NYREI practice exam questions & Answers(VERIFIED UPDATE 2023)
For the income approach to appraisal, value is a reference to what? -ANSWER the worth of the investment Which method of property description is most frequently used in New York State? -ANSWER Metes and bounds One important characteristic of investing caused Bill to invest in certificates of deposit rather than real estate. Bill was concerned with -ANSWER liquidity. Who sets the legal description? -ANSWER surveyor Dwelling policies generally exclude -ANSWER water damage. John is gathering up his paperwork to complete his income taxes. His home expenses include: Mortgage interest / month = $520; Property taxes = $3,280; New deck = $5,300. What is the total deduction John can take for the year? -ANSWER $9,520 Broker Sam told the seller that her listing contract would automatically renew after the expiration date of June 1st. One June 2nd, the seller listed with another agency. Sam's statement had no effect because -ANSWER New York prohibits automatic extensions of listings. Effective gross income best describes -ANSWER gross income minus a figure for vacancy and collection losses.
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