NY State Exam
What fiduciary duty would be violated when a client suffers a financial loss as a result of
an agent's lack of expertise in dealing with a particular type of property? - answer
Reasonable Care
What is a requirement for a real estate contract to be valid? - answer Offer &
acceptance
What is the process by which the government may take private property for public use?
- answer Condemnation
A document which is issued by a government authority, indicating that a structure
complies with building, safety and health codes and may be utilized, is known as a
certificate of? - answer Occupancy
What measures insulation's resistance to the transfer of heat? – answer R-value
A manufactured, chemical substance that has been commonly used in refrigerators and
air conditioners and which threatens the ozone layer of the earth's atmosphere is known
as? - answerCFC (Clean air act)
What best describes what a real estate appraiser provides? - answerEstimate or opinion
of market value
What type of real estate agent is authorized to represent a principal in one specific
transaction? - answerSpecial
Which form of ownership can only be held by a married couple? - answerJoint tenants
Who must sign a deed? - answerAll grantors
Which type of insurance policy would protect the holder from defects in the evidence of
real property ownership? - answerTitle
What is a requirement for a real estate contract to be valid? - answerA deed
Which party to a real estate contract of sale usually signs it first? - answerPurchaser
A purchaser receives financial help towards a down payment and interest rate, in return
promises to share the profit when the property is later sold. This agreement is known as
a? - answerShared Equity
What fiduciary duty would be violated when a client suffers a financial loss as a result of
an agent's lack of expertise in dealing with a particular type of property? - answer
Reasonable Care
What is a requirement for a real estate contract to be valid? - answer Offer &
acceptance
What is the process by which the government may take private property for public use?
- answer Condemnation
A document which is issued by a government authority, indicating that a structure
complies with building, safety and health codes and may be utilized, is known as a
certificate of? - answer Occupancy
What measures insulation's resistance to the transfer of heat? – answer R-value
A manufactured, chemical substance that has been commonly used in refrigerators and
air conditioners and which threatens the ozone layer of the earth's atmosphere is known
as? - answerCFC (Clean air act)
What best describes what a real estate appraiser provides? - answerEstimate or opinion
of market value
What type of real estate agent is authorized to represent a principal in one specific
transaction? - answerSpecial
Which form of ownership can only be held by a married couple? - answerJoint tenants
Who must sign a deed? - answerAll grantors
Which type of insurance policy would protect the holder from defects in the evidence of
real property ownership? - answerTitle
What is a requirement for a real estate contract to be valid? - answerA deed
Which party to a real estate contract of sale usually signs it first? - answerPurchaser
A purchaser receives financial help towards a down payment and interest rate, in return
promises to share the profit when the property is later sold. This agreement is known as
a? - answerShared Equity
