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