NYC Real Estate Exam | Questions & Math Problems with Verified Answers | New York Real Estate Licensing Prep
It is essential that every deed be signed by the: grantor
a) Devisee
b) grantee
c) grantor & grantee
d) Grantor
Jim's mechanic's lien will remain against the property for 1 year
at least:
a) 1 year
2) 8 Months
c) 10 years
d) 4 months
A specific tract of land is known as a: parcel
a) devise
b) chattel
c) parcel
d) littoral
If you are a salesperson working with a buyer, then the if you have an agency contract with the buyer
buyer is your client:
a) if you are servicing the buyer
b) if you have an agency contract with buyer
c) if the buyer has shared financial info with you
d) none of the above
Rosita buys a summer cottage that has a mechanic's lien remains as a claim against the property
against it, placed by the workman who was not paid by
the former owner Jim, for constructing a dock. The lien
now:
a) is void
b) is Jims responsibility only
c) remains as a claim against the property
d) is considered satisfied
A home was purchased in 2005, for $425,000. It was 12.47%
sold recently for $478,000. What is the rate of return on
profit on this house? 478,000-425,000= 53,000
53,000*100=5,300,000
5,300,000/425,000= 12.47
Which of the following contains a list of all real property assessment roll
in the jurisdiction with annual information including its
assessed value?
a) Assessment roll
b) equalization rate list
c) grievance list
d) in rem document
The assignment of costs between the buyer and the B- proration
seller at the closing is called:
a) Finishing fees
b) proration
c) closing accounting
d) real estate settlement & procedures
In NYS, how old must one be to enter into contracts? 18
What other capability should they possess? (to enter Mental and emotional capability
contract)
What happens if one of the parties to the contract is a The contract is voidable by the minor
minor?
, NYC Real Estate Exam | Questions & Math Problems with Verified Answers | New York Real Estate Licensing Prep
What does the zoning board of appeals do? Grants variances
What regulates construction standards in NYS? Building codes
What does municipal engineer's office do? Oversees planning and construction of major highways, sewer systems & water
connections
If a property ad states that the property is near the It must include the name of the geographical area where the property is actually
vicinity of a geographical area, what else must the ad located
include?
Who is usually exempt from property taxes? Disabled, veterans, farmers, elderly, gold star parents (whose kids dies in war)
and star program homeowners
Who is not usually exempt from property taxes? Second home owners
What covers fully for personal property lost in a fire? replacement cost
Find the square footage of a rectangular shaped floor
plan.
What's the cash on cash return on a $2,000,000 property 36%
with a down payment of 500,000 and $15000 monthly
rental income?
Who hires the agent? Principal or client
*NOT customer
What is not a CMA? An appraisal
What can't a salesperson do? Collect money directly from the client or customer
When should the Agency disclosure form be submitted? At the first substantive contact
Which document describes the agency(who he or she Agency disclosure form
represents) of the salesperson?
Whats another name for the slope of the roof? Pitch
What carcinogenic component was used as insulation in PCB or polychlorinated biphenyls
electric transformers that contaminated soil and ground
water?
It is essential that every deed be signed by the: grantor
a) Devisee
b) grantee
c) grantor & grantee
d) Grantor
Jim's mechanic's lien will remain against the property for 1 year
at least:
a) 1 year
2) 8 Months
c) 10 years
d) 4 months
A specific tract of land is known as a: parcel
a) devise
b) chattel
c) parcel
d) littoral
If you are a salesperson working with a buyer, then the if you have an agency contract with the buyer
buyer is your client:
a) if you are servicing the buyer
b) if you have an agency contract with buyer
c) if the buyer has shared financial info with you
d) none of the above
Rosita buys a summer cottage that has a mechanic's lien remains as a claim against the property
against it, placed by the workman who was not paid by
the former owner Jim, for constructing a dock. The lien
now:
a) is void
b) is Jims responsibility only
c) remains as a claim against the property
d) is considered satisfied
A home was purchased in 2005, for $425,000. It was 12.47%
sold recently for $478,000. What is the rate of return on
profit on this house? 478,000-425,000= 53,000
53,000*100=5,300,000
5,300,000/425,000= 12.47
Which of the following contains a list of all real property assessment roll
in the jurisdiction with annual information including its
assessed value?
a) Assessment roll
b) equalization rate list
c) grievance list
d) in rem document
The assignment of costs between the buyer and the B- proration
seller at the closing is called:
a) Finishing fees
b) proration
c) closing accounting
d) real estate settlement & procedures
In NYS, how old must one be to enter into contracts? 18
What other capability should they possess? (to enter Mental and emotional capability
contract)
What happens if one of the parties to the contract is a The contract is voidable by the minor
minor?
, NYC Real Estate Exam | Questions & Math Problems with Verified Answers | New York Real Estate Licensing Prep
What does the zoning board of appeals do? Grants variances
What regulates construction standards in NYS? Building codes
What does municipal engineer's office do? Oversees planning and construction of major highways, sewer systems & water
connections
If a property ad states that the property is near the It must include the name of the geographical area where the property is actually
vicinity of a geographical area, what else must the ad located
include?
Who is usually exempt from property taxes? Disabled, veterans, farmers, elderly, gold star parents (whose kids dies in war)
and star program homeowners
Who is not usually exempt from property taxes? Second home owners
What covers fully for personal property lost in a fire? replacement cost
Find the square footage of a rectangular shaped floor
plan.
What's the cash on cash return on a $2,000,000 property 36%
with a down payment of 500,000 and $15000 monthly
rental income?
Who hires the agent? Principal or client
*NOT customer
What is not a CMA? An appraisal
What can't a salesperson do? Collect money directly from the client or customer
When should the Agency disclosure form be submitted? At the first substantive contact
Which document describes the agency(who he or she Agency disclosure form
represents) of the salesperson?
Whats another name for the slope of the roof? Pitch
What carcinogenic component was used as insulation in PCB or polychlorinated biphenyls
electric transformers that contaminated soil and ground
water?
