NYREI Exam Prep questions and answers well illustrated.

NYREI Exam Prep questions and answers well illustrated. A leasehold estate that continues for a successive periods of equal length until terminated by proper notice from either party is a - correct answers.Periodic tenancy Physical land and everything attached to it is called - correct answers.Real Estate Equipment a tenant installs for use in his or her business is called - correct answers.Trade 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 - correct answers.Blockbusting Loans that follow the criteria set by secondary markets are called - correct answers.Conforming loans A "Rule" that says an informed buyer will not pay more for one home than a comparable one is - correct answers.Substitution Funds offered as an indication of good faith regarding a future performance of a purchase agreement is called - correct answers.Earnest money Possession of property by a holdover tenant is - correct answers.Tenancy at sufferance An agent authorized to do everything that can be lawfully delegated to be a representative is a - correct answers.Universal agent The relationship between the cost of borrowing money and the total amount financed is - correct answers.APR A revocable, non assignable permission to enter another persons land for a particular purpose is - correct answers.License Lease for which a landlord pays all property taxed, insurance ect - correct answers.Gross lease Loan where the interest rate remains the same for the duration of the loan - correct answers.Fixed rate loan When something outside the control of a property makes it less desirable - correct answers.Economic/External obsolescence An acre is a measure of a land area that is equal to - correct answers.43,560 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 - correct answers.Marketable title A right that goes along with the ownership of real property - correct answers.Appurtenance A financial encumbrance on the owners title is called a - correct answers.Lien A written agency between a seller and broker is a - correct answers.Listing 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 - correct answers.Negative Amortization The agent who finds a buyer in a real estate transaction - correct answers.Sellers agent Broker Bob uses money from the firms escrow account to pay the electrical bill. This could be best described as - correct answers.Conversion (Conversion is another word for stealing) A latent defect can be best described as - correct answers.Not plainly visible A clause requiring commission to be paid even if the property is sold AFTER the listing agreement expires is known as a - correct answers.Protection 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? - correct answers.Antitrust When is a broker/agent entitled to commission? - correct answers.When 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 - correct answers.Fraud (E&O) cover mistakes and negligence What duties does an agent owe a customer? - correct answers.Fair dealing, Honesty, and integrity They only owe loyalty to their client How long must a New York Broker maintain record of sales? - correct answers.3 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? - correct answers.An independent contractor receives a 1099 MISC form detailing any commission based income A common law independent contractor - correct answers.Is 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 same area is 8% what is the estimate value? - correct answers.$650,000 (The formula for determining value is Net Operating income 64,000-12,000=52,000 divded by the rate 8% 52,000/.08= 650,000 What would be considered external obsolescence? - correct answers.A home fronting on a busy four-lane highway (External Obsolescence is when something outside the control of the property makes it less desirable. In this case, a high way. When is the income approach best used? - correct answers.The income approach is a valuable appraisal method when determining the value of an investment property Paul is doing an appraisal for fannie mae. What is the minimum number of comps he needs to consider when using the sales comparison approach? - correct answers.3 Which appraisal report is required when processing a VA loan application? - correct answers.Certificate of reasonable value The accepted standards of ethics and appraisals practice are known as - correct answers.USPAP (Uniform Standards Of Professional Appraisal Practice) The first step of the appraisal process is to - correct answers.Define the appraisal also known as stating the problem Market price is - correct answers.The amount in dollars actually paid for the property A quitclaim deed - correct answers.Is often used to clear clouds on a title (Is often used to clear clouds on a title, comes with no warranties and is not transferable or court ordered) Equitable title is - correct answers.An interest in real property created by the execution of a valid sales contract Which is not a guarantee that comes with a warranty deed? - correct answers.Guardian Authority A deed contains a guarantee that the grantor really owns the property. This is an example of which covenant" - correct answers.Seizen (Seizen is the grantors guarantee that he or she does own the property)