NY REAL ESTATE PRACTICE TEST CORRECTLY SOLVED 2024

NY REAL ESTATE PRACTICE TEST CORRECTLY SOLVED 2024 1. A blanket mortgage usually contains which clause? A. assumption B. release C. sunrise D. good guy - Answer ️️ -B 2. A CMA is different from an appraisal because: A. an appraisal is based only on facts B. an appraisal is an opinion of value C. a CMA can consider expired listings and properties on market D. an appraiser cannot, by law, perform a CMA - Answer ️️ -c 3. A colorless, odorless, tasteless, radioactive gas which can enter homes is: A. formaldehyde B. freon C. radon D. carbon monoxide - Answer ️️ -c 4. A coop may turn down a prospective buyer for what reason? A. any reason, as long as they don't violate fair housing law B. if they don't qualify for financial reasons C. if they have served time in prison D. all of the above - Answer ️️ -d 5. A landlord discovers his tenant was only 17 when he signed the lease. For the landlord, the lease is: A. unenforceable B. void C. voidable D. a meeting of the minds - Answer ️️ -a 6. A lien is an: A. appurtenance B. encroachment C. encumbrance D. eminent domain - Answer ️️ -c 7. A listing contract creates an agency relationship in which the: A. broker is a general agent B. seller is the principal C. salesperson in an agent D. broker is a dual agent - Answer ️️ -b 8. A party wall is: A. shared as joint tenants B. a cross easement C. part of the bundle of rights D. an easement in gross - Answer ️️ -b 9. Which two protected groups are protected under the 1988 Amendment to Federal Fair Housing Act? A. age and gender B. disability and marital status C. disability and familial status D. religion and national origin - Answer ️️ -c 10. A property with a market value of $80,000 is assessed at 75%. What is the tax rate per mill if the annual tax bill is $900? A. 1.5 B. 15 C. 106 D. 10.6 - Answer ️️ -b 11. A real estate salesperson advises a prospective buyer that the coop they are considering does not accept pets, and their precious Labradoodle cannot live there. This disclosure constitutes: A. disloyalty to the seller B. violation of fiduciary duty C. required disclosure to buyer D. compliance with the Statute of Frauds - Answer ️️ -c 12. Salesperson Sam, associated with Happy Realty, effects a co-broke with Pleasant Homes, who has the exclusive listing. In this transaction, Sam is a subagent of whom? A. seller B. no one - he is a special agent C. buyer D. no one - he is an independent contractor - Answer ️️ -a 13. A salesperson licensee may receive commissions from: A. a referral client B. landlord or tenant C. seller D. supervising broker - Answer ️️ -d 14. A salesperson receives two offers for a listed property in the same afternoon. One offer is higher. The salesperson should present to the seller: A. the offer he believes, in his professional opinion, is the stronger offer B. both offers C. the higher offer only D. the offer which comes directly (is not a co-broke) - Answer ️️ -b 15. A salesperson working for broker Ralph sells a property for $90,000. Ralph keeps 40% of the 6% commission. How much does the salesperson r