NYC REAL ESTATE EXAM
Comprehensive exam preparation
resource designed for individuals
preparing for the NYC City Assessor
examination
security deposit - ANSWER-Money paid to a landlord to cover potential cleaning costs
at the end of the lease, as well as any damages the property suffered during occupancy
orgination fee - ANSWER-A charge to process your loan
Cost (Replacement) Approach - ANSWER--finding out how much would it cost to
replace the building brand new
-better for new buildings not old
Sherman Antitrust Act - ANSWER-aganist monopolies
boycotts
price fixing
market allocation
tie in arrangements
illegal actions
earnest money deposit - ANSWER-A deposit made by the potential home buyer to
show that he or she is serious about buying the house.
replacement cost - ANSWER-the cost to replace an inventory item in its identical form
nonconforming loan - ANSWER-Any loan that does not meet the Fannie Mae/Freddie
Mac loan requirements.
Proration - ANSWER-The division of expenses between buyer and seller in proportion
to the act. ALSO CALLED: Adjustment.
Satisfaction of Mortgage - ANSWER-A document acknowledging the payment of a
mortgage debt..
, Consideration Clause - ANSWER-A part of the insurance contract that states that both
parties must give something of value for the transfer of risk, and specifies the conditions
of the exchange.
use clause (lease clause) - ANSWER-define how a tenant is allowed to use the
property. an how a tenant cannot use the space
Grantor - ANSWER-the individual who conveys the ownership rights of real property
Mortgagor - ANSWER-borrower
Term Loan/Straight Loan - ANSWER-Interest only until the end of the term
Open Listing - ANSWER-Multiple agents; only the selling agent (broker) entitled to
commission; seller retains right to sell independently without obligation to pay anyone a
commission
Straight Term Loan - ANSWER-A loan in which only interest is paid during the term of
the loan, with the entire principal amount due with the final interest payment.
Ballon Mortgage - ANSWER-A mortgage with a very large last payment, with all other
payments being relatively low
Amortization - ANSWER-A method for computing equal periodic payments for an
installment loan.
Bridge loan (Swing loan) - ANSWER-A type of short-term loan, typically taken out for a
period of 2 weeks to 3 years.
A bridge loan is a type of gap mortgage in which funds are provided over and above an
already existing loan until more permanent financing is in place.
A bridge loan allow a buyer to obtain a new property without having to sell his/her
current property.
TILA - ANSWER-Truth in Lending Act
Secondary Mortgage Market - ANSWER-A market for the purchase and sale of existing
mortgages, designed to provide greater liquidity for mortgages; also called the
secondary money market. Mortgages are first originated in the primary mortgage
market.
Implied Contract - ANSWER-A contract that comes about simply from actions of the
parties.
Active Income - ANSWER-commissions, w2, irs
Comprehensive exam preparation
resource designed for individuals
preparing for the NYC City Assessor
examination
security deposit - ANSWER-Money paid to a landlord to cover potential cleaning costs
at the end of the lease, as well as any damages the property suffered during occupancy
orgination fee - ANSWER-A charge to process your loan
Cost (Replacement) Approach - ANSWER--finding out how much would it cost to
replace the building brand new
-better for new buildings not old
Sherman Antitrust Act - ANSWER-aganist monopolies
boycotts
price fixing
market allocation
tie in arrangements
illegal actions
earnest money deposit - ANSWER-A deposit made by the potential home buyer to
show that he or she is serious about buying the house.
replacement cost - ANSWER-the cost to replace an inventory item in its identical form
nonconforming loan - ANSWER-Any loan that does not meet the Fannie Mae/Freddie
Mac loan requirements.
Proration - ANSWER-The division of expenses between buyer and seller in proportion
to the act. ALSO CALLED: Adjustment.
Satisfaction of Mortgage - ANSWER-A document acknowledging the payment of a
mortgage debt..
, Consideration Clause - ANSWER-A part of the insurance contract that states that both
parties must give something of value for the transfer of risk, and specifies the conditions
of the exchange.
use clause (lease clause) - ANSWER-define how a tenant is allowed to use the
property. an how a tenant cannot use the space
Grantor - ANSWER-the individual who conveys the ownership rights of real property
Mortgagor - ANSWER-borrower
Term Loan/Straight Loan - ANSWER-Interest only until the end of the term
Open Listing - ANSWER-Multiple agents; only the selling agent (broker) entitled to
commission; seller retains right to sell independently without obligation to pay anyone a
commission
Straight Term Loan - ANSWER-A loan in which only interest is paid during the term of
the loan, with the entire principal amount due with the final interest payment.
Ballon Mortgage - ANSWER-A mortgage with a very large last payment, with all other
payments being relatively low
Amortization - ANSWER-A method for computing equal periodic payments for an
installment loan.
Bridge loan (Swing loan) - ANSWER-A type of short-term loan, typically taken out for a
period of 2 weeks to 3 years.
A bridge loan is a type of gap mortgage in which funds are provided over and above an
already existing loan until more permanent financing is in place.
A bridge loan allow a buyer to obtain a new property without having to sell his/her
current property.
TILA - ANSWER-Truth in Lending Act
Secondary Mortgage Market - ANSWER-A market for the purchase and sale of existing
mortgages, designed to provide greater liquidity for mortgages; also called the
secondary money market. Mortgages are first originated in the primary mortgage
market.
Implied Contract - ANSWER-A contract that comes about simply from actions of the
parties.
Active Income - ANSWER-commissions, w2, irs
