Real Estate U Final EXAM Questions AND Correct Answers
"Summary of you Submission" - ✔✔Obtained after you register for the New
York State Salesperson exam using eAccessNY. You must bring you "Summary of
your Submission" with you when taking the State exam
1031 Exchange - ✔✔- 45 days to identify a new property
- 180 days to close on a new property
Acre - ✔✔A measure of land equaling 43,560 square feet
Adjustable Rate mortgage (ARM) - ✔✔A mortgage loan with the interest rate on
the note periodically adjusted based on an index which reflects the cost to the
lender of borrowing on the credit markets
Affirmative Easement Appurtenant - ✔✔Parcels without access to a public way
may have an easement of access over adjacent land if crossing 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 - ✔✔Rights in real property to use the space above the surface of the
land
Amortization - ✔✔The process by which a loan principle decreases over the life
of a loan
Appraisal - ✔✔An estimate of property value by an appraiser who is usually
presumed to be expert in his work
, APR ( Annual percentage Rate) - ✔✔The actual interest rate charged, including
loan fees and points
Architectural Review Board - ✔✔Oversees and upholds the quality and
aesthetics of a neighborhood, town, or city
Article 12-A of the NYS Real Property Law - ✔✔- Primary person is to "protect
the public"
- Requires a salesperson to be at least 18 years of age
- Requires a broker to be at least 20 years of age
Asbestos - ✔✔A naturally occurring mineral fiber sometimes found in older
homes. It is hazardous to health when a possibility exists of exposure to
inhabitable fibers. Homeowners should be alert for friable asbestos and always
seek professional advice in dealing with it
Assessed value - ✔✔A valuation placed upon property by a public officer or a
board, as a basis for taxation
Attorney Review Clause - ✔✔A clause found in real estate contracts that may
allow buyers to walk away from agreed upon sale for any reason
Beam - ✔✔A horizontal structural member that supports a floor. Are typically
wood, could formed metal framing or steel
"Summary of you Submission" - ✔✔Obtained after you register for the New
York State Salesperson exam using eAccessNY. You must bring you "Summary of
your Submission" with you when taking the State exam
1031 Exchange - ✔✔- 45 days to identify a new property
- 180 days to close on a new property
Acre - ✔✔A measure of land equaling 43,560 square feet
Adjustable Rate mortgage (ARM) - ✔✔A mortgage loan with the interest rate on
the note periodically adjusted based on an index which reflects the cost to the
lender of borrowing on the credit markets
Affirmative Easement Appurtenant - ✔✔Parcels without access to a public way
may have an easement of access over adjacent land if crossing 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 - ✔✔Rights in real property to use the space above the surface of the
land
Amortization - ✔✔The process by which a loan principle decreases over the life
of a loan
Appraisal - ✔✔An estimate of property value by an appraiser who is usually
presumed to be expert in his work
, APR ( Annual percentage Rate) - ✔✔The actual interest rate charged, including
loan fees and points
Architectural Review Board - ✔✔Oversees and upholds the quality and
aesthetics of a neighborhood, town, or city
Article 12-A of the NYS Real Property Law - ✔✔- Primary person is to "protect
the public"
- Requires a salesperson to be at least 18 years of age
- Requires a broker to be at least 20 years of age
Asbestos - ✔✔A naturally occurring mineral fiber sometimes found in older
homes. It is hazardous to health when a possibility exists of exposure to
inhabitable fibers. Homeowners should be alert for friable asbestos and always
seek professional advice in dealing with it
Assessed value - ✔✔A valuation placed upon property by a public officer or a
board, as a basis for taxation
Attorney Review Clause - ✔✔A clause found in real estate contracts that may
allow buyers to walk away from agreed upon sale for any reason
Beam - ✔✔A horizontal structural member that supports a floor. Are typically
wood, could formed metal framing or steel
