NYREI School Exam Questions And Answers
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A buyer is considering a house with asbestos insulation coating the water pipes.
What should the buyer be most concerned about? - ANSWER -Asbestos can
contaminate the house if removed improperly since airborne particles are
dangerous.
Net square footage refers to - ANSWER -usable space.
As a measure of the force that pushes electricity through a wire, residential circuits
operate at a minimum of: - ANSWER -110 volts.
The STAR program provides a partial exemption to New York State homeowners
for - ANSWER -school district taxes.
Which pair could be used in a tax-deferred like-kind exchange? - ANSWER -
shares of stock for a cooperative apartment
A zoning board of appeals - ANSWER -rules on requests for variances.
Which type of legal description uses a survey map of a subdivision? - ANSWER -
rectangular survey system
Which is a characteristic of a pro forma statement that is NOT a characteristic of
an operating statement? - ANSWER -provides hypothetical data to assist in making
decisions
An advantage for businesses to do a sale-and-leaseback is to - ANSWER -free up
liquid assets to invest in other product or resources.
, Revocation of a license means a license is withdrawn and - ANSWER -can only
be reinstated after one year.
Sue faces possible foreclosure, and contacts a mortgage lender whose ad promises
to save her home for her. At closing, Sue sees that the lender changed the terms of
the loan that they had agreed to, but she felt she had no choice but to go ahead with
the loan or lose her house. This is an example of - ANSWER -predatory lending.
property owner who needs a high limit of liability coverage would likely consider
- ANSWER -an umbrella policy.
Which is an example of a general involuntary lien? - ANSWER -judgment lien
The theoretical price real estate should bring in a typical transaction is known as
the - ANSWER -market value.
Wilma sells her house for $600,000 two months after her husband passed away.
They had purchased the house in 1952 for $58,000. Assuming they met the
requirement for filing jointly, on what amount will Wilma have to pay income tax?
- ANSWER -
When finding comparable properties for a comparative market analysis, a real
estate agent will consider - ANSWER -only homes that have recently sold.
When someone dies without a will and without heirs or creditors, his properly
reverts to the state through the process of - ANSWER -escheat
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)? - ANSWER -
A _____ has a fiduciary obligation to a _____. - ANSWER -property manager /
property owner
Verified 100% Correct |Latest 2025 | Guaranteed
Pass
A buyer is considering a house with asbestos insulation coating the water pipes.
What should the buyer be most concerned about? - ANSWER -Asbestos can
contaminate the house if removed improperly since airborne particles are
dangerous.
Net square footage refers to - ANSWER -usable space.
As a measure of the force that pushes electricity through a wire, residential circuits
operate at a minimum of: - ANSWER -110 volts.
The STAR program provides a partial exemption to New York State homeowners
for - ANSWER -school district taxes.
Which pair could be used in a tax-deferred like-kind exchange? - ANSWER -
shares of stock for a cooperative apartment
A zoning board of appeals - ANSWER -rules on requests for variances.
Which type of legal description uses a survey map of a subdivision? - ANSWER -
rectangular survey system
Which is a characteristic of a pro forma statement that is NOT a characteristic of
an operating statement? - ANSWER -provides hypothetical data to assist in making
decisions
An advantage for businesses to do a sale-and-leaseback is to - ANSWER -free up
liquid assets to invest in other product or resources.
, Revocation of a license means a license is withdrawn and - ANSWER -can only
be reinstated after one year.
Sue faces possible foreclosure, and contacts a mortgage lender whose ad promises
to save her home for her. At closing, Sue sees that the lender changed the terms of
the loan that they had agreed to, but she felt she had no choice but to go ahead with
the loan or lose her house. This is an example of - ANSWER -predatory lending.
property owner who needs a high limit of liability coverage would likely consider
- ANSWER -an umbrella policy.
Which is an example of a general involuntary lien? - ANSWER -judgment lien
The theoretical price real estate should bring in a typical transaction is known as
the - ANSWER -market value.
Wilma sells her house for $600,000 two months after her husband passed away.
They had purchased the house in 1952 for $58,000. Assuming they met the
requirement for filing jointly, on what amount will Wilma have to pay income tax?
- ANSWER -
When finding comparable properties for a comparative market analysis, a real
estate agent will consider - ANSWER -only homes that have recently sold.
When someone dies without a will and without heirs or creditors, his properly
reverts to the state through the process of - ANSWER -escheat
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)? - ANSWER -
A _____ has a fiduciary obligation to a _____. - ANSWER -property manager /
property owner
