Real Estate U Final Exam Study Guide Latest

Real Estate U Final Exam Study Guide Latest Update - Sources with 110 Questions and Verified Correct Answers Golden Ticket to Guaranteed A+ Verified by Professor

"Summary of Your Submission" - CORRECT ANSWER: Obtained after your register for the New York State Salesperson exam using eAccessNY. You must bring this with you when taking the State exam.

1031 Exchange - CORRECT ANSWER: - 45 days to identify a new property

• 180 days to close on a new property

Acre - CORRECT ANSWER: A measure of land equaling 43,560 square feet.

Adjustable rate mortgage (ARM) - CORRECT ANSWER: A mortgage loan with the

interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.

Affirmative Easement Appurtenant - CORRECT ANSWER: Parcels without access to a

public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access.

Air rights - CORRECT ANSWER: Rights in real property to use the space above the

surface of the land.

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Amortization - CORRECT ANSWER: The process by which a loan principal decreases

over the life of a loan.

Appraisal - CORRECT ANSWER: An estimate of a property's value by an appraiser who is usually presumed to be expert in his work.

APR - CORRECT ANSWER: The actual interest rate charged, including loan fees and

points

Architectural Review Board - CORRECT ANSWER: Oversees and upholds the quality

and aesthetics of a neighborhood, town, or city.

Article 12-A of the NYS Real Property Law - CORRECT ANSWER: The section of the

New York Real Property Law pertaining to real estate salespersons and brokers.

• Primary purpose is to "Protect the Public"
• Requires a salesperson to be at least 18 years of age
• Requires a broker to be at least 20 years of age

Asbestos - CORRECT ANSWER: A naturally occurring mineral fiber sometimes found in older homes. It is hazardous to health when a possibility exists of exposure to inhalable fibers. Homeowners should be alert for friable asbestos and always seek professional advice in dealing with it.

Asbestosis - CORRECT ANSWER: A chronic lung disease caused by inhaling asbestos

fibers.

Assessed value - CORRECT ANSWER: A valuation placed upon property by a public

officer or a board, as a basis for taxation.

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