In NYS, how old must one be to enter into contracts? - ✔✔ 18
What other capability should they possess? - ✔✔ Mental and emotional
... [Show More] capability
What happens if one of the parties to the contract is a minor? - ✔✔ The contract is voidable by the minor
What does the zoning board of appeals do? - ✔✔ Grants variances
What regulates construction standards in NYS? - ✔✔ Building codes
What does municipal engineer's office do? - ✔✔ Oversees planning and construction of major highways, sweet systems and water connections
If a property ad states that the property is near the vicinity of a geographical area, what else mud the ad include? - ✔✔ It must include the name of the geographical area where the property is actually located
Who is usually exempt from property taxes? - ✔✔ Disabled, veterans, farmers, elderly gold star parents *kids die in the war, star program homeowners
Who is not usually exempt from property taxes? - ✔✔ Second home owners
What covers fully or personal property lost in a fire? - ✔✔ Replacement cost
Find the square footage of a rectangular shaped floor plan. How do you find the area of a square/rectangle? - ✔✔ Length x Width = Area
What is the cash on cash return on a $2,000,000 property with a down payment of $500,000 and $15,000 monthly rental income? - ✔✔ 36%
Who hires the agent? - ✔✔ Principal or client
What is not a CMA (Comparative Market Analysis?) - ✔✔ An apprasial
What cannot a salesperson do? - ✔✔ Collect money directly from the client or customer
When should the Agency disclosure form be submitted? - ✔✔ At the first substantive contact
Which document describes the agency (who he or she represents) of the salesperson? - ✔✔ Agency disclosure form
What is another name for the slope of a roof? - ✔✔ Pitch
What carcinogenic component was used as insulation in electric transformers that contaminated soil and ground water? - ✔✔ PCB's or polychlorinated biphenyls
What can brokers provide their salespeople if they are independent contractors? - ✔✔ Office phone
Whats right to access whiter from a river or stream called? - ✔✔ Riparian
What did the civil rights act of 1866 protect without exception? - ✔✔ Race
What did the 1988 amendment to the civil rights act protect? - ✔✔ Disability and familial status
What is convincing owners to sell/lease property by telling them a particular group of people are moving into the area called? - ✔✔ Blockbusting
What is it called when lenders/insurance agents refuse to do business in a certain area based on the characteristics of the people living there? - ✔✔ Redlining
Unless specified a lesser estate, transfer of title to real property in NYS creates what type of interest? - ✔✔ Fee Simple
What is another name for transfer of title to real property? - ✔✔ Conveyance
What is it called when the government dictates how a property can be used? - ✔✔ Zoning
Who issues real estate licenses? - ✔✔ NY Department of State
Who oversees licensing and registration of mortgage bankers and brokers? - ✔✔ NYS banking department
Which department oversees drinking water safety? - ✔✔ Department of Health
Who determines commission? - ✔✔ Principal/Client and the broker
What occurs when the agent represents the seller but also works in the best interests of the buyer? - ✔✔ Undisclosed dual agency
A real estate salesperson is what type of agent? - ✔✔ Special
What clause in the deed describes the property? - ✔✔ Legal descriptions
What type of income is partnership/investments? - ✔✔ Portfolio
Whats the name of the policy that provides additional liability coverage beyond the primary policy? - ✔✔ Umbrella policy
What type of maintenance is fixing a leaky faucet? - ✔✔ Corrective maintenance
What are property taxes based on? - ✔✔ Assessed value
What is the market value? - ✔✔ What the property will sell for in a competitive marketplace
What is a loft lease? - ✔✔ Its a lease for space that is not divided into rooms
Which types of commercial properties use percentage lease? - ✔✔ Retail stores/ shopping malls
Who is responsible for the terms in the lease if the unit has been subleased? - ✔✔ Lessee [Show Less]