New York State Real Estate Salesperson Licensing Exam

In NYS, how old must one be to enter into contracts? - Answer- 18 What other capability should they possess? - Answer- Mental and emotional capability What happens if one of the parties to the contract is a minor? - Answer- The contract is voidable by the minor What does the zoning board of appeals do? - Answer- Grants variances What regulates construction standards in NYS? - Answer- Building codes What does municipal engineer's office do? - Answer- 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? - Answer- It must include the name of the geographical area where the property is actually located Who is usually exempt from property taxes? - Answer- Disabled, veterans, farmers, elderly gold star parents *kids die in the war, star program homeowners Who is not usually exempt from property taxes? - Answer- Second home owners What covers fully or personal property lost in a fire? - Answer- Replacement cost Find the square footage of a rectangular shaped floor plan. How do you find the area of a square/rectangle? - Answer- 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? - Answer- 36% Who hires the agent? - Answer- Principal or client What is not a CMA (Comparative Market Analysis?) - Answer- An apprasial What cannot a salesperson do? - Answer- Collect money directly from the client or customer When should the Agency disclosure form be submitted? - Answer- At the first substantive contact Which document describes the agency (who he or she represents) of the salesperson? - Answer- Agency disclosure form