NYS Real estate Exam Questions with Correct Answers 100% Verified By Experts| Latest
Update Guaranteed Success
Which feature of a property is known as an example of functional obsolescence Inadequate
electrical current to run an air conditioner
The three primary events in investment property ownership, or acquisition, holding., And
Reversion
What is the cost recovery period for a commercial investment property 39 years
Which phrase is used when describing the property that is exchanged in a 1031 exchange
like-kind
Long-term gains or gains that result from the sale in which a property was held for? One
year or more
The tax rolled for investment properties established the tax consequences, resulting from a
properties, income operations, which establish a properties Book value
Operating expenses associated with income property include fixed, expenses, variable,
expenses, and reserves for replacements
Fix expenses or expenses that do not vary as a result of the properties Occupancy rate
A natural break/break even point is likely to be included in a Percentage lease
A landlord will only accept a rent payment from a party that is named in the lease section called
Attornment
,To calculate a tenant proportionate share of occupancy in the building, a landlord would most
likely Divide the tenant rentalable area by the building gross rentalable area
All of the following are examples of rent escalation, except Graduated lease
What is the maximum percentage of their income that participants in the FHA section 8
program made pay and rent? 30%
For management purposes, property can be divided into five major categories
A property manager hires, a full-time janitor from one of the buildings she manages. While
repairing a faucet in one of the apartments, the janitor steals the TV. The property manager
could protect the owner against liability for this type of loss by purchasing? A surety bond
When an apartment that is covered by rent, regulation laws allows for an increase in rent at the
end of each lease. Period, the rent regulation that would apply is? Rent stabilization
One of the first steps, a property manager must take one beginning to manage. A new property
is to develop a. Marketing proposal
multifamily residences may have A live-in resident manager
A specific parcel of real estate has a market value of 180,000 and is assessed for tax purposes at
25% of market value. The tax rate for the county in which the property is located is 30 Mills.
The tax will be. 1350. 180,000×.25. 30÷1000 equals .03. 45,000×.03.
Sidewalk repairs in one area of the town of Brighton will be paid for through special
assessment
,What does an equalization rate of less than 100 mean? The municipality's total market value
is greater than its assessed value.
The true tax on a property is the tax before exemptions are subtracted
An in rem foreclosure proceeds against the property
The elderly woman who wants a large star, property tax reduction must Reapply every year
Which event is an example of static risk? A vandal causes extensive damage by breaking
windows and spraying graffiti.
Fire and hazard insurance policies can be extended to cover damage from windstorms
Business interruption insurance covers lost income
Excess liability coverage that provides coverage for those areas that would fall between the
cracks with other policies is referred to as Umbrella coverage
Casualty insurance policies are always written On specific risks
Generally, speaking, insurance policies are not difficult to arrange
The most comprehensive homeowners insurance package is HO-3
An insurance reserve is usually required on an acquired property when financing is arranged
, A loss run schedule shows the history of the subjects previous claims
HO-6 condominium owners
HO-4 renters insurance
HO-5 Comprehensive Form (homeowner) provides open perils coverage ("all-risks
coverage") on the dwelling, other structures and personal property.
Ginnie Mae's responsibility Guarantee security of loans
Agents talking about commissions Violates Sherman antitrust act
Hypothecation To pledge property as security for an obligation or loan without giving up
possession of it.
If an agents License is canceled, what is the waiting period before they can re-apply for the
License? After 1 year and Apply
Agents Always work for? Their sponsering broker
The overhang of a roof is called? Eaves
The material found in the soil and in the rivers used for transformers is called? PCB
Asbestos are found usually where in the house? On boiler pipes
Update Guaranteed Success
Which feature of a property is known as an example of functional obsolescence Inadequate
electrical current to run an air conditioner
The three primary events in investment property ownership, or acquisition, holding., And
Reversion
What is the cost recovery period for a commercial investment property 39 years
Which phrase is used when describing the property that is exchanged in a 1031 exchange
like-kind
Long-term gains or gains that result from the sale in which a property was held for? One
year or more
The tax rolled for investment properties established the tax consequences, resulting from a
properties, income operations, which establish a properties Book value
Operating expenses associated with income property include fixed, expenses, variable,
expenses, and reserves for replacements
Fix expenses or expenses that do not vary as a result of the properties Occupancy rate
A natural break/break even point is likely to be included in a Percentage lease
A landlord will only accept a rent payment from a party that is named in the lease section called
Attornment
,To calculate a tenant proportionate share of occupancy in the building, a landlord would most
likely Divide the tenant rentalable area by the building gross rentalable area
All of the following are examples of rent escalation, except Graduated lease
What is the maximum percentage of their income that participants in the FHA section 8
program made pay and rent? 30%
For management purposes, property can be divided into five major categories
A property manager hires, a full-time janitor from one of the buildings she manages. While
repairing a faucet in one of the apartments, the janitor steals the TV. The property manager
could protect the owner against liability for this type of loss by purchasing? A surety bond
When an apartment that is covered by rent, regulation laws allows for an increase in rent at the
end of each lease. Period, the rent regulation that would apply is? Rent stabilization
One of the first steps, a property manager must take one beginning to manage. A new property
is to develop a. Marketing proposal
multifamily residences may have A live-in resident manager
A specific parcel of real estate has a market value of 180,000 and is assessed for tax purposes at
25% of market value. The tax rate for the county in which the property is located is 30 Mills.
The tax will be. 1350. 180,000×.25. 30÷1000 equals .03. 45,000×.03.
Sidewalk repairs in one area of the town of Brighton will be paid for through special
assessment
,What does an equalization rate of less than 100 mean? The municipality's total market value
is greater than its assessed value.
The true tax on a property is the tax before exemptions are subtracted
An in rem foreclosure proceeds against the property
The elderly woman who wants a large star, property tax reduction must Reapply every year
Which event is an example of static risk? A vandal causes extensive damage by breaking
windows and spraying graffiti.
Fire and hazard insurance policies can be extended to cover damage from windstorms
Business interruption insurance covers lost income
Excess liability coverage that provides coverage for those areas that would fall between the
cracks with other policies is referred to as Umbrella coverage
Casualty insurance policies are always written On specific risks
Generally, speaking, insurance policies are not difficult to arrange
The most comprehensive homeowners insurance package is HO-3
An insurance reserve is usually required on an acquired property when financing is arranged
, A loss run schedule shows the history of the subjects previous claims
HO-6 condominium owners
HO-4 renters insurance
HO-5 Comprehensive Form (homeowner) provides open perils coverage ("all-risks
coverage") on the dwelling, other structures and personal property.
Ginnie Mae's responsibility Guarantee security of loans
Agents talking about commissions Violates Sherman antitrust act
Hypothecation To pledge property as security for an obligation or loan without giving up
possession of it.
If an agents License is canceled, what is the waiting period before they can re-apply for the
License? After 1 year and Apply
Agents Always work for? Their sponsering broker
The overhang of a roof is called? Eaves
The material found in the soil and in the rivers used for transformers is called? PCB
Asbestos are found usually where in the house? On boiler pipes
