nys real estate exam questions and
answers
the highest court in new york state - Answer-What is the New York Court of Appeals
What are some license exemptions? - Answer-attorneys admitted to the ny state bar are
exempt from obtaining a license if they represent a client.
Public officers are exempt when perforing official duties
Persons under the judgment or order of a court.
Why is blind advertising illegal in nys? - Answer-All ads by a licensee must indicate that
the advertiser is a broker and give the name and telephone number of the broker.
Stigmatized property discolsure - Answer-This is Article 443-a of the ny real property
law, seller and seller agents do not have to disclose the following facts
- occupants who have Aids or other illnesses NOT transmitted through occupancy
- Properties that were a site of death due to natural causes, accidents, suicide,
homicide, crime or other reasons.
How long should a broker maintain records for transcations? - Answer-AT LEAST 3
years
What is an example of a general agent? - Answer-Property Manager
What is an example of a special agent? - Answer-Real estate agent or a real estate
broker
What is an example of an universal agent? - Answer-Power of attorney
What did the Sherman anti-trust act do? - Answer-It made price fixing, group boycots,
market allocation and tie-in arrangements illegal
What are some examples of fixtures? - Answer-Chandelier, custom book shelves, wall
to wall carpeting, plumbing fixtures
Joint tenancy includes what? - Answer-A form of co-ownership by two or more persons,
each of whom has an undivided interest WITH the right of survivorship
Tenancy in common includes what? - Answer-This is a form of co-ownership by two or
more persons, each of whom has an undivided interest, WITHOUT the right of
survivorship
What is a sill plate in terms of building elements? - Answer-It is a horizontal wood
member that sits on top of the house's foundation. IT is used as a nailing surface for the
, floor system. IT is considered the lowest horizontal beam and wood member in the
frame of a house
What are the different roof components? - Answer-Eave - lowest part of the roof that
projects beyond the wall of the structure.
Soffit- the area under the roof extension
fascia- the area of the material facing the outer edge of the soffit.
What is sheathing typically made out of? - Answer-On the exterior, plywood and the
interior is gypsum board.
What is a forced warm air system - Answer-Provides cooling as well as heating through
the same ducts.
What are CFCs? - Answer-They are synthetic chemical substances used in refrigerators
and air conditioners. Most home air conditioning units use HCFCs, however.
What is a direct cost in terms of constructions? - Answer-AKA hard costs, they include
the cost of labor and materials
What is an indirect cost in terms of construction - Answer-Costs that create and support
the project. These include architectural and engineering fees, attorney feeds and
financing costs.
The civil rights act of 1866 - Answer-has no exemptions and contains the blanket
statement that citizens have the same rights to buy sell or lease real and personal
property. It is primarily interpreted to prohibit racial discrimination
Civil rights act of 1968 - Answer-Fair housing act was included in this, protects, race,
color, religion and national origin.
What is steering? - Answer-The practice in which real estate brokers guide prospective
home buyers towards or away from certain neighborhoods based on their race.
What is the HO-1 basic policy of homeowners insurance? - Answer-It ensures the home
and its contents against perils, including fire, theft, or vandalism. It does not cover falling
objects.
Ho-3 special form policy - Answer-Most widely used and recommended. BC it covers
the home for all risks or physical loss except damage caused by flood, earthquake, war
or nuclear accident.
HO-4 Tenants or cooperative owners policies - Answer-Commonly referred to as renters
insurance, regardless if you are renting a home, condo or apartment. This policy also
covers cooperative owners since they hold a proprietary lease (not real property)
answers
the highest court in new york state - Answer-What is the New York Court of Appeals
What are some license exemptions? - Answer-attorneys admitted to the ny state bar are
exempt from obtaining a license if they represent a client.
Public officers are exempt when perforing official duties
Persons under the judgment or order of a court.
Why is blind advertising illegal in nys? - Answer-All ads by a licensee must indicate that
the advertiser is a broker and give the name and telephone number of the broker.
Stigmatized property discolsure - Answer-This is Article 443-a of the ny real property
law, seller and seller agents do not have to disclose the following facts
- occupants who have Aids or other illnesses NOT transmitted through occupancy
- Properties that were a site of death due to natural causes, accidents, suicide,
homicide, crime or other reasons.
How long should a broker maintain records for transcations? - Answer-AT LEAST 3
years
What is an example of a general agent? - Answer-Property Manager
What is an example of a special agent? - Answer-Real estate agent or a real estate
broker
What is an example of an universal agent? - Answer-Power of attorney
What did the Sherman anti-trust act do? - Answer-It made price fixing, group boycots,
market allocation and tie-in arrangements illegal
What are some examples of fixtures? - Answer-Chandelier, custom book shelves, wall
to wall carpeting, plumbing fixtures
Joint tenancy includes what? - Answer-A form of co-ownership by two or more persons,
each of whom has an undivided interest WITH the right of survivorship
Tenancy in common includes what? - Answer-This is a form of co-ownership by two or
more persons, each of whom has an undivided interest, WITHOUT the right of
survivorship
What is a sill plate in terms of building elements? - Answer-It is a horizontal wood
member that sits on top of the house's foundation. IT is used as a nailing surface for the
, floor system. IT is considered the lowest horizontal beam and wood member in the
frame of a house
What are the different roof components? - Answer-Eave - lowest part of the roof that
projects beyond the wall of the structure.
Soffit- the area under the roof extension
fascia- the area of the material facing the outer edge of the soffit.
What is sheathing typically made out of? - Answer-On the exterior, plywood and the
interior is gypsum board.
What is a forced warm air system - Answer-Provides cooling as well as heating through
the same ducts.
What are CFCs? - Answer-They are synthetic chemical substances used in refrigerators
and air conditioners. Most home air conditioning units use HCFCs, however.
What is a direct cost in terms of constructions? - Answer-AKA hard costs, they include
the cost of labor and materials
What is an indirect cost in terms of construction - Answer-Costs that create and support
the project. These include architectural and engineering fees, attorney feeds and
financing costs.
The civil rights act of 1866 - Answer-has no exemptions and contains the blanket
statement that citizens have the same rights to buy sell or lease real and personal
property. It is primarily interpreted to prohibit racial discrimination
Civil rights act of 1968 - Answer-Fair housing act was included in this, protects, race,
color, religion and national origin.
What is steering? - Answer-The practice in which real estate brokers guide prospective
home buyers towards or away from certain neighborhoods based on their race.
What is the HO-1 basic policy of homeowners insurance? - Answer-It ensures the home
and its contents against perils, including fire, theft, or vandalism. It does not cover falling
objects.
Ho-3 special form policy - Answer-Most widely used and recommended. BC it covers
the home for all risks or physical loss except damage caused by flood, earthquake, war
or nuclear accident.
HO-4 Tenants or cooperative owners policies - Answer-Commonly referred to as renters
insurance, regardless if you are renting a home, condo or apartment. This policy also
covers cooperative owners since they hold a proprietary lease (not real property)
