CompuCram Simulated Exam #1 with Verified
Solutions| Latest Update
A new 3 season room, an in-law apartment, and new vinyl siding would all be considered capital
improvements while new appliances would not. The stainless-steel appliances would not be
assessable. In a one family home which of these improvements is typically not assessable?
recognition agreement.
The recognition agreement is between the lender, the co-op, and the shareholder. It recognizes
the rights of lenders who finance the shareholder. A document agreed to by the lender, the
co-op, and the shareholder that recognizes the rights of lenders who finance the shareholder is
the
The State Attorney General
The Department of State oversees licensing in New York. The Board of Managers oversees the
running of a condominium association, and the Secretary of State does not get involved in the
development of a condominium or cooperative. The State Attorney General's office regulates and
reviews all plans for the development of a condominium association or cooperative. Who
regulates the offering plan for condominiums and cooperatives?
condominium
, Condominium owners have a separate interest in their individual units. Which type of
ownership has separate mortgages and taxes for each unit?
Net square feet is typically used to calculate base rent.
Rentable square feet, also called gross square feet, is the number typically used for calculating
base rent. Which statement about square footage is FALSE?
apartment tenant
It is not uncommon for commercial leases to include landlord expenses as part of the lease
payment. But in residential leases, such as an apartment, the tenant would pay the rent and none
of the landlord's costs. This would be considered a gross lease. Who would most likely
enter into a gross lease?
net-net-net
A net-net-net lease requires the tenant to pay more of the cost of ownership separate from the
rent, so the base rent is typically lower. Which lease would likely have the lowest base
rent?
the exchange of like kind.
Solutions| Latest Update
A new 3 season room, an in-law apartment, and new vinyl siding would all be considered capital
improvements while new appliances would not. The stainless-steel appliances would not be
assessable. In a one family home which of these improvements is typically not assessable?
recognition agreement.
The recognition agreement is between the lender, the co-op, and the shareholder. It recognizes
the rights of lenders who finance the shareholder. A document agreed to by the lender, the
co-op, and the shareholder that recognizes the rights of lenders who finance the shareholder is
the
The State Attorney General
The Department of State oversees licensing in New York. The Board of Managers oversees the
running of a condominium association, and the Secretary of State does not get involved in the
development of a condominium or cooperative. The State Attorney General's office regulates and
reviews all plans for the development of a condominium association or cooperative. Who
regulates the offering plan for condominiums and cooperatives?
condominium
, Condominium owners have a separate interest in their individual units. Which type of
ownership has separate mortgages and taxes for each unit?
Net square feet is typically used to calculate base rent.
Rentable square feet, also called gross square feet, is the number typically used for calculating
base rent. Which statement about square footage is FALSE?
apartment tenant
It is not uncommon for commercial leases to include landlord expenses as part of the lease
payment. But in residential leases, such as an apartment, the tenant would pay the rent and none
of the landlord's costs. This would be considered a gross lease. Who would most likely
enter into a gross lease?
net-net-net
A net-net-net lease requires the tenant to pay more of the cost of ownership separate from the
rent, so the base rent is typically lower. Which lease would likely have the lowest base
rent?
the exchange of like kind.
