NYS AYPO Final Real Estate Exam
Review
what is it called when a lease allows landlord to get tenants to pay unexpected
increases in operating costs? - CORRECT ANSWER-pass through
In real estate, what is not prohibited by the Sherman Act? - CORRECT ANSWER-Dual
Agency
What are the conditions of Dual Agency? - CORRECT ANSWER-informed consent,
agreement form
If a building has 2 condod for residential and commercial use, what is it called? -
CORRECT ANSWER-Condop
How does a brokerage decide whom to represent? - CORRECT ANSWER-Most
brokerages establish a policy
What material are water mains made out of? - CORRECT ANSWER-Iron
In a tax grievance, who has the burden of proof? - CORRECT ANSWER-Taxpayer
By law, a CMA can never be called? - CORRECT ANSWER-Appraisal
What does CMA stand for? - CORRECT ANSWER-Comparative Market Analysis
What is the Age requirement to be a real estate agent? - CORRECT ANSWER-18
what is the age requirement to be a real estate broker? - CORRECT ANSWER-20
what is a critical issue for broker's agents ? - CORRECT ANSWER-vicarious liability
What are the possible consequences of violating article 12A? - CORRECT ANSWER-
1,000 fine, license revocation, misdemeanor conviction
Unless it is a lesser estate, what kind of estate is it? - CORRECT ANSWER-fee simple
What is the most amount of ownership you can get? - CORRECT ANSWER-Fee simple
absolute
What are examples of lesser estates? - CORRECT ANSWER-leasehold, specified
lease, estate for years, periodic tenancy
, What is special about freehold estates? - CORRECT ANSWER-can be inherited,
conisdered ownership
what loan does a developer use to cover lots in a subdiviision? - CORRECT ANSWER-
blanket loan
If one party in a bilateral contract fails to perfom it is? - CORRECT ANSWER-Breach
What real estate is not assessed for tax purposes? - CORRECT ANSWER-all real
estate is assessed
How do condo residents take ownership of shared areas like parking garage and lobby?
- CORRECT ANSWER-tenancy in common
tenancy in common allows for - CORRECT ANSWER-unequal shares to be owned
Who holds the title of a specific co-op apartment? - CORRECT ANSWER-Co-op
cooperation
What does zoning board of appeals do? - CORRECT ANSWER-Review variances
What kinds of variances exist? - CORRECT ANSWER-use variance, area variance
Illegally rezoning one parcel to benefit one owner but without following master plan -
CORRECT ANSWER-spot zoning
CMA can be called - CORRECT ANSWER-opinion, estimate, valuation
What is the most common insurance for homeowners? - CORRECT ANSWER-HO3
What is PITI? - CORRECT ANSWER-Principal, Interest, Taxes, Insurance
PITI is when - CORRECT ANSWER-the mortgage where bank pays property tax and
insurance on behalf of the owner
What did Plessy v Ferguson establish? - CORRECT ANSWER-Separate but equal is
acceptable
Percentage lease are used with what type of commercial property? - CORRECT
ANSWER-Retail
What type of homeowners policy do renters buy - CORRECT ANSWER-HO4
Pam's lease does not allow evening promotional parties in store. Which clause prohibits
this? - CORRECT ANSWER-Use clause
Review
what is it called when a lease allows landlord to get tenants to pay unexpected
increases in operating costs? - CORRECT ANSWER-pass through
In real estate, what is not prohibited by the Sherman Act? - CORRECT ANSWER-Dual
Agency
What are the conditions of Dual Agency? - CORRECT ANSWER-informed consent,
agreement form
If a building has 2 condod for residential and commercial use, what is it called? -
CORRECT ANSWER-Condop
How does a brokerage decide whom to represent? - CORRECT ANSWER-Most
brokerages establish a policy
What material are water mains made out of? - CORRECT ANSWER-Iron
In a tax grievance, who has the burden of proof? - CORRECT ANSWER-Taxpayer
By law, a CMA can never be called? - CORRECT ANSWER-Appraisal
What does CMA stand for? - CORRECT ANSWER-Comparative Market Analysis
What is the Age requirement to be a real estate agent? - CORRECT ANSWER-18
what is the age requirement to be a real estate broker? - CORRECT ANSWER-20
what is a critical issue for broker's agents ? - CORRECT ANSWER-vicarious liability
What are the possible consequences of violating article 12A? - CORRECT ANSWER-
1,000 fine, license revocation, misdemeanor conviction
Unless it is a lesser estate, what kind of estate is it? - CORRECT ANSWER-fee simple
What is the most amount of ownership you can get? - CORRECT ANSWER-Fee simple
absolute
What are examples of lesser estates? - CORRECT ANSWER-leasehold, specified
lease, estate for years, periodic tenancy
, What is special about freehold estates? - CORRECT ANSWER-can be inherited,
conisdered ownership
what loan does a developer use to cover lots in a subdiviision? - CORRECT ANSWER-
blanket loan
If one party in a bilateral contract fails to perfom it is? - CORRECT ANSWER-Breach
What real estate is not assessed for tax purposes? - CORRECT ANSWER-all real
estate is assessed
How do condo residents take ownership of shared areas like parking garage and lobby?
- CORRECT ANSWER-tenancy in common
tenancy in common allows for - CORRECT ANSWER-unequal shares to be owned
Who holds the title of a specific co-op apartment? - CORRECT ANSWER-Co-op
cooperation
What does zoning board of appeals do? - CORRECT ANSWER-Review variances
What kinds of variances exist? - CORRECT ANSWER-use variance, area variance
Illegally rezoning one parcel to benefit one owner but without following master plan -
CORRECT ANSWER-spot zoning
CMA can be called - CORRECT ANSWER-opinion, estimate, valuation
What is the most common insurance for homeowners? - CORRECT ANSWER-HO3
What is PITI? - CORRECT ANSWER-Principal, Interest, Taxes, Insurance
PITI is when - CORRECT ANSWER-the mortgage where bank pays property tax and
insurance on behalf of the owner
What did Plessy v Ferguson establish? - CORRECT ANSWER-Separate but equal is
acceptable
Percentage lease are used with what type of commercial property? - CORRECT
ANSWER-Retail
What type of homeowners policy do renters buy - CORRECT ANSWER-HO4
Pam's lease does not allow evening promotional parties in store. Which clause prohibits
this? - CORRECT ANSWER-Use clause
