NYS AYPO Final Real Estate Exam Review -
Questions & Detailed Explanations
What is the Age requirement to be a real estate agent? Correct Answer -
18
what is the age requirement to be a real estate broker? Correct Answer -
20
what is a critical issue for broker's agents ? Correct Answer - vicarious
liability
What are the possible consequences of violating article 12A? Correct
Answer - 1,000 fine, license revocation, misdemeanor conviction
Unless it is a lesser estate, what kind of estate is it? Correct Answer - fee
simple
What is the most amount of ownership you can get? Correct Answer -
Fee simple absolute
What are examples of lesser estates? Correct Answer - leasehold,
specified lease, estate for years, periodic tenancy
What is special about freehold estates? Correct Answer - can be
inherited, conisdered ownership
what loan does a developer use to cover lots in a subdiviision? Correct
Answer - blanket loan
what is it called when a lease allows landlord to get tenants to pay unexpected
increases in operating costs? Correct Answer - pass through
In real estate, what is not prohibited by the Sherman Act? Correct Answer
- Dual Agency
,What are the conditions of Dual Agency? Correct Answer - informed
consent, agreement form
If a building has 2 condod for residential and commercial use, what is it
called? Correct Answer - Condop
How does a brokerage decide whom to represent? Correct Answer -
Most brokerages establish a policy
What material are water mains made out of? Correct Answer - Iron
In a tax grievance, who has the burden of proof? Correct Answer -
Taxpayer
By law, a CMA can never be called? Correct Answer - Appraisal
What does CMA stand for? Correct Answer - Comparative Market
Analysis
If one party in a bilateral contract fails to perfom it is? Correct Answer -
Breach
What real estate is not assessed for tax purposes? Correct Answer - all
real estate is assessed
How do condo residents take ownership of shared areas like parking garage
and lobby? Correct Answer - tenancy in common
tenancy in common allows for Correct Answer - unequal shares to be
owned
Who holds the title of a specific co-op apartment? Correct Answer - Co-
op cooperation
What does zoning board of appeals do? Correct Answer - Review
variances
What kinds of variances exist? Correct Answer - use variance, area
variance
, Illegally rezoning one parcel to benefit one owner but without following
master plan Correct Answer - spot zoning
CMA can be called Correct Answer - opinion, estimate, valuation
What is the most common insurance for homeowners? Correct Answer -
HO3
What is PITI? Correct Answer - Principal, Interest, Taxes, Insurance
PITI is when Correct Answer - the mortgage where bank pays property
tax and insurance on behalf of the owner
What did Plessy v Ferguson establish? Correct Answer - Separate but
equal is acceptable
Percentage lease are used with what type of commercial property?
Correct Answer - Retail
What type of homeowners policy do renters buy Correct Answer - HO4
Pam's lease does not allow evening promotional parties in store. Which clause
prohibits this? Correct Answer - Use clause
What is the most important preparation for an open house? Correct
Answer - tell owner to remove all valuables
what is a conveyance of title? Correct Answer - deed
what is a deed? Correct Answer - physical documnet that transfers
ownership
what happens if owner died intestate with no heirs? Correct Answer -
escheat
what is the process of escheat? Correct Answer - the govt takes
ownership of a property when there is no heir
Questions & Detailed Explanations
What is the Age requirement to be a real estate agent? Correct Answer -
18
what is the age requirement to be a real estate broker? Correct Answer -
20
what is a critical issue for broker's agents ? Correct Answer - vicarious
liability
What are the possible consequences of violating article 12A? Correct
Answer - 1,000 fine, license revocation, misdemeanor conviction
Unless it is a lesser estate, what kind of estate is it? Correct Answer - fee
simple
What is the most amount of ownership you can get? Correct Answer -
Fee simple absolute
What are examples of lesser estates? Correct Answer - leasehold,
specified lease, estate for years, periodic tenancy
What is special about freehold estates? Correct Answer - can be
inherited, conisdered ownership
what loan does a developer use to cover lots in a subdiviision? Correct
Answer - blanket loan
what is it called when a lease allows landlord to get tenants to pay unexpected
increases in operating costs? Correct Answer - pass through
In real estate, what is not prohibited by the Sherman Act? Correct Answer
- Dual Agency
,What are the conditions of Dual Agency? Correct Answer - informed
consent, agreement form
If a building has 2 condod for residential and commercial use, what is it
called? Correct Answer - Condop
How does a brokerage decide whom to represent? Correct Answer -
Most brokerages establish a policy
What material are water mains made out of? Correct Answer - Iron
In a tax grievance, who has the burden of proof? Correct Answer -
Taxpayer
By law, a CMA can never be called? Correct Answer - Appraisal
What does CMA stand for? Correct Answer - Comparative Market
Analysis
If one party in a bilateral contract fails to perfom it is? Correct Answer -
Breach
What real estate is not assessed for tax purposes? Correct Answer - all
real estate is assessed
How do condo residents take ownership of shared areas like parking garage
and lobby? Correct Answer - tenancy in common
tenancy in common allows for Correct Answer - unequal shares to be
owned
Who holds the title of a specific co-op apartment? Correct Answer - Co-
op cooperation
What does zoning board of appeals do? Correct Answer - Review
variances
What kinds of variances exist? Correct Answer - use variance, area
variance
, Illegally rezoning one parcel to benefit one owner but without following
master plan Correct Answer - spot zoning
CMA can be called Correct Answer - opinion, estimate, valuation
What is the most common insurance for homeowners? Correct Answer -
HO3
What is PITI? Correct Answer - Principal, Interest, Taxes, Insurance
PITI is when Correct Answer - the mortgage where bank pays property
tax and insurance on behalf of the owner
What did Plessy v Ferguson establish? Correct Answer - Separate but
equal is acceptable
Percentage lease are used with what type of commercial property?
Correct Answer - Retail
What type of homeowners policy do renters buy Correct Answer - HO4
Pam's lease does not allow evening promotional parties in store. Which clause
prohibits this? Correct Answer - Use clause
What is the most important preparation for an open house? Correct
Answer - tell owner to remove all valuables
what is a conveyance of title? Correct Answer - deed
what is a deed? Correct Answer - physical documnet that transfers
ownership
what happens if owner died intestate with no heirs? Correct Answer -
escheat
what is the process of escheat? Correct Answer - the govt takes
ownership of a property when there is no heir
