WHAT AGENCY ISSUES REAL ESTATE LICENSES? - ANSWER-NYS DOS, DIVISION OF LICENSING
AT WHAT AGE CAN YOU BECOME A REAL ESTATE SALESPERSON? -
... [Show More] ANSWER-18
DO YOU NEED EXPERIENCE IN THE FIELD TO BECOME A SALESPERSON? - ANSWER-NO
WHAT IS THE MINIMUM AGE TO BECOME A REAL ESATE BROKER? - ANSWER-20
DO YOU NEED EXPERIENCE IN THE FIELD TO BECOME A BROKER? - ANSWER-YES; 3500 POINTS (35 HOURS IN 100 WEEKS)
IF YOUR LICENSE IS REVOKED, HOW LONG DO YOU HAVE TO WAIT TO RE-APPLY FOR IT? - ANSWER-1 YEAR
AS A LICENSED SALESPERSON, I CAN RECEIVE COMPENSATION FROM? - ANSWER-SPONSORING BROKER
AS A REAL ESTATE LICENSEE, YOU WILL MORE OFTEN THAN NOT BE AN.. - ANSWER-INDEPENDENT CONTRACTOR
YOU WILL RECEIVE A ________ FROM YOUR BROKER, AND WILL FILE A _____ ON YOUR TAX RETURN TO DETAIL YOUR EARNINGS VS. YOUR EXPENSES - ANSWER-1099; C
ATTORNEYS ADMITTED TO THE BAR IN NYS ARE ________ FROM THE LICENSURE LAW, UNLESS THEY TAKE ON SALESPEOPLE. - ANSWER-EXEMPT
IF YOU COMBINE CLIENTS FUNDS WITH PERSONAL FUNDS, IT'S CALLED ______________, AND YOU HAVE VIOLATED WHICH OF THE FIDUCIARY OBLIGATIONS? - ANSWER-COMMINGLING; ACCOUNTABILITY
WHAT IS THE VERY FIRST DOCUMENT YOU SHOULD FILL OUT WITH A NEW CLIENT OR CUSTOMER? - ANSWER-AGENCY DISCLOSURE FORM
AT WHAT MOMENT SHOULD YOU TAKE OUT THE AGENCY DISCLOSURE FORM? - ANSWER-FIRST SUBSTANTIVE CONTACT
REGARDING THE QUESTIONS ABOVE, WHAT DOES IT MEAN? - ANSWER-IT MEANS THE CUSTOMER/CLIENT HAS ASKED ABOUT THE PROPERTY
WHAT WOULD YOU CALL A SITUATION WHERE I REPRESENT THE SELLER AS MY CILENT, BUT THEN WORK IN THE BEST INTERESTS OF THE BUYER (MY CUSTOMER)? - ANSWER-UNDISCLOSED DUAL AGENCY
WHAT IS THE DEPARTMENT OF STATE CONCERNED ABOUT WHEN A REAL ESTATE LICENSEE ALSO EMBARKS UPON THE PRACTICE OF WRITING MORTGAGE APPLICATIONS AS A MORTGAGE REP? - ANSWER-DUAL AGENCY
I HIRE YOU TO SELL MY HOUSE; YOU ARE MY BROKER AND I AM YOUR _________ OR __________ - ANSWER-CLIENT; PRINCIPAL
WHAT THE NAME OF THE DEED WHICH GIVES THE MOST LEGAL PROMISES TO THE BUYER? - ANSWER-FULL COVENANT AND WARRANTY DEED
CO-OP OWNERSHIP IS WHAT TYPE OF ESTATE? - ANSWER-LEASE HOLD
VIOLATION OF THE LAW IS A ______________ - ANSWER-MISDEMEANOR
REFERRING TO THE QUESTION ABOVE, WHAT IS POSSIBLE PENALTY? - ANSWER-$1000 FINE AND/OR 1 YEAR JAIL
WHAT IS IT CALLED IF I TRACK BACK THE SUCCESSIVE OWNERS OF A PIECE OF REAL ESTATE, STARTING WITH THE CURRENT DEED AND WORK MY WAY BACKWARDS IN TIME? - ANSWER-CHAIN OF TITLE
IF I HAVE A DISABLED TENANT WHO WANTS TO MAKE A MODIFICATION, WHAT DO I DO? - ANSWER-THE MODIFICATION IS DONE AT THEIR EXPENSE, AND MUST BE RETURNED TO ORIGINAL CONDITION
WHAT WAS THE YEAR OF THE FIRST MAJOR FEDERAL FAIR HOUSING LEGISLATION? - ANSWER-1866
WHAT WAS THE YEAR OF THE SECOND MAJOR PIECE OF FEDERAL FAIR HOUSING LEGISLATION? - ANSWER-1968
WHICH OF THE FOLLOWING WOULD BE AN EXCEPTION TO THE DISCRIMINATION LAWS? - ANSWER-SAME SEX
WHAT WAS THE FIRST MAJOR LEGISLATION TO DIRECTLY AFFECT PROPERTY OWNERSHIP RIGHTS? - ANSWER-RACE
WHAT CLASSES WERE PROTECTED UNDER THE LEGISLATION? - ANSWER-RACE, RELIGION, NATIONAL ORIGIN
WHAT WOULD YOU CALL A FINANCING SITUATION WHERE THE BUYER RECEIVES FINANCIAL ASSISTANCE WITH THE DOWN PAYMENT, AND CLOSING COSTS, AND EXCHANGE GIVES UP SOME SHARE OF THE EQUITY BUILDUP IN THE PROPERTY? - ANSWER-SHARED EQUITY LOAN
THERE IS A TYPE OF MORTGAGE WHERE THE MONTHLY PAYMENT INCREASES AS YOUR ABILITY TO PAY MORE IMPROVES. WHAT IS THAT CALLED? - ANSWER-GPM (GRADUATED PAYMENT MORTAGE)
WHEN MONEY IS PLENTIFUL, WHAT HAPPENS TO INTEREST RATES? - ANSWER-RATES DECLINE
SOMETIMES A CONDO ASSOCIATION WILL RESERVE THE RIGHT TO BE A FIRST BUYER IF YOU DEVIDE TO SELL. YOU WOULD CALL THIS? - ANSWER-RIGHT OF FIRST REFUSAL
A FINANCIAL TRANSACTION, WHERE ONE SELLS AN ASSET AND LEASES IT BACK FOR THE LONG-TERM; THEREFORE, ONE CONTINUES TO BE ABLE TO USE THE ASSET BUT NO LONGER OWNS IT IS CALLED? - ANSWER-SALE LEASEBACK
WHAT GOVERNMENTAL AGENCY OVERSEES HOW THE COMMUNITY IS DEVELOPED? - ANSWER-PLANNING BOARD
YOU CALL THE BORROWER? - ANSWER-MORTGAGOR
YOU WOULD CALL THE LENDER? - ANSWER-MORTGAGEE
I'M GOING TO RENT AN APARTMENT FOR ONE WEEK WHAT TYPE OF LEASEHOLD ESTATE IS THIS? - ANSWER-ESTATE FOR YEARS
WHAT IS THE NAME OF THE STANDARDIZED CLOSING STATEMENT OR SETTLEMENT STATEMENT, REQUIRED BY RESPA (1974) CALLED? - ANSWER-GFE (GOOD FAITH ESTIMATE)
WHAT IS A SYNONYM FOR PRORATION? - ANSWER-ADJUSTMENT
IF ONE BROKER IS REPRESENTING BOTH THE PURCHASER AND THE SELLER IN THE SAME TRANSACTION YOU WOULD CALL THIS? - ANSWER-DUAL AGENCY
WHO DETERMINES WHAT THE REAL ESTATE COMMISSION WILL BE ON A PARTICULAR DEAL? - ANSWER-BROKER AND CLIENT
THE INCOME THAT I EARN FROM GETTING OUT OF BED IN THE MORNING AND GOING TO WORK, FOR EXAMPLE: SALARY, BONUSES, COMMISSIONS, IS CALLED? - ANSWER-ACTIVE INCOME
THE INCOME THAT I EARN FROM MY PAPER ASSETS IS? - ANSWER-PORTFOLIO
IF I HAVE RENTAL PROPERTIES, THE INCOME THAT I DERIVE FROM RENTING OUT PARKING SPACES, CLOSETS IN THE BASEMENT, MY COIN-OP WASHER/DRYER IS? - ANSWER-MISCELLANEOUS
WHICH NAME "PERIL" IS NOT COVERED ON AN HO POLICY (HOME OWNER) OR A DP POLICY (DWELLING POLICY)? - ANSWER-FLOOD
REGARDING THE QUESTION ABOVE, FROM WHOM DO YOU PURCHASE THAT INSURANCE? - ANSWER-FEMA
IF I WANT HIGHER LIMITS OF LIABILITY INSURANCE ON MY HOUSE AND CARS, I WOULD BUY A(N)? - ANSWER-UMBRELLA POLICY
IF I WERE A RENTER IN ORDER TO PROTECT MY STUFF AND ALSO GIVE ME LIABILITY INSURANCE I WOULD BUY A(N)? - ANSWER-H04 POLICY
A CMA (COMPARATIVE MARKET ANALYSIS) IS NOT A(N) _____________ - ANSWER-APPRAISAL
UNLIKE RESIDENTIAL LEASES WHERE IF I ADD A FIXTURE SUCH AS A CEILING LAMP, IT BECOMES PART OF THE REAL PROPERTY. IN A COMMERCIAL ENVIRONMENT, IT'S UNDERSTOOD THAT IF YOU ADD CABINETS, REFRIGERATORS, ETC., THAT THEY ARE LEAVING WHEN THE LEASE IS OVER. THIS IS CALLED? - ANSWER-TRADE FIXTURES
WHAT IS THE AGE OF MAJORITY IN NYS, IN OTHER WORDS, THE MINIMUM AGE TO ENTER IN A CONTRACT? - ANSWER-18
IF YOU WERE TO SELL YOUR HOUSE TO SOMEONE UNDER THE AGE OF 18, HOW WOULD YOU CHARACTERIZE THE CONTRACT OF SALE? - ANSWER-VOIDABLE BY MINORITY
IT IS MY INTENTION TO PROTECT MY CLIENT (USUALLY THE SELLER) FROM THE VICARIOUS LIABILITY OF ANOTHER LICENSEE VIOLATING THE LAWS OF LICENSURE. I SHOULD ALWAYS GIVE OUT MY LISTINGS TO OTHER LICENSEES AS "BROKER'S AGENTS" OR "SUB-AGENTS"? - ANSWER-BROKER'S AGENTS
WHAT SHOULD I DO IF THE CLIENT OR CUSTOMER REFUSES TO SIGN THE AGENCY DISCLOSURE FORM? - ANSWER-AFFIDAVIT OR DECLARATION SIGNED WITH NOTARY
IF I REPRESENT THE BUYER AS A BROKER, THIS WOULD BE CALLED? - ANSWER-BUYER BROKERAGE
IF MY LICENSE HAS EXPIRED, FOR HOW LONG CAN I CONTINUE TO PRACTICE REAL ESTATE SALES? IN OTHER WORDS, WHAT IS THE GRACE PERIOD? - ANSWER-THIRTY DAYS
THE FULLEST INTEREST I CAN HAVE IN MY OWNERSHIP OF REAL ESTATE IS CALLED HAVING A ___________ INTEREST - ANSWER-FEE SIMPLE
WHAT IS ONE EXAMPLE OF A FORMAL LEGAL DESCRIPTION? - ANSWER-SECTION, BLOCK, AND LOT NUMBER
WHICH DESCRIPTION WOULD NOT BE A FORMAL LEGAL DESCRIPTION? - ANSWER-STREET NAME
AS A REAL ESTATE SALESPERSON, I AM PRACTICING _________ - ANSWER-SPECIAL AGENCY
AS A PROPERTY AGENT, I AM PRACTICING ___________ AGENCY - ANSWER-GENERAL
I OWE ALL OF THE FIDUCIARY OBLIGATION TO MY __________ AND OWE THE CUSTOMER _________________________ - ANSWER-CLIENT; FAIRNESS AND HONESTY
FILL IN THE BLANK: I WORK _________ THE CLIENT, AND __________ THE CUSTOMER - ANSWER-FOR;WITH
WHAT DOES FIDUCIARY MEAN? - ANSWER-A POSITION OF TRUST
THE FIDUCIARY OBLIGATION ACCRUES ONLY TO MY _________ - ANSWER-CLIENT
IN ESTATE PLANNING, WE ARE PRACTICING _______________ AGENCY - ANSWER-UNIVERSAL
OVER HOW MANY YEARS CAN YOU DEPRECIATE A COMMERCIAL PROPERTY? - ANSWER-39
IF YOU SEE A DEPRECIATION PROBLEM, YOU ALWAYS HAVE TO DEDUCT THE COST OF THE ________ FROM THE ACQUISITION COST OF THE PROPERTY, THEN DIVIDE BY THE APPROPRIATE NUMBER OF YEARS. - ANSWER-LAND
HOW MUCH IS THE CAPITAL GAINS TAX INCENTIVE FOR A SINGLE PERSON? THE FIRST ________ IS FREE OF CAPITAL GAINS. - ANSWER-$250,000
AND FOR A MARRIED COUPLE? - ANSWER-$500,000
AND WHEN THE GOVERNMENT GIVES TAX INCENTIVES THROUGH DEPRECIATION, YOU WOULD CALL THIS A _____________ - ANSWER-TAX SHELTER
WHAT GOVERNMENT BODY OVERSEES MORTGAGE BROKERS AND MORTGAGE BANKERS? - ANSWER-NYS DEPT OF BANKING
IF HAS BEEN LONG-STANDING THAT MY DRIVEWAY CROSSES OVER MY NEIGHBOR'S PROPERTY THIS IS AN ___________ - ANSWER-EASEMENT
IN THE ABOVE QUESTION, WHICH IS DOMINANT, MINE OR Y NEIGHBOR'S? THE NEIGHBOR'S ESTATE WOULD BE CALLED ___________ - ANSWER-MY PROPERTY, BECAUSE I BENEFIT; SERVIANT
WHAT IS IT CALLED IF A UTILITY COMPANY HAS AN EASEMENT OVER MANY PROPERTIES? - ANSWER-EASEMENT IN GROSS OR UTILITY EASEMENT
IF SOMEONE USES THE PROPERTY OF ANOTHER IN A WAY THAT IS OPEN AND NOTORIOUS, EXCLUSIVE AND ADVERSE TO THE BEST INTERESTS OF THE TRUE OWNER, YOU WOULD CALL THAT - ANSWER-SQUATTER'S RIGHTS
WHAT ARE THE TWO NAMES FOR THE SITUATION IN THE QUESTION ABOVE? - ANSWER-EASEMENT BY PRESCRIPTION AND ADVERSE POSSESSION
FOR HOW MANY YEARS WOULD YOU HAVE USED THAT PERSON'S PROPERTY TO MAKE A CLAIM OF OWNERSHIP? - ANSWER-10
IF A PROPERTY MANAGER IS GIVING ATTENTION TO A POTENTIAL PROBLEM, BEFORE IT REALLY BECOMES A PROBLEM, THIS IS ______________ - ANSWER-PREVENTATIVE MAINTENANCE
IF A PROPERTY OWNER IS FIXING A LEAKING FAUCET, WHAT KIND OF MAINTENANCE IS THIS CALLED - ANSWER-CORRECTIVE MAINTENANCE
WHICH IS THE LIEN OF HIGHEST PRIORITY - ANSWER-REAL PROPERTY TAXES
WE ARE TAXED ON OUR REAL PROPERTY ACCORDING TO THE VALUE OF THE PROPERTY, AD VALOREM, AND WHICH OTHER VALUE? - ANSWER-ASSESSED VALUE
WHAT DOES THE MUNICIPAL ENGINEERS OFFICE DO? - ANSWER-PLANNING, DESIGNING, AND CONSTRUCTION OF NY PUBLIC WORK FACILITIES
WHAT IS A "PRO FORMA/PROGRAM" STATEMENT? - ANSWER-IT DESCRIBES A METHOD OF CALCULATING FINANCIAL RESULTS IN ORDER TO EMPHASIZE EITHER CURRENT OF PROJECTED FIGURED
(WHEN YOU SEE "PRO FORMA" THINK PROJECTED)
AN ESTIMATION OF HOW MUCH A PROPERTY WILL SELL FOR IN A TYPICAL TRANSACTION IS THE - ANSWER-MARKET VALUE
WHAT IS THE "USE" CLAUSE IN A LEASE? - ANSWER-HOW WILL YOU USE THE PROPERTY (THE DETAILS)
COMMERCIAL SPACE IS VERY OFTEN RENTED OUT USING A ________ LEASE - ANSWER-NET
GENERALLY SPEAKING, RESIDENTIAL LEASES ARE ________ MEANING THAT YOU PAY YOUR LANDLORD THE GROSS (TOTAL) OF RENT, AND THEN THE LANDLORD PAYS THE EXPENSES ASSOCIATED WITH THE RENTER. - ANSWER-GROSS
A LEASE FOR A LARGE UNFINISHED SPACE WOULD BE CALLED A _________ LEASE - ANSWER-LOFT
IN A RENTAL ENVIRONMENT, WHO IS ULTIMATELY ALWAYS RESPONSIBLE TO BE SURE THE LESSOR (THE LANDLORD) GETS PAID - ANSWER-THE LESSEE (TENANT)
WHAT WOULD YOU CALL THE PEER OF THE GOVERNMENT, TO ACQUIRE PERSONALLY HELD REAL PROPERTY FOR THE BENEFIT OF THE PUBLIC? - ANSWER-CONDEMNATION (EMINENT DOMAIN)
OVER HOW MANY YEARS CAN YOU DEPRECIATE A RESIDENTIAL PROPERTY? - ANSWER-27
"VOLTAGE" IS THE _______ OR ________ OF THE CURRENT IN A PARTICULAR ELECTRICAL UNIT - ANSWER-FORCE AND PRESSURE
WHAT IS THE STANDARD VOLTAGE IN THE UNITED STATES? - ANSWER-110V
WHAT IS THE "R" FACTOR? - ANSWER-RESISTANCE FOR HEAT TRANSFER
THE LOWER PART OF THE ROOD WHICH INCLUDES THE SOFFIT AND THE FASCIA IS CALLED THE ______ OR _______ - ANSWER-EAVES OR OVERHAND
BENT PIECES OF METAL THAT SERVICE TO WATERPROOF A HOUSE OR CALLED - ANSWER-FLASHING
YOU WOULD CALL A BTU, BRITISH THERMAL UNIT, A MEASURE OF - ANSWER-HEAT ENERGY
WHAT IS THE NAME IS THE REFRIGERANT THAT WAS DESTROYING THE OZONE LAYER OF THE ATMOSPHERE, THE LAYER THAT PROTECTS US FROM THE ULTRA-VIOLET RAYS OF THE SUN WHICH GIVES US SKIN CANCER? - ANSWER-FREON
WHAT IS THE LAW THAT REGULATES CFC'S (FREON)? - ANSWER-CLEAN AIR ACT
WHAT WOULD YOU CALL THE FIRST WOODEN MEMBER TO BE LAID DOWN ON THE FOUNDATION WALL? IT SERVES TO CONNECT THE CONCRETE FOUNDATION TO THE FLOORING SYSTEM OF THE HOUSE - ANSWER-STILL PLATE
DOES THE BUILDING DEPARTMENT WRITE THE BUILDING CODE OR ENFORCE IT? - ANSWER-ENFORCE
WHEN I GO TO THE BUILDING DEPARTMENT AND I WANT TO PUT AN EXTENSION ON A HOUSE OR MODIFY SOMETHING, I AM MAKING AN APPLICATION FOR - ANSWER-BUILDING PERMIT
IF I'M TURNED DOWN BECAUSE MY APPLICATION DOES NOT MEET THE REQUIREMENTS OF THE BUILDING CODE, I AM GOING TO MAKE AN APEAL TO - ANSWER-ZBA (ZONING BOARD APPEALS)
AND IF THE ZBA APPROVES MY APPLICATION, I AM GOING TO BE GRANTED A - ANSWER-VARIANCE
WHEN I BUILD A HOUSE, I'M GOING TO HAVE AN ARCHITECTURAL RENDERING OF IT, WHICH IS CALLED? - ANSWER-BLUEPRINT
IF A PERSON HAS THE RIGHT TO CROSS OVER YOUR PROPERTY IT IS AN - ANSWER-EASEMENT
IF SOMETHING IS CROSSING OVER YOUR PROPERTY LINE, THAT'S AN - ANSWER-ENCROACHMENT
IF SOMEONE DIES WITHOUT HAVING A VALID WILL, HE DIED - ANSWER-INTESTATE; ESCHEAT
A ZONING ORDINANCE WOULD NOT REQUIRE WHICH OF THE FOLLOWING?
A) WHERE IT IS LOCATED
B) HOW MANY STORIES
C) WHAT MATERIAL IT'S MADE UP OF
D) HOW MUCH OF THE LOT CAN IT COVER? - ANSWER-C) WHAT MATERIAL IT'S MADE UP OF
WHAT LIEN MIGHT A CONTRACTOR PUT ON YOUR PROPERTY IF YOU FAIL TO PAY HIM FOR WORK THAT WAS DONE? - ANSWER-MECHANIC'S LIEN
WHAT TYPE OF LIEN WOULD BE PUT ON A PROPERTY IF I BOUGHT A LOAD OF ROOFING MATERIAL TO DO A JOB MYSELF AND FAILED TO PAY THE SUPPLY HOUSE? - ANSWER-MATERIAL MAN'S LIEN [Show Less]