for a home than the market dictates. Sellers need to know that buyers dictate price, not sellers and not real estate licensees. q - In a mortgage, the property is used as collateral for the loan. What's the term for the process of pledging something as collateral? hypocathation - Using a property as collateral for a mortgage is known as hypothecation. If it helps, think "Hypothetically, if I didn't pay my mortgage, you could take my house." q -Where can an agent report an antitrust violation? a - Citizens Complaint Center of the DOJ's Antitrust DivisionAfter discussing the situation with their broker, agents should contact the Citizens Complaint Center of the DOJ's Antitrust Division. q - When a licensee represents a seller, which one of the following statements is true about the licensee's ability to list other properties that are for sale? The licensee is permitted to list other properties for sale, even if they're competing properties. q -Which lease clause verifies facts that are already in writing? estoppel - Estoppel "stops" tenants from claiming they never agreed to prior terms by asking them to verify that they did so. q. - Local governments can become involved in environmental conservation in which of the following situations? a - The construction activities are within the local government's borders and near wetlands or within wetlands.Local governments are permitted to get involved when the construction activities are near or in wetlands that exist within the local government's borders. q - What's the purpose of sharing the history of buyer representation with buyers? a - To show the progression toward buyer representation over time - Sharing the history of buyer agency demonstrates to buyers how agency has evolved to their benefit. q - Which act provides consumers with remedies if they become victims of discrimination in the sale, rental, or financing of housing? a - Fair Housing Amendments Act of 1988 - In 1988, the Fair Housing Amendments Act provided consumers with certain remedies for discrimination, which added teeth to existing laws. q.- Roberta worked with an attorney to prepare her will. What kind of will is this? a - statuatory - A will prepared by an attorney is called a statutory will. q - Which of the following is a type of loose-fill insulation? a - vermiculite - Types of loose-fill insulation include vermiculite, perlite, wood paper, or cotton fibers. q - Transfer of which of the following always requires a certificate of occupancy? a - new construction q - In the New York town of Greenville, a citizen has requested a zoning variance in order to run a business out of her home, an activity that isn't currently allowed in the neighborhood where she lives. Before it makes a decision, the zoning board of appeals may seek input from ______.z a - town's planning board - One of the planning board's responsibilities is to provide professional advice to all agencies and boards within the town on land use matters.