New York State Real Estate Salesperson Licensing Exam Questions and Answers

New York State Real Estate Salesperson Licensing Exam Questions and Answers 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