New York State Real Estate Salesperson Licensing Exam(verified)Graded A+

In NYS, how old must one be to enter into contracts? 18 What other capability should they possess? Mental and emotional capability What happens if one of the parties to the contract is a minor? The contract is voidable by the minor What does the zoning board of appeals do? Grants variances What regulates construction standards in NYS? Building codes What does municipal engineer's office do? Oversees planning and construction of major highways, sweet systems and water connections If a property ad states that the property is near the vicinity of a geographical area, what else mud the ad include? It must include the name of the geographical area where the property is actually located Who is usually exempt from property taxes? Disabled, veterans, farmers, elderly gold star parents *kids die in the war, star program homeowners Who is not usually exempt from property taxes? Second home owners What covers fully or personal property lost in a fire? Replacement cost Find the square footage of a rectangular shaped floor plan. How do you find the area of a square/rectangle? Length x Width = Area What is the cash on cash return on a $2,000,000 property with a down payment of $500,000 and $15,000 monthly rental income? 36% Who hires the agent? Principal or client What is not a CMA (Comparative Market Analysis?) An apprasial What cannot a salesperson do? Collect money directly from the client or customer When should the Agency disclosure form be submitted? At the first substantive contact Which document describes the agency (who he or she represents) of the salesperson? Agency disclosure form What is another name for the slope of a roof? Pitch What carcinogenic component was used as insulation in electric transformers that contaminated soil and ground water? PCB's or polychlorinated biphenyls What can brokers provide their salespeople if they are independent contractors? Office phone Whats right to access whiter from a river or stream called? Riparian What did the civil rights act of 1866 protect without exception? Race What did the 1988 amendment to the civil rights act protect? Disability and familial status What is convincing owners to sell/lease property by telling them a particular group of people are moving into the area called? Blockbusting What is it called when lenders/insurance agents refuse to do business in a certain area based on the characteristics of the people living there? Redlining Unless specified a lesser estate, transfer of title to real property in NYS creates what type of interest? Fee Simple What is another name for transfer of title to real property? Conveyance What is it called when the government dictates how a property can be used? Zoning