NYREI Exam Prep questions and answers

A leasehold estate that continues for a successive periods of equal length until terminated by proper notice from either party is a - correct answer --Periodic tenancy Physical land and everything attached to it is called - correct answer --Real Estate Equipment a tenant installs for use in his or her business is called - correct answer --Trade fixture The illegal practice of inducing homeowners to sell their homes (Usually at a deflated price) by suggesting the ethinic or racial composition of the neighborhood Is changing, with the implication that property values will decline is called - correct answer --Blockbusting Loans that follow the criteria set by secondary markets are called - correct answer --Conforming loans A "Rule" that says an informed buyer will not pay more for one home than a comparable one is - correct answer --Substitution Funds offered as an indication of good faith regarding a future performance of a purchase agreement is called - correct answer --Earnest money Possession of property by a holdover tenant is - correct answer --Tenancy at sufferance An agent authorized to do everything that can be lawfully delegated to be a representative is a - correct answer --Universal agent The relationship between the cost of borrowing money and the total amount financed is - correct answer --APR A revocable, non assignable permission to enter another persons land for a particular purpose is - correct answer --License