Real Estate U Final EXAM Questions AND Correct Answers
1031 exchange - ✔✔"under Internal Revenue Code section 1031, a tax-deferred
exchange of "like kind" properties."
45 days to id new property
180 days to close on new property
acre - ✔✔A measure of land equal to 43,560 square feet.
Adjustable Rate Mortgage - ✔✔a mortgage whose rate of interest is adjusted
periodically to reflect market conditions.
Affirmative Easement Appurtenant - ✔✔parcels without access to a publuc way
may have an easment of access over adjacent land if crozsing that land is
absolutely necessary to reach the landlocked parcel and there has been some
original intent to provide the lot with access
Air Rights - ✔✔The right to use, control and occupy the space above a particular
parcel of land.
amortization - ✔✔the process by which a loan principal decreases over the life
of a loan
Appraisals - ✔✔Evaluation and analysis of the acceptability, merit, or worth of
an item.
, APR - ✔✔Annual percentage rate; the annual rate of interest that is charged for
using credit
Architectural Review Board - ✔✔Oversees and upholds the quality and
aesthetics of a neighborhood, town, or city.
Article 12-A - ✔✔The section of the New York Real Property Law pertaining to
real estate salespersons and brokers.
Asbestos - ✔✔Naturally occurring fibrous minerals that can be inhaled and
cause cancer
should be aler for friable asbestos
asbestosis - ✔✔lung disease caused by the inhalation of asbestos particles
assessed value - ✔✔The valuation placed on property by a public tax assessor
for purposes of taxation.
attorney review clause - ✔✔Agreement by both parties to have an attorney
review the contract. allows the buyer to walk away from agreed upon sale for
any reason
beam - ✔✔horizontal structural member that supports a floor
typically wood, cold formed metal framing or steel
1031 exchange - ✔✔"under Internal Revenue Code section 1031, a tax-deferred
exchange of "like kind" properties."
45 days to id new property
180 days to close on new property
acre - ✔✔A measure of land equal to 43,560 square feet.
Adjustable Rate Mortgage - ✔✔a mortgage whose rate of interest is adjusted
periodically to reflect market conditions.
Affirmative Easement Appurtenant - ✔✔parcels without access to a publuc way
may have an easment of access over adjacent land if crozsing that land is
absolutely necessary to reach the landlocked parcel and there has been some
original intent to provide the lot with access
Air Rights - ✔✔The right to use, control and occupy the space above a particular
parcel of land.
amortization - ✔✔the process by which a loan principal decreases over the life
of a loan
Appraisals - ✔✔Evaluation and analysis of the acceptability, merit, or worth of
an item.
, APR - ✔✔Annual percentage rate; the annual rate of interest that is charged for
using credit
Architectural Review Board - ✔✔Oversees and upholds the quality and
aesthetics of a neighborhood, town, or city.
Article 12-A - ✔✔The section of the New York Real Property Law pertaining to
real estate salespersons and brokers.
Asbestos - ✔✔Naturally occurring fibrous minerals that can be inhaled and
cause cancer
should be aler for friable asbestos
asbestosis - ✔✔lung disease caused by the inhalation of asbestos particles
assessed value - ✔✔The valuation placed on property by a public tax assessor
for purposes of taxation.
attorney review clause - ✔✔Agreement by both parties to have an attorney
review the contract. allows the buyer to walk away from agreed upon sale for
any reason
beam - ✔✔horizontal structural member that supports a floor
typically wood, cold formed metal framing or steel
