THE CE SHOP NY REAL ESTATE
LICENSE COURSE FINAL EXAM BEST
REVIEW
l To obtain financing to fund a cooperative purchase, a buyer will apply for? - Share loan
One issue with guiding buyers toward or away from an area because of perceived school quality is that
school quality is often used as a proxy for? - Race
Which of the following was designed to monitor whether financial institutions were adequately serving
the credit needs of their communities and not engaging in redlining? - HMDA
Home buying programs for Long Island borrowers are available through which of the following
organizations? - Economic Opportunity Council of Suffolk Inc.
What's true about chlorofluorocarbons (CFCs)? - They are nontoxic
Karen meets the experience requirements related to credit analysis and underwriting to qualify as a
mortgage broker. At a minimum, how many years' experience does she have? - Two
Which of the following is true about positive misrepresentation? - A principal was harmed by the
misstatement.
Nonresident applicants applying for New York real estate licensure must agree to submit to the
jurisdiction of New York courts. What form must they also complete? - Irrevocable consent and
designation form
Whether commercial, agricultural, residential, or industrial, all real property within a jurisdiction has
which of the following characteristics? - All are assessed.
Tess has $385 in monthly non-housing debt obligations, and her anticipated mortgage payment is
$1,103. Her gross income is $7,598, and her net income is $5,815. What's her total DTI (debt-to-income
ratio)? - 19.58%
Margie loves to shop at the neighborhood shopping center near her. The location is so convenient, and
the parking lot is easy to get in and out of, even though there can be a lot of traffic at certain times of the
day. Where is Margie's neighborhood shopping center located? - On a corner-lot, at the intersection of
two major throroughfares
What is a binder? - A written outline of the sales transaction
When marketing a commercial space to investor, what information will they likely be most interested in?
- Cash flow analysis and projections.
Gina is a tax assessor. Which of the following is true about her job? - She compares nearby property sales
to determine market value.
, How many anchor stores does a super-regional shopping center normally have? - three or more
What "quick and dirty" investment formula seeks to achieve a percentage of gross monthly rental
income as compared to purchase price? - 2%
Which of the following is a type of loose-fill insulation? - Vermiculite
Which type of financing do active investors generally seek? - Non-conventional
Your seller client needs to sell as soon as possible. How should you respond if a prospective buyer asks
you whether your seller is firm on price? - "The seller believes the home is priced fairly. I suggest you
write your highest and best offer."
Idina has filed a federal housing complaint after a landlord told her he would o my rent her an aparenten
if she had sex with him. After investigating the complaint, HUD find reasonable cause to believe that
discrimination occurred. What happen next? - HUD will inform Idina
Consent is not present when _______. - The contract is signed under duress or undue influence
Why is it important for tenants and owner/landlords to review the insurance section of a commercial
lease? - Many times, the amount of insurance specified in the lease is higher than the amount a tenant
actually carries, and higher than the amount the landlord actually requires.
The process of protesting a tax assessment starts with? - Reviewing a tentative assessment roll
Which of the following is defined as what it would take to recreate a property if it disappeared off the
face of the earth today? - Cost
If an investor realized a gain of $140,000 on the sale of an investment property and the depreciated
amount was $20,000, what would happen? - Investor will pay 25% on the $20,000 and either 15% or
20% on the other $120,000.
Which type of investor finds a deeply discounted property, closes on the property transaction, and then
immediately sells it to another investor? - Wholesaler
Jason is planning to invest in a new commercial development. He'd like to invest $400,000 and secure
another $100,000 through financing. After shopping around, Jason could not find financing at an
affordable rate. Of what type of risk is Jason the victim? - capital risk
Why were activities that encourage monopolies to form made illegal? - They limit consumer choice.
A deed contains several essential elements. Which of the following clauses must always be included? -
Granting Clause
Tittle VIII of the Civil Rights Act of 1968 is called the_______, and prohibits discrimination in the sale,
rental, and financing of the housing and housing-related transactions based on race, color, national
origin, and/ or religion. - Fair Housing Act
Vacancy rates in existing brick-and-mortar stores are around ______. - 14%
LICENSE COURSE FINAL EXAM BEST
REVIEW
l To obtain financing to fund a cooperative purchase, a buyer will apply for? - Share loan
One issue with guiding buyers toward or away from an area because of perceived school quality is that
school quality is often used as a proxy for? - Race
Which of the following was designed to monitor whether financial institutions were adequately serving
the credit needs of their communities and not engaging in redlining? - HMDA
Home buying programs for Long Island borrowers are available through which of the following
organizations? - Economic Opportunity Council of Suffolk Inc.
What's true about chlorofluorocarbons (CFCs)? - They are nontoxic
Karen meets the experience requirements related to credit analysis and underwriting to qualify as a
mortgage broker. At a minimum, how many years' experience does she have? - Two
Which of the following is true about positive misrepresentation? - A principal was harmed by the
misstatement.
Nonresident applicants applying for New York real estate licensure must agree to submit to the
jurisdiction of New York courts. What form must they also complete? - Irrevocable consent and
designation form
Whether commercial, agricultural, residential, or industrial, all real property within a jurisdiction has
which of the following characteristics? - All are assessed.
Tess has $385 in monthly non-housing debt obligations, and her anticipated mortgage payment is
$1,103. Her gross income is $7,598, and her net income is $5,815. What's her total DTI (debt-to-income
ratio)? - 19.58%
Margie loves to shop at the neighborhood shopping center near her. The location is so convenient, and
the parking lot is easy to get in and out of, even though there can be a lot of traffic at certain times of the
day. Where is Margie's neighborhood shopping center located? - On a corner-lot, at the intersection of
two major throroughfares
What is a binder? - A written outline of the sales transaction
When marketing a commercial space to investor, what information will they likely be most interested in?
- Cash flow analysis and projections.
Gina is a tax assessor. Which of the following is true about her job? - She compares nearby property sales
to determine market value.
, How many anchor stores does a super-regional shopping center normally have? - three or more
What "quick and dirty" investment formula seeks to achieve a percentage of gross monthly rental
income as compared to purchase price? - 2%
Which of the following is a type of loose-fill insulation? - Vermiculite
Which type of financing do active investors generally seek? - Non-conventional
Your seller client needs to sell as soon as possible. How should you respond if a prospective buyer asks
you whether your seller is firm on price? - "The seller believes the home is priced fairly. I suggest you
write your highest and best offer."
Idina has filed a federal housing complaint after a landlord told her he would o my rent her an aparenten
if she had sex with him. After investigating the complaint, HUD find reasonable cause to believe that
discrimination occurred. What happen next? - HUD will inform Idina
Consent is not present when _______. - The contract is signed under duress or undue influence
Why is it important for tenants and owner/landlords to review the insurance section of a commercial
lease? - Many times, the amount of insurance specified in the lease is higher than the amount a tenant
actually carries, and higher than the amount the landlord actually requires.
The process of protesting a tax assessment starts with? - Reviewing a tentative assessment roll
Which of the following is defined as what it would take to recreate a property if it disappeared off the
face of the earth today? - Cost
If an investor realized a gain of $140,000 on the sale of an investment property and the depreciated
amount was $20,000, what would happen? - Investor will pay 25% on the $20,000 and either 15% or
20% on the other $120,000.
Which type of investor finds a deeply discounted property, closes on the property transaction, and then
immediately sells it to another investor? - Wholesaler
Jason is planning to invest in a new commercial development. He'd like to invest $400,000 and secure
another $100,000 through financing. After shopping around, Jason could not find financing at an
affordable rate. Of what type of risk is Jason the victim? - capital risk
Why were activities that encourage monopolies to form made illegal? - They limit consumer choice.
A deed contains several essential elements. Which of the following clauses must always be included? -
Granting Clause
Tittle VIII of the Civil Rights Act of 1968 is called the_______, and prohibits discrimination in the sale,
rental, and financing of the housing and housing-related transactions based on race, color, national
origin, and/ or religion. - Fair Housing Act
Vacancy rates in existing brick-and-mortar stores are around ______. - 14%
