Latest NYREI practice exam questions with Updated Answers

For the income approach to appraisal, value is a reference to what? - ans --the worth of the investment Which method of property description is most frequently used in New York State? - ans --Metes and bounds One important characteristic of investing caused Bill to invest in certificates of deposit rather than real estate. Bill was concerned with - ans --liquidity. Who sets the legal description? - ans --surveyor Dwelling policies generally exclude - ans --water damage. John is gathering up his paperwork to complete his income taxes. His home expenses include: Mortgage interest / month = $520; Property taxes = $3,280; New deck = $5,300. What is the total deduction John can take for the year? - ans --$9,520 Broker Sam told the seller that her listing contract would automatically renew after the expiration date of June 1st. One June 2nd, the seller listed with another agency. Sam's statement had no effect because - ans --New York prohibits automatic extensions of listings. Effective gross income best describes - ans --gross income minus a figure for vacancy and collection losses. A lease temporarily transfers the rights of property from the _________ to the ________. - ans --lessor / lessee When showing a downtown condominium, a licensee brags, "This unit probably has the best view of Lake Michigan in the whole city!" Would this statement have legal consequences? - ans --No, this is puffing and is the agent's opinion