NYS Real Estate Exam 2024 Which of t he following is considered a fixed operating expense? utilities, cleaning expenses, insurance premiums, management fees. - Answer ✔️✔️-Insurance Premiums What is overage rent? - Answer ✔️✔️-Rent calculated on a percentage of sales volume what is the amount a buyer owes at closing equal to? - Answer ✔️✔️-The excess of the buyers debits over the buyers credits real estate agents are typically what kind of agent - Answer ✔️✔️-special agent what is the employment contract between a property manager and owner ca lled - Answer ✔️✔️-
management agreement the first fine for a violation of federal fair housing law could be as much as what amount - Answer ✔️✔️-10,000 what is a feature of a deed condition - Answer ✔️✔️-it gives the grantor the right to re possess the property if the grantee violates the condition according to truth in lending, a lender must disclose all of the following except service charges points loan origination fee brokers commission - Answer ✔️✔️-brokers commission if a landlord terminates a lease i llegally what type of suit would a tenant file to comply with violated terms - Answer ✔️✔️-specific performance what must a listing agent do before entering into a cooperative agreement creating a subagency - Answer ✔️✔️-obtain the informed consent of the seller what is the minimum period of time over which the owner of an apartment building can depreciate the improvements? - Answer ✔️✔️-27.5 years who pays the real estate taxes for a condominium - Answer ✔️✔️-condominium owner which type of property usuall y has the longest lease term - Answer ✔️✔️-industrial what is a policy that protects against claims above and beyond the amount covered by primary policies - Answer ✔️✔️-umbrella what is the amount of the surety bond that a mortgage broker must furnish whe n applying for licensure in NYS - Answer ✔️✔️-10,000 A section contains how many acres - Answer ✔️✔️-640 seller will retain title to the property until buyer has paid in full. what kind of contract do seller and buyer have? - Answer ✔️✔️-land contract who are the essential parties involved in an estate in trust - Answer ✔️✔️-trustor trustee and beneficiary allison is moving into a new condo. which of these documents does not apply to her purchase - Answer ✔️✔️-stock certificate what is the difference betwee n a balloon loan and an amortized loan - Answer ✔️✔️-an amortized loan is paid off by the end of the term a daycare center is allowed to open in a residentially zoned area. what is this an example of - Answer ✔️✔️-special use permit which of these citites is the board not required to hold a public hearing each year? albany buffalo nyc rochester - Answer ✔️✔️-rochachacha in which of these places is asbestos not likely to be found? roofing, adhesives in pressed wood, textured paint, vin yl floor tiles - Answer ✔️✔️-adhesives in pressed wood which law extended discrimination to include handicap and familial status - Answer ✔️✔️-fair housing amendment act what is an emblement? - Answer ✔️✔️-A plant or crop that is considered personal proper ty which of the following statements about plumbing venting is true - Answer ✔️✔️-venting is not required for structures taller than 2 stories. which statement is not true? mold often grows where it can't be seen, of all environmetnal hazards, radon is the easiest to detect and mitigate, underground storage tanks pose no hazard to residential areas, urea formaldehyde foam insulation is no longer used because of formaldehyde gas emission - Answer ✔️✔️-underground storage tanks pose no hazard to residential a reas what is required for a title to be marketable? it must be registered in torrens, it must be free of undisclosed defects and encumbrances, it must be abstracted by and attorney, it must be guaranteed by a title certificate. - Answer ✔️✔️-int must be fr ee of undisclosed defects and encumbrances a loan company was referring loan applicants to a particular insurance company, which in turn paid the loan company a referral fee. this is... - Answer ✔️✔️-illegal, since the real estate settlement procedures act prohibits kickbacks the seller under a land contract is known as - Answer ✔️✔️-the vendor a point, line or surface from which elevations are measured is known as the - Answer ✔️✔️-datum earnest money is provided when - Answer ✔️✔️-the offer to purchase re al estate is made madison davidson negotiated for a 30k loan with 200 dollar monthly payments plus 9 percent interest. what is the payment on her first month? - Answer ✔️✔️-225 the tax rate in manatee county is 35 mills how much is this for every 1k of ass essed value? - Answer ✔️✔️-35. ( a mill is one one thousandth of a dollar. a tax rate of one mill means that the owner pays one dollar for every thousand dollars of assessed value. 35 mills is 35 dollars for every 1000 dollars assessed a trust deed gives t he lender a right to request that the trustee perform certain tasks in order to fulfill the terms of the trust. a trustee may take action in those circumstances because he holds - Answer ✔️✔️-naked title (a title without the usual rights of ownership) An a ction taken by a creditor in which the court simply retains custody of the property while a lawsuit is being decided is known as: - Answer ✔️✔️-a write of attachment. Remember, a writ of attachment is an action taken by a creditor in which the court simply retains custody of the property while a lawsuit is being decided. This is easily confused with a writ of execution, which authorizes the sale of the property A lease that goes from month to month is known as - Answer ✔️✔️-an estate from period to period Find the capitalization rate on a building that is worth $430,000, and rents for $1,500 a month. - Answer ✔️✔️-4.19 To solve this, find the yearly rent, and divide that amount by the cost of the building. So, $1,500 x 12 = $18,000, and $18,000/$430,000 = 4. 19%. Spence Construction Company built a hangar for an helicopter, which was kept on the owner's property. The owner did not pay for the hangar, so Spence filed a mechanic's lien on the helicopter. Was Spence Construction Company justified in doing this? - Answer ✔️✔️-No, because a mechanic's lien can only be placed on the improvement. Several legal steps must sometimes be taken before a creditor can have his outstanding debt satisfied through the sale of the debtor's property. Which of the following is NOT one of the steps in the process? - Answer ✔️✔️-writ of persocution - A portion of a township in the rectangular survey system, which is a square with mile -long sides, is called a: - Answer ✔️✔️-section - a township is divided into 36 sections Property over which an easement runs in favor of another parcel of real estate is known as a - Answer ✔️✔️-servient tenement one square mile - Answer ✔️✔️-640 acres What is the principal federal statute that covers competition and is one of the most important pieces of antitrust legislation? - Answer ✔️✔️-The Sherman Antitrust Act of 1890 a claim or interest revealed by a title search is called a - Answer ✔️✔️-a cloud on title t's easy to remember a cloud on a title as something marring the clear title, like a cloud in t he sky marring
management agreement the first fine for a violation of federal fair housing law could be as much as what amount - Answer ✔️✔️-10,000 what is a feature of a deed condition - Answer ✔️✔️-it gives the grantor the right to re possess the property if the grantee violates the condition according to truth in lending, a lender must disclose all of the following except service charges points loan origination fee brokers commission - Answer ✔️✔️-brokers commission if a landlord terminates a lease i llegally what type of suit would a tenant file to comply with violated terms - Answer ✔️✔️-specific performance what must a listing agent do before entering into a cooperative agreement creating a subagency - Answer ✔️✔️-obtain the informed consent of the seller what is the minimum period of time over which the owner of an apartment building can depreciate the improvements? - Answer ✔️✔️-27.5 years who pays the real estate taxes for a condominium - Answer ✔️✔️-condominium owner which type of property usuall y has the longest lease term - Answer ✔️✔️-industrial what is a policy that protects against claims above and beyond the amount covered by primary policies - Answer ✔️✔️-umbrella what is the amount of the surety bond that a mortgage broker must furnish whe n applying for licensure in NYS - Answer ✔️✔️-10,000 A section contains how many acres - Answer ✔️✔️-640 seller will retain title to the property until buyer has paid in full. what kind of contract do seller and buyer have? - Answer ✔️✔️-land contract who are the essential parties involved in an estate in trust - Answer ✔️✔️-trustor trustee and beneficiary allison is moving into a new condo. which of these documents does not apply to her purchase - Answer ✔️✔️-stock certificate what is the difference betwee n a balloon loan and an amortized loan - Answer ✔️✔️-an amortized loan is paid off by the end of the term a daycare center is allowed to open in a residentially zoned area. what is this an example of - Answer ✔️✔️-special use permit which of these citites is the board not required to hold a public hearing each year? albany buffalo nyc rochester - Answer ✔️✔️-rochachacha in which of these places is asbestos not likely to be found? roofing, adhesives in pressed wood, textured paint, vin yl floor tiles - Answer ✔️✔️-adhesives in pressed wood which law extended discrimination to include handicap and familial status - Answer ✔️✔️-fair housing amendment act what is an emblement? - Answer ✔️✔️-A plant or crop that is considered personal proper ty which of the following statements about plumbing venting is true - Answer ✔️✔️-venting is not required for structures taller than 2 stories. which statement is not true? mold often grows where it can't be seen, of all environmetnal hazards, radon is the easiest to detect and mitigate, underground storage tanks pose no hazard to residential areas, urea formaldehyde foam insulation is no longer used because of formaldehyde gas emission - Answer ✔️✔️-underground storage tanks pose no hazard to residential a reas what is required for a title to be marketable? it must be registered in torrens, it must be free of undisclosed defects and encumbrances, it must be abstracted by and attorney, it must be guaranteed by a title certificate. - Answer ✔️✔️-int must be fr ee of undisclosed defects and encumbrances a loan company was referring loan applicants to a particular insurance company, which in turn paid the loan company a referral fee. this is... - Answer ✔️✔️-illegal, since the real estate settlement procedures act prohibits kickbacks the seller under a land contract is known as - Answer ✔️✔️-the vendor a point, line or surface from which elevations are measured is known as the - Answer ✔️✔️-datum earnest money is provided when - Answer ✔️✔️-the offer to purchase re al estate is made madison davidson negotiated for a 30k loan with 200 dollar monthly payments plus 9 percent interest. what is the payment on her first month? - Answer ✔️✔️-225 the tax rate in manatee county is 35 mills how much is this for every 1k of ass essed value? - Answer ✔️✔️-35. ( a mill is one one thousandth of a dollar. a tax rate of one mill means that the owner pays one dollar for every thousand dollars of assessed value. 35 mills is 35 dollars for every 1000 dollars assessed a trust deed gives t he lender a right to request that the trustee perform certain tasks in order to fulfill the terms of the trust. a trustee may take action in those circumstances because he holds - Answer ✔️✔️-naked title (a title without the usual rights of ownership) An a ction taken by a creditor in which the court simply retains custody of the property while a lawsuit is being decided is known as: - Answer ✔️✔️-a write of attachment. Remember, a writ of attachment is an action taken by a creditor in which the court simply retains custody of the property while a lawsuit is being decided. This is easily confused with a writ of execution, which authorizes the sale of the property A lease that goes from month to month is known as - Answer ✔️✔️-an estate from period to period Find the capitalization rate on a building that is worth $430,000, and rents for $1,500 a month. - Answer ✔️✔️-4.19 To solve this, find the yearly rent, and divide that amount by the cost of the building. So, $1,500 x 12 = $18,000, and $18,000/$430,000 = 4. 19%. Spence Construction Company built a hangar for an helicopter, which was kept on the owner's property. The owner did not pay for the hangar, so Spence filed a mechanic's lien on the helicopter. Was Spence Construction Company justified in doing this? - Answer ✔️✔️-No, because a mechanic's lien can only be placed on the improvement. Several legal steps must sometimes be taken before a creditor can have his outstanding debt satisfied through the sale of the debtor's property. Which of the following is NOT one of the steps in the process? - Answer ✔️✔️-writ of persocution - A portion of a township in the rectangular survey system, which is a square with mile -long sides, is called a: - Answer ✔️✔️-section - a township is divided into 36 sections Property over which an easement runs in favor of another parcel of real estate is known as a - Answer ✔️✔️-servient tenement one square mile - Answer ✔️✔️-640 acres What is the principal federal statute that covers competition and is one of the most important pieces of antitrust legislation? - Answer ✔️✔️-The Sherman Antitrust Act of 1890 a claim or interest revealed by a title search is called a - Answer ✔️✔️-a cloud on title t's easy to remember a cloud on a title as something marring the clear title, like a cloud in t he sky marring
