NEW YORK STATE REAL ESTATE
SALESPERSON LICENSING EXAM
Whats the name of the policy that provides additional liability coverage beyond
the primary policy? - ANSWERS-Umbrella policy
What type of maintenance is fixing a leaky faucet? - ANSWERS-Corrective
maintenance
What are property taxes based on? - ANSWERS-Assessed value
What is the market value? - ANSWERS-What the property will sell for in a
competitive marketplace
What is a loft lease? - ANSWERS-Its a lease for space that is not divided into
rooms
Which types of commercial properties use percentage lease? - ANSWERS-Retail
stores/ shopping malls
Who is responsible for the terms in the lease if the unit has been subleased? -
ANSWERS-Lessee
What is the tang of private property by the government for public use called? -
ANSWERS-Eminent Domain
, How many years is a residential investment property depreciable for? -
ANSWERS-27.5 years
How much profit can a single person claim from the sale of a personal
residence thats tax free? - ANSWERS-$250,000
What is the right to use another's land that falls short of ownership called? -
ANSWERS-Easement
Joe was not paid for the supplies and labor he provided to homeowner Smith.
What kind of lien will he file against Smith? - ANSWERS-Mechanics Lien
What serves the same function as a circuit breaker? - ANSWERS-Fuse
What type of estate is created when only one person holds title to real
property? - ANSWERS-Ownership in severalty
How much should the seller reimburse the buyer for refusing to provide a
property disclosure form? - ANSWERS-$500
Seller tells the listing agent he filed for bankruptcy the previous year. The seller
ends up not listing the property with the agent, Still, what fiduciary duty does
the agent owe the seller? - ANSWERS-Confidentiality
What type of financing is used to purchase a new property when the old
property hasn't been sold yet? - ANSWERS-Swing loan or bridge loan
Who is the borrower of a mortgage loan? - ANSWERS-Mortgagor
SALESPERSON LICENSING EXAM
Whats the name of the policy that provides additional liability coverage beyond
the primary policy? - ANSWERS-Umbrella policy
What type of maintenance is fixing a leaky faucet? - ANSWERS-Corrective
maintenance
What are property taxes based on? - ANSWERS-Assessed value
What is the market value? - ANSWERS-What the property will sell for in a
competitive marketplace
What is a loft lease? - ANSWERS-Its a lease for space that is not divided into
rooms
Which types of commercial properties use percentage lease? - ANSWERS-Retail
stores/ shopping malls
Who is responsible for the terms in the lease if the unit has been subleased? -
ANSWERS-Lessee
What is the tang of private property by the government for public use called? -
ANSWERS-Eminent Domain
, How many years is a residential investment property depreciable for? -
ANSWERS-27.5 years
How much profit can a single person claim from the sale of a personal
residence thats tax free? - ANSWERS-$250,000
What is the right to use another's land that falls short of ownership called? -
ANSWERS-Easement
Joe was not paid for the supplies and labor he provided to homeowner Smith.
What kind of lien will he file against Smith? - ANSWERS-Mechanics Lien
What serves the same function as a circuit breaker? - ANSWERS-Fuse
What type of estate is created when only one person holds title to real
property? - ANSWERS-Ownership in severalty
How much should the seller reimburse the buyer for refusing to provide a
property disclosure form? - ANSWERS-$500
Seller tells the listing agent he filed for bankruptcy the previous year. The seller
ends up not listing the property with the agent, Still, what fiduciary duty does
the agent owe the seller? - ANSWERS-Confidentiality
What type of financing is used to purchase a new property when the old
property hasn't been sold yet? - ANSWERS-Swing loan or bridge loan
Who is the borrower of a mortgage loan? - ANSWERS-Mortgagor
