NYREI practice exam questions and answers

For the income approach to appraisal, value is a reference to what? - correct answers--the worth of the investment Which method of property description is most frequently used in New York State? - correct answers--Metes and bounds One important characteristic of investing caused Bill to invest in certificates of deposit rather than real estate. Bill was concerned with - correct answers--liquidity. Who sets the legal description? - correct answers--surveyor Dwelling policies generally exclude - correct answers--water damage. John is gathering up his paperwork to complete his income taxes. His home expenses include: Mortgage interest / month = $520; Property taxes = $3,280; New deck = $5,300. What is the total deduction John can take for the year? - correct answers--$9,520 Broker Sam told the seller that her listing contract would automatically renew after the expiration date of June 1st. One June 2nd, the seller listed with another agency. Sam's statement had no effect because - correct answers--New York prohibits automatic extensions of listings. Effective gross income best describes - correct answers--gross income minus a figure for vacancy and collection losses. A lease temporarily transfers the rights of property from the _________ to the ________. - correct answers--lessor / lessee When showing a downtown condominium, a licensee brags, "This unit probably has the best view of Lake Michigan in the whole city!" Would this statement have legal consequences? - correct answers--No, this is puffing and is the agent's opinion