New York Real Estate License Exam
Questions with 100% Complete
Solutions
What is subtracted from the adjusted net operating income of a property to determine its
taxable income? - Answer-Mortgage interest + reverses
What kind of budget would a property manager create to project expenses planned for
the future for major repairs and replacements? - Answer-Capital reserves
An increase in the amount of money in circulation without a corresponding increase of
goods and services to be purchased results in - Answer-Inflation
Which type of mortgage would be secured by a number of lots in subdivision? - Answer-
Blanket mortgage
Which board or department would be responsible for recommending zoning changes? -
Answer-Planning board
A building departments main purpose is to - Answer-Enforce code
For property tax valuation purposes, an industrial warehouse is classified as what type
of property? - Answer-Non-homestead
When a property owner appeals an assessment, Who has the burden of proof? -
Answer-The property owner
Which group is not eligible for a reduction or exemption in a real property taxes? -
Answer-Second home (vacation) owners
The use of borrowed funds for investment purposes is known as - Answer-Leverage
The usable square footage of a rental space is - Answer-The carpetable or floored area
Amelia wants to make some renovation for her cooperative apartment. Which
agreement will she most likely have to sign in order to undertake these renovations? -
Answer-Alteration
Which clause in a contract of sale would allow a condominium association the right to
purchase a unit when it goes up for sale? - Answer-Right of first refusal
Which group oversees the management of a cooperative corporation? - Answer-Board
of directors
, A process that calculates the value of an investment asset in the past, present, or future
is known as - Answer-The rate of return
Which type of home owner insurance policies provide content coverage for apartment
renters? - Answer-HO-4
Which type of insurance policy would ensure that the full amount needed to cover the
loss of the belongings from a fire is paid? - Answer-Replacement cost
Which term best defines the most probable price for which a specific property should
sell to a knowledgeable buyer in a competitive market? - Answer-Market value
Municipalities review and approve plans and specifications for construction of new
buildings within their jurisdiction to - Answer-Ensure compliance with the building codes
Which contract provision requires the completion of a certain act before the contract can
be binding? - Answer-Contingency
The primary purpose of the secondary market is to - Answer-Make money available for
mortgaged loans in the primary market
A wrap-around mortgage is best described as - Answer-A second mortgage that has
within it the amount owed on an existing first mortgage
Which is the right of government to acquire private property necessary for public use? -
Answer-Eminent domain
What would a resident apply for in order to be given permission to deviate from the use
of land prescribed by an existing zoning ordinance? - Answer-Variance
Broker Anthony can pay the errors and omissions insurance for his licensee without
violating the independent contractor status because - Answer-He is protecting his
ultimate responsibility for his licensees' actions
Which is the best example of a trade fixture in a retail store? - Answer-A display cabinet
Which statement regarding liens is true? - Answer-All liens relate to debts
Which regulates real estate advertisements that include financing terms? - Answer-
Federal regulation
What does the percolation rate measure? - Answer-The movement of water through
What is a component of the definition of market value? - Answer-Arm's length
transaction
Questions with 100% Complete
Solutions
What is subtracted from the adjusted net operating income of a property to determine its
taxable income? - Answer-Mortgage interest + reverses
What kind of budget would a property manager create to project expenses planned for
the future for major repairs and replacements? - Answer-Capital reserves
An increase in the amount of money in circulation without a corresponding increase of
goods and services to be purchased results in - Answer-Inflation
Which type of mortgage would be secured by a number of lots in subdivision? - Answer-
Blanket mortgage
Which board or department would be responsible for recommending zoning changes? -
Answer-Planning board
A building departments main purpose is to - Answer-Enforce code
For property tax valuation purposes, an industrial warehouse is classified as what type
of property? - Answer-Non-homestead
When a property owner appeals an assessment, Who has the burden of proof? -
Answer-The property owner
Which group is not eligible for a reduction or exemption in a real property taxes? -
Answer-Second home (vacation) owners
The use of borrowed funds for investment purposes is known as - Answer-Leverage
The usable square footage of a rental space is - Answer-The carpetable or floored area
Amelia wants to make some renovation for her cooperative apartment. Which
agreement will she most likely have to sign in order to undertake these renovations? -
Answer-Alteration
Which clause in a contract of sale would allow a condominium association the right to
purchase a unit when it goes up for sale? - Answer-Right of first refusal
Which group oversees the management of a cooperative corporation? - Answer-Board
of directors
, A process that calculates the value of an investment asset in the past, present, or future
is known as - Answer-The rate of return
Which type of home owner insurance policies provide content coverage for apartment
renters? - Answer-HO-4
Which type of insurance policy would ensure that the full amount needed to cover the
loss of the belongings from a fire is paid? - Answer-Replacement cost
Which term best defines the most probable price for which a specific property should
sell to a knowledgeable buyer in a competitive market? - Answer-Market value
Municipalities review and approve plans and specifications for construction of new
buildings within their jurisdiction to - Answer-Ensure compliance with the building codes
Which contract provision requires the completion of a certain act before the contract can
be binding? - Answer-Contingency
The primary purpose of the secondary market is to - Answer-Make money available for
mortgaged loans in the primary market
A wrap-around mortgage is best described as - Answer-A second mortgage that has
within it the amount owed on an existing first mortgage
Which is the right of government to acquire private property necessary for public use? -
Answer-Eminent domain
What would a resident apply for in order to be given permission to deviate from the use
of land prescribed by an existing zoning ordinance? - Answer-Variance
Broker Anthony can pay the errors and omissions insurance for his licensee without
violating the independent contractor status because - Answer-He is protecting his
ultimate responsibility for his licensees' actions
Which is the best example of a trade fixture in a retail store? - Answer-A display cabinet
Which statement regarding liens is true? - Answer-All liens relate to debts
Which regulates real estate advertisements that include financing terms? - Answer-
Federal regulation
What does the percolation rate measure? - Answer-The movement of water through
What is a component of the definition of market value? - Answer-Arm's length
transaction
