NYREI Exam Review: Questions and Answers for Real Estate Licensing,
Exams of Public Health
A leasehold estate that continues for a successive periods of equal length
until terminated by proper notice from either party is a - ANSWERPeriodic
tenancy
Physical land and everything attached to it is called - ANSWERReal Estate
Equipment a tenant installs for use in his or her business is called -
ANSWERTrade fixture
The illegal practice of inducing homeowners to sell their homes (Usually at a
deflated price) by suggesting the ethinic or racial composition of the
neighborhood Is changing, with the implication that property values will
decline is called - ANSWERBlockbusting
Loans that follow the criteria set by secondary markets are called -
ANSWERConforming loans
A "Rule" that says an informed buyer will not pay more for one home than a
comparable one is - ANSWERSubstitution
,Funds offered as an indication of good faith regarding a future performance
of a purchase agreement is called - ANSWEREarnest money
Possession of property by a holdover tenant is - ANSWERTenancy at
sufferance
An agent authorized to do everything that can be lawfully delegated to be a
representative is a - ANSWERUniversal agent
The relationship between the cost of borrowing money and the total amount
financed is - ANSWERAPR
A revocable, non assignable permission to enter another persons land for a
particular purpose is - ANSWERLicense
Lease for which a landlord pays all property taxed, insurance ect -
ANSWERGross lease
Loan where the interest rate remains the same for the duration of the loan -
ANSWERFixed rate loan
When something outside the control of a property makes it less desirable -
ANSWEREconomic/External obsolescence
An acre is a measure of a land area that is equal to - ANSWER43,560 feet
,A title that is free and clear from undisclosed encumbrances or other defects
that would expose a purchaser to litigation or to impede a purchasers ability
to enjoy the property or to later sell the property - ANSWERMarketable title
A right that goes along with the ownership of real property -
ANSWERAppurtenance
A financial encumbrance on the owners title is called a - ANSWERLien
A written agency between a seller and broker is a - ANSWERListing
The effect when a loan balance grows because of a differed interest when
payments are not covering the interest portion of the loan are called -
ANSWERNegative Amortization
The agent who finds a buyer in a real estate transaction - ANSWERSellers
agent
Broker Bob uses money from the firms escrow account to pay the electrical
bill. This could be best described as - ANSWERConversion (Conversion is
another word for stealing)
A latent defect can be best described as - ANSWERNot plainly visible
A clause requiring commission to be paid even if the property is sold AFTER
the listing agreement expires is known as a - ANSWERProtection period
clause
, Rachel and Monica work for different brokers. One morning over coffee,
Rachel mentions that her broker has raised her commission to 7.5%. This can
be considered what type of violation? - ANSWERAntitrust
When is a broker/agent entitled to commission? - ANSWERWhen a ready,
willing, and able buyer is found on the terms accepted to the seller
Errors and omissions insurance cover all of the following except -
ANSWERFraud
(E&O) cover mistakes and negligence
What duties does an agent owe a customer? - ANSWERFair dealing, Honesty,
and integrity
They only owe loyalty to their client
How long must a New York Broker maintain record of sales? - ANSWER3 years
for one too four family dwellings
What does an independent contractor receive at the end of the year that
details his compensation for the year? - ANSWERAn independent contractor
receives a 1099 MISC form detailing any commission based income
A common law independent contractor - ANSWERIs not subject to
withholding requirements (An independent contractor mus manage his taxes
himself. His employee does not withhold anything)
A commercial property has a first year gross operating income of $64,000 and
expenses of $12,000. If the capitalization rate for similar properties in the
Exams of Public Health
A leasehold estate that continues for a successive periods of equal length
until terminated by proper notice from either party is a - ANSWERPeriodic
tenancy
Physical land and everything attached to it is called - ANSWERReal Estate
Equipment a tenant installs for use in his or her business is called -
ANSWERTrade fixture
The illegal practice of inducing homeowners to sell their homes (Usually at a
deflated price) by suggesting the ethinic or racial composition of the
neighborhood Is changing, with the implication that property values will
decline is called - ANSWERBlockbusting
Loans that follow the criteria set by secondary markets are called -
ANSWERConforming loans
A "Rule" that says an informed buyer will not pay more for one home than a
comparable one is - ANSWERSubstitution
,Funds offered as an indication of good faith regarding a future performance
of a purchase agreement is called - ANSWEREarnest money
Possession of property by a holdover tenant is - ANSWERTenancy at
sufferance
An agent authorized to do everything that can be lawfully delegated to be a
representative is a - ANSWERUniversal agent
The relationship between the cost of borrowing money and the total amount
financed is - ANSWERAPR
A revocable, non assignable permission to enter another persons land for a
particular purpose is - ANSWERLicense
Lease for which a landlord pays all property taxed, insurance ect -
ANSWERGross lease
Loan where the interest rate remains the same for the duration of the loan -
ANSWERFixed rate loan
When something outside the control of a property makes it less desirable -
ANSWEREconomic/External obsolescence
An acre is a measure of a land area that is equal to - ANSWER43,560 feet
,A title that is free and clear from undisclosed encumbrances or other defects
that would expose a purchaser to litigation or to impede a purchasers ability
to enjoy the property or to later sell the property - ANSWERMarketable title
A right that goes along with the ownership of real property -
ANSWERAppurtenance
A financial encumbrance on the owners title is called a - ANSWERLien
A written agency between a seller and broker is a - ANSWERListing
The effect when a loan balance grows because of a differed interest when
payments are not covering the interest portion of the loan are called -
ANSWERNegative Amortization
The agent who finds a buyer in a real estate transaction - ANSWERSellers
agent
Broker Bob uses money from the firms escrow account to pay the electrical
bill. This could be best described as - ANSWERConversion (Conversion is
another word for stealing)
A latent defect can be best described as - ANSWERNot plainly visible
A clause requiring commission to be paid even if the property is sold AFTER
the listing agreement expires is known as a - ANSWERProtection period
clause
, Rachel and Monica work for different brokers. One morning over coffee,
Rachel mentions that her broker has raised her commission to 7.5%. This can
be considered what type of violation? - ANSWERAntitrust
When is a broker/agent entitled to commission? - ANSWERWhen a ready,
willing, and able buyer is found on the terms accepted to the seller
Errors and omissions insurance cover all of the following except -
ANSWERFraud
(E&O) cover mistakes and negligence
What duties does an agent owe a customer? - ANSWERFair dealing, Honesty,
and integrity
They only owe loyalty to their client
How long must a New York Broker maintain record of sales? - ANSWER3 years
for one too four family dwellings
What does an independent contractor receive at the end of the year that
details his compensation for the year? - ANSWERAn independent contractor
receives a 1099 MISC form detailing any commission based income
A common law independent contractor - ANSWERIs not subject to
withholding requirements (An independent contractor mus manage his taxes
himself. His employee does not withhold anything)
A commercial property has a first year gross operating income of $64,000 and
expenses of $12,000. If the capitalization rate for similar properties in the
