Real Estate
New York University
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Exam (elaborations)
New York Real Estate Salesperson Exam: Latest Updated: Guaranteed A+ Guide
Liquidity 
(Ansability to convert something to cash quickly 
- real estate not liquid 
Effective Gross income 
(Ans- potential gross income- vacancy and collection loss+ other income 
potential gross income 
(Ans- maximum amount of rent a landlord could get at full occupancy 
Net Operating income 
(Ans- effective gross income- expenses 
Eviction 
(Ans- 
- legal way to evict is court order 
- Constructive eviction- landlord forces tenant out because they make 
the property uninhabitable (like tur...
Exam (elaborations)
New York Real Estate Exam Study Guide: 100% Verified Questions & Answers: Latest Updated
What would you call a situation where I represent the seller as my client but then work in the best interests of the buyer (my customer?) 
(Ans- Undisclosed dual agency 
 
If I represent the buyer as a broker, this would be called ___. 
(Ans- Buyers agency 
 
I owe all of the fiduciary obligations to my client or to my customer? (Ans- client 
 
I work ___ the client, and ___ the customer. 
 (Ans- for/with 
 
What does fiduciary mean? 
 (Ans- a person placed in a position of TRUST and CONFIDENC...
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