Real Estate Exam Prep
The STAR program provides a partial exemption to NYS homeowners for:
A. school district taxes
B. special assessment taxes
C. county property taxes
D. capital gains taxes - ANSschool district taxes
A licensee attempts to get listings by telling homeowners in a neighborhood that their
property values will decline when a group of immigrants move in. The licensee could be
found guilty of
A. Blockbusting
B. Steering
C. Boycotting
D. Redlining - ANSBlockbusting
A seller client has vicarious liability for each of these EXCEPT a
A. Subagent
B. Broker's agent
C. Listing agent
D. Dual agent - ANSBroker's agent
When a licensee is the client's designated agent, the client gives up the agent's duty
A. Obedience
B. Undivided loyalty
C. Reasonable care
D. Advocacy in negotiating - ANSUndivided Loyalty
An agent owes all of these duties to a customer EXCEPT
A. Fair dealing.
B. Loyalty.
C. Disclosure of material facts.
D. Honesty. - ANSFair dealing.
Fred has missed two mortgage payments. What clause would allow his lender to demand
that he pay the entire balance now?
A. acceleration clause
B. foreclosure clause
C. escalation clause
, D. alienation clause - ANSacceleration clause
Tony owns the barbershop he built 25 years ago on the same street as his family home. The
area was zoned residential 10 years ago. Why is the barbershop allowed to remain open?
A. He receives incentive zoning.
B. The doctrine of laches applies since no one has complained about it.
C. He has an area variance.
D. It is a nonconforming use. - ANSIt is a nonconforming use.
Which federal environmental law, known as the Superfund, creates requirements for closed
and abandoned waste sites?
A. Clean Water Act
B. Resource Conservation and Recovery Act
C. Comprehensive Environmental Response, Compensation, and Liability Act
D. Safe Drinking Water Act - ANSComprehensive Environmental Response, Compensation,
and Liability Act
Lyle bought a duplex for $200,000 and leases each apartment for $580 a month. The land
on which the duplex sits is valued at $30,000. How much can Lyle deduct from his income
tax each year for straight line depreciation (rounded to the nearest dollar)?
A. $5,128
B. $7,273
C. $6,182
D. $5,676 - ANS$200,000/27.5= $7,273
The tenant signs a two-month lease on an apartment ending September 1. What type of
leasehold estate does this represent?
A. estate at will
B. periodic estate
C. estate for years
D. tenancy at sufferance - ANSEstate for years
A mortgage loan originator can perform each of these activities EXCEPT
A. lend money.
B. solicit a loan.
C. process a loan.
D. negotiate a loan. - ANSlend money
After examining a property, an appraiser made the following notes: Replacement cost=
$465,000; Depreciation= $18,000; Site Value= $85,000. Determine the final estimate of
value using the cost approach.
A. $550,000
The STAR program provides a partial exemption to NYS homeowners for:
A. school district taxes
B. special assessment taxes
C. county property taxes
D. capital gains taxes - ANSschool district taxes
A licensee attempts to get listings by telling homeowners in a neighborhood that their
property values will decline when a group of immigrants move in. The licensee could be
found guilty of
A. Blockbusting
B. Steering
C. Boycotting
D. Redlining - ANSBlockbusting
A seller client has vicarious liability for each of these EXCEPT a
A. Subagent
B. Broker's agent
C. Listing agent
D. Dual agent - ANSBroker's agent
When a licensee is the client's designated agent, the client gives up the agent's duty
A. Obedience
B. Undivided loyalty
C. Reasonable care
D. Advocacy in negotiating - ANSUndivided Loyalty
An agent owes all of these duties to a customer EXCEPT
A. Fair dealing.
B. Loyalty.
C. Disclosure of material facts.
D. Honesty. - ANSFair dealing.
Fred has missed two mortgage payments. What clause would allow his lender to demand
that he pay the entire balance now?
A. acceleration clause
B. foreclosure clause
C. escalation clause
, D. alienation clause - ANSacceleration clause
Tony owns the barbershop he built 25 years ago on the same street as his family home. The
area was zoned residential 10 years ago. Why is the barbershop allowed to remain open?
A. He receives incentive zoning.
B. The doctrine of laches applies since no one has complained about it.
C. He has an area variance.
D. It is a nonconforming use. - ANSIt is a nonconforming use.
Which federal environmental law, known as the Superfund, creates requirements for closed
and abandoned waste sites?
A. Clean Water Act
B. Resource Conservation and Recovery Act
C. Comprehensive Environmental Response, Compensation, and Liability Act
D. Safe Drinking Water Act - ANSComprehensive Environmental Response, Compensation,
and Liability Act
Lyle bought a duplex for $200,000 and leases each apartment for $580 a month. The land
on which the duplex sits is valued at $30,000. How much can Lyle deduct from his income
tax each year for straight line depreciation (rounded to the nearest dollar)?
A. $5,128
B. $7,273
C. $6,182
D. $5,676 - ANS$200,000/27.5= $7,273
The tenant signs a two-month lease on an apartment ending September 1. What type of
leasehold estate does this represent?
A. estate at will
B. periodic estate
C. estate for years
D. tenancy at sufferance - ANSEstate for years
A mortgage loan originator can perform each of these activities EXCEPT
A. lend money.
B. solicit a loan.
C. process a loan.
D. negotiate a loan. - ANSlend money
After examining a property, an appraiser made the following notes: Replacement cost=
$465,000; Depreciation= $18,000; Site Value= $85,000. Determine the final estimate of
value using the cost approach.
A. $550,000
