REAL ESTATE U FINAL EXAM STUDY GUIDE WITH 100% CORRECTLY SOLVED ANSWERS

REAL ESTATE U FINAL EXAM STUDY GUIDE WITH 100%
CORRECTLY SOLVED ANSWERS.

1) Article 12-A of the NYS Real Property Law -- Correct Answer ✔✔ The section of the
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New York Real Property Law pertaining to real estate salespersons and brokers.
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- Primary purpose is to "Protect the Public" t t t t t t




- Requires a salesperson to be at least 18 years of age t t t t t t t t t t




- Requires a broker to be at least 20 years of age t t t t t t t t t t




2) Lead -- Correct Answer ✔✔ A material used in pipes and paint of many older homes.
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3) OLD CAR -- Correct Answer ✔✔ - Obedience
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- Loyalty
- Disclosure
- Confidentiality
- Accountability
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4) Disclosure Regarding Real Estate Agency Relationships Form -- Correct Answer ✔✔ A
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written explanation, to be signed by a prospective buyer or seller of real estate,
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explaining to the client the role that the broker plays in the transaction.
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- First document to be submitted to all prospective clients t t t t t t t t




5) Clean Air Act (CAA) -- Correct Answer ✔✔ Federal law designed to control air
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pollution on a national level. t t t t




6) Appraisal -- Correct Answer ✔✔ An estimate of a property's value by an appraiser
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who is usually presumed to be expert in his work.
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7) Cost Approach -- Correct Answer ✔✔ A method of estimating the value of real
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property by calculating a current construction cost, subtracting accrued depreciation
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and adding a land value obtained from the market.
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, - Used for specialized properties that don't have many comparables.
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8) Income Approach -- Correct Answer ✔✔ An appraisal technique whereby the value of
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an income producing property is estimating by capitalizing its net operating income
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using an appropriate capitalization rate.
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Value = Income / Rate. t t t t




- Commonly used in commercial properties t t t t




9) Sales comparison approach -- Correct Answer ✔✔ Valuation method which compares
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a subject property's characteristics with those of comparable properties which have
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recently sold in similar transactions t t t t




10) Red-lining -- Correct Answer ✔✔ The refusal to lend money within a specific area for
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various reasons. This practice is illegal.
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11) Asbestosis -- Correct Answer ✔✔ A chronic lung disease caused by inhaling asbestos
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fibers.

12) Testers -- Correct Answer ✔✔ Volunteers from state or private agencies who enforce
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tfair housing by claiming to be home seekers, thereby finding out if brokers deal fairly
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with all clients/customers.
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13) Acre -- Correct Answer ✔✔ A measure of land equaling 43,560 square feet.
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14) Planning Board -- Correct Answer ✔✔ Responsible for developing and controlling a
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municipality's comprehensive strategy for growth and development t t t t t t




15) Architectural Review Board -- Correct Answer ✔✔ Oversees and upholds the quality t t t t t t t t t t t t




and aesthetics of a neighborhood, town, or city.
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16) The Office of Receiver of Taxes -- Correct Answer ✔✔ Responsible for collecting
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taxes

17) Building Department -- Correct Answer ✔✔ A town or city agency that oversees and
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reviews building applications by licensed professionals to ensure compliance with local
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building code and zoning ordinances.
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