New York State Real Estate Salesperson Licensing Exam

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 What is another name for the slope of a roof? - Answer ️️ -Pitch What carcinogenic component was used as insulation in electric transformers that contaminated soil and ground water? - Answer ️️ -PCB's or polychlorinated biphenyls What can brokers provide their salespeople if they are independent contractors? - Answer ️️ - Office phone Whats right to access whiter from a river or stream called? - Answer ️️ -Riparian What did the civil rights act of 1866 protect without exception? - Answer ️️ -Race What did the 1988 amendment to the civil rights act protect? - Answer ️️ -Disability and familial status What is convincing owners to sell/lease property by telling them a particular group of people are moving into the area called? - Answer ️️ -Blockbusti