NYREI School Exam questions and answers well
illustrated.
What is the minimum licensing requirement to sell commercial real estate in New York? - ans a real
estate salesperson's license
What is the preferred method of creating an agency relationship? - ans expressed agency
An amenity purchaser - ans occupies or uses the purchased property
Condominium units are considered _____ property and are conveyed by _____. - ans real / deed
A salesperson who is an independent contractor - ans is not subject to withholding requirements.
A homeowner facing foreclosure has a number of liens: The original mortgage, a mechanic's lien from six
months ago, a judgment lien from two years ago, and a property tax lien that was just filed. When the
property is sold, which lien will be paid first from the proceeds? - ans property tax lien
What is another word for principal? - ans Client. The principal in any fiduciary relationship is the client.
The tenant signs a two-month lease on an apartment ending September 1. What type of leasehold
estate does this represent? - ans estate for years
, What are the age and experience requirements to apply for a salesperson license? - ans 18 years old
and no experience necessary
Craig owns a warehouse and his property taxes were recently raised. In turn, Craig charged the tenant
currently occupying the building additional operating expenses. This is an example of - ans a pass-
through.
Which federal environmental law, known as the Superfund, creates requirements for closed and
abandoned waste sites? - ans Comprehensive Environmental Response, Compensation, and Liability
Act
Who is responsible for approving septic and other sanitation systems in New York State? - ans NYS
Department of Health
Who pays the property taxes in a triple net lease? - ans tenant
Opal lives in an apartment that is going cooperative. The current residents are given the first option to
buy in, and Opal decides to take advantage of the opportunity. Which statement about Opal's new co-op
is FALSE? - ans She will own the airspace inside her co-op fee simple.
An example of chattel is - ans wheat that has been harvested.
A mortgage loan originator can perform each of these activities EXCEPT - ans lend money.
Which type of listing agreement provides the greatest opportunity for a listing broker to earn a
commission? - ans exclusive right to sell agreement
Ad valorem taxes are based on a property's - ans assessed value
illustrated.
What is the minimum licensing requirement to sell commercial real estate in New York? - ans a real
estate salesperson's license
What is the preferred method of creating an agency relationship? - ans expressed agency
An amenity purchaser - ans occupies or uses the purchased property
Condominium units are considered _____ property and are conveyed by _____. - ans real / deed
A salesperson who is an independent contractor - ans is not subject to withholding requirements.
A homeowner facing foreclosure has a number of liens: The original mortgage, a mechanic's lien from six
months ago, a judgment lien from two years ago, and a property tax lien that was just filed. When the
property is sold, which lien will be paid first from the proceeds? - ans property tax lien
What is another word for principal? - ans Client. The principal in any fiduciary relationship is the client.
The tenant signs a two-month lease on an apartment ending September 1. What type of leasehold
estate does this represent? - ans estate for years
, What are the age and experience requirements to apply for a salesperson license? - ans 18 years old
and no experience necessary
Craig owns a warehouse and his property taxes were recently raised. In turn, Craig charged the tenant
currently occupying the building additional operating expenses. This is an example of - ans a pass-
through.
Which federal environmental law, known as the Superfund, creates requirements for closed and
abandoned waste sites? - ans Comprehensive Environmental Response, Compensation, and Liability
Act
Who is responsible for approving septic and other sanitation systems in New York State? - ans NYS
Department of Health
Who pays the property taxes in a triple net lease? - ans tenant
Opal lives in an apartment that is going cooperative. The current residents are given the first option to
buy in, and Opal decides to take advantage of the opportunity. Which statement about Opal's new co-op
is FALSE? - ans She will own the airspace inside her co-op fee simple.
An example of chattel is - ans wheat that has been harvested.
A mortgage loan originator can perform each of these activities EXCEPT - ans lend money.
Which type of listing agreement provides the greatest opportunity for a listing broker to earn a
commission? - ans exclusive right to sell agreement
Ad valorem taxes are based on a property's - ans assessed value
