NYS Real Estate Exam Questions with Correct Answers 100% Verified By Experts| Latest
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Assessed value government calculation of a property to keep taxes down
Special assessments added tax to RE tax bill = shared by a street
Tax grievances process 1. meet with the assessor
2. Board of assessment review
3. Supreme court
Tax levy money that is needed to run a geographical area after we get handouts from the
feds or the state
Assessment role total of all the assessment values put together
total of properties
Assessing unit geographical unit responsible for our own budget
Tax rate role divided by the levy should give you the tax rate
Co-op leasehold estate
personal property
shares of stock, owning with a building
long term lease
tenant- shareholder; rent out to sublease
Condo real property (deed)
,sponsor usually person who developed condo for sale
after all are sold, board of directors are in charge
Real estate investement return of $$$
Risk put money in, home to make a profit
cash flow
profit when selling
Rate of return depends on income
Liquidity Real estate is not liquid; cant be changed to cash immediately
selling process
Types of investment properties multi family (apt building)
office (business)
industrial (warehouses)
retail (stores)
health care (hospitals, dr. offices)
Commercial leasing lease by square feet (always calculated by year)
Gross lease tenant pays rent and owner pays for everything else (like an apartment)
,Net lease Tenant agrees to pay some or all of the landlord's expenses
Percentage lease used in shopping malls
profit sharing after a certain point
sub lease finding a tenant when you are still the tenant
Capital gains tax not for primary residence but for investment property
Active income physical work, salaru
Passive income stock dividends, investment
1031 tax exchange defer payment on capital gains
Tax depriciation loss of value deduct every year for loss of value
- 27.5 years for residential investment
- 39 years for commercial investment
property management agent to take care of property as if they own it
need brokers license to manage
charge a flat fee or percentage of rent collected
insurance and risk management has to make sure property is insured against lawsuits
, types of property for management office building management
retail property management
residential property management
Operating statement send report to landlord
maintenance criteria preventative maintenance (saves money in long run)
corrective maintenance (lose money)
NYS Dept of State agency that licenses real estate agents/brokers
Property law name Article 12A
Types of real estate licenses (3) salesperson, associate broker, broker
An associate broker... has no broker powers
A broker... sponsors salespeople and associate brokers
The salesperson's license is kept by... the broker for whom the salesperson is working for,
kept in a secure place
Pocket ID card Kept with the agent, should be carried at all times
Any changes to a salesperson's license should be submitted to the Department of State with
5 days notice
Update Guaranteed Success
Assessed value government calculation of a property to keep taxes down
Special assessments added tax to RE tax bill = shared by a street
Tax grievances process 1. meet with the assessor
2. Board of assessment review
3. Supreme court
Tax levy money that is needed to run a geographical area after we get handouts from the
feds or the state
Assessment role total of all the assessment values put together
total of properties
Assessing unit geographical unit responsible for our own budget
Tax rate role divided by the levy should give you the tax rate
Co-op leasehold estate
personal property
shares of stock, owning with a building
long term lease
tenant- shareholder; rent out to sublease
Condo real property (deed)
,sponsor usually person who developed condo for sale
after all are sold, board of directors are in charge
Real estate investement return of $$$
Risk put money in, home to make a profit
cash flow
profit when selling
Rate of return depends on income
Liquidity Real estate is not liquid; cant be changed to cash immediately
selling process
Types of investment properties multi family (apt building)
office (business)
industrial (warehouses)
retail (stores)
health care (hospitals, dr. offices)
Commercial leasing lease by square feet (always calculated by year)
Gross lease tenant pays rent and owner pays for everything else (like an apartment)
,Net lease Tenant agrees to pay some or all of the landlord's expenses
Percentage lease used in shopping malls
profit sharing after a certain point
sub lease finding a tenant when you are still the tenant
Capital gains tax not for primary residence but for investment property
Active income physical work, salaru
Passive income stock dividends, investment
1031 tax exchange defer payment on capital gains
Tax depriciation loss of value deduct every year for loss of value
- 27.5 years for residential investment
- 39 years for commercial investment
property management agent to take care of property as if they own it
need brokers license to manage
charge a flat fee or percentage of rent collected
insurance and risk management has to make sure property is insured against lawsuits
, types of property for management office building management
retail property management
residential property management
Operating statement send report to landlord
maintenance criteria preventative maintenance (saves money in long run)
corrective maintenance (lose money)
NYS Dept of State agency that licenses real estate agents/brokers
Property law name Article 12A
Types of real estate licenses (3) salesperson, associate broker, broker
An associate broker... has no broker powers
A broker... sponsors salespeople and associate brokers
The salesperson's license is kept by... the broker for whom the salesperson is working for,
kept in a secure place
Pocket ID card Kept with the agent, should be carried at all times
Any changes to a salesperson's license should be submitted to the Department of State with
5 days notice
