328,400D. 327,900 - Real property is defined as ____.A. land and al...

NY Real Estate Exam Cheat Sheet 150 Questions Flashcards Real property is defined as ____.A. land and all chattelB.landC. land and all personal property on that landD. land and everything permanently attached

• land and everything permanently attached

Mr. and Mrs. Conners sold their home and paid an 8% commission to their realtor. Assuming no other fees, if they walked away from the sale with $306,000, about how much did their house sell for?A. $330,400B. $332,600C.

$328,400D. $327,900

B $332,600

Deed restrictions and easements on a property are considered ____ when written into the deed.A. a bad investmentB. a turnaround investmentC. a considerationD.exceptions and reservations

• exceptions and reservations

An express contract can be ____.A. enforced only if it is made orallyB. enforced only if it is in writingC. oral or in writingD. closed faster than a standard contract

• enforced only if it is in writing

What is the main purpose of Regulation Z?A. to let borrowers know the true cost of creditB. to lock the borrower into a mortgage once the paperwork is signedC.to limit the amount consumers can be chargedD. to set a minimum interest rate

• to let borrowers know the true cost of credit

A VA loan would most likely be used by ____.A. any government employee that's looking to buy a homeB. a homebuyer in VirginiaC. a veteran or active-duty member of the U.S. militaryD. a homebuyer with an unusually low credit score

• a veteran or active-duty member of the U.S. military

A loan for a new house has an origination fee of one point.If the loan is for $275,000, what would the cost of that point be?A. $275B. $1000C. $1375D. $2,750

D. $2,750

Which government entity was created to encourage low-income housing?A. FNMA (Freddie Mac)B. FmHAC.GNMA (Ginnie Mae)D. FNMA (Fannie Mae)

• GNMA (Ginnie Mae)

Foreclosure occurs when a ____ seizes and sells a borrower's ____ after the borrower has failed to ____ the lender.A. bank, property, notifyB. lender, collateral, repayC.lender, home, alertD. bank, personal property, appreciate

• lender, collateral, repay

Which of the following is an example of dual agency?A. an agent who represents multiple buyers at the same timeB.an agent who represents both the buyer and the sellerC. an agent who represents multiple buyers and sellers at the same timeD. an agent who has a real estate license in two states

• an agent who represents both the buyer and the seller

Why are net listings generally frowned upon in the real estate industry?A. The broker typically takes a smaller than average commission.B. They drive down the prices of homes for sale.C. They can lead to brokers taking advantage of property owners.D. All of these.

• They can lead to brokers taking advantage of property

owners.What financial instrument is given by a borrower to the lender as promise to repay a debt?A. a noteB. a trust deedC. a lienD. a mortgage

• a note

Where is a deed recorded?A. lawyer's officeB. county courthouseC. Secretary of StateD. Department of Licensing and Regulatory Affairs (LARA)

• county courthouse

Which of these is not a type of leasehold estate?A. estate at sufferanceB. estate at willC. estate for yearsD. estate in perpetuity

• estate in perpetuity

According to Fair Housing laws, which of these people is not considered disabled?A. a former convictB. a person with HIV infectionC. a drug addictD. a person with alcoholism A a former convict Which of the following is a violation of the Fair Housing act?A. not renovating second-story apartments to accommodate handicapped residentsB. not allowing a service dog in an apartment complex that doesn't allow petsC. a private club that provides lodging and gives preferential treatment to club membersD. refusing to rent to someone who does not meet economic qualifications B not allowing a service dog in an apartment complex that doesn't allow pets The listing period for a single family home vs. a commercial

property differs in that:A. Single family homes may be listed

for as long as the seller would like, whereas commercial property listing periods are regulated by law.B. A single family home is typically listed for 60-120 days whereas a commercial property is typically listed 6 months-1 year.C.By law, single family homes may only be listed for up to 1 year, while commercial properties may be listed up to 18 months.D. A commercial property listing does not have an expiration date whereas a single family home listing always does.

• A single family home is typically listed for 60-120 days

whereas a commercial property is typically listed 6 months-1 year.A good example of an implied contract is ____.A. a tenant staying despite not paying rentB. after a written lease expires, rent is paid and the check cashedC. a tenant communicating that they expect the full deposit back because the landlord did not ever note damage to the propertyD. an agent is told by a potential seller that he'd like the agent to do a market analysis

• after a written lease expires, rent is paid and the check

cashed When an agent is invested in a project outside his or her agent status, this is called ____.A. agency coupled with a

principalB. agency impetusC. agency coupled with an interestD. agency turnaround

• agency coupled with an interest

A buyer and seller agree to wait until the seller's listing is expired to make the sale in order to avoid paying the broker his share. How can the broker get his commission?A. Sue the party/parties the broker was representing.B. Prove in court he was the procuring cause of sale.C. If the listing is expired, the commission is forfeited.D. File an injunction with the title company.

• Prove in court he was the procuring cause of sale.

The financed amount is ____.A. the entire downpayment plus the loan amount and any associated feesB. the entire loan amount, minus prepaid fees and the downpayment, plus extras such as fees being financedC. the entire loan amount, plus prepaid fees and the downpayment, minus any fees being financedD. the down payment minus the amount of the loan and extras such as fees being financed

• the entire loan amount, minus prepaid fees and the

downpayment, plus extras such as fees being financed When ownership of a piece of real estate goes from one person to another, it is called a(n) ____.A. convetary exchangeB. transferC. dealD. exchange

• transfer

What part of a deed limits the amount of the estate granted?A. premisesB. acknowledgementC. habendumD.testimonium

• habendum

____ were put in place to make sure that property buyers' rights are protected.A. buyer agency agreementsB. primary agreementsC. broker agency agreementsD. anti-trust agency agreements

• buyer agency agreements

When a broker is hired to sell a property for a minimum price, then keep anything over that price, this is a(n) ____.A. closed listingB. blowout listingC. open listingD. net listing

• net listing

The ____, also known as the words of conveyance, includes the words that describe exactly what rights the grantee is receiving.A. guarantor's rightsB. grantee's rightsC. granting clauseD. transfer clause

• granting clause

A ____ is a promise of real property, kept by the lender to secure the loan.A. noteB. agreementC. deedD. contract

• note

The Americans with Disabilities Act of 1990 would affect which of the following?A. multi-family home with three unitsB. a single-family homeC. an existing business with 20 employeesD. a third floor apartment in a newly constructed apartment complex

• an existing business with 20 employees

Who takes the biggest risk in an open listing?A. the sellerB.the lending institutionC. the buyerD. the agent

• The Agent

Which of these is a tool the Federal Reserve can use to control/influence monetary policy and supply?A. raising and lowering reserve requirements for banksB. buying and selling securities on the open marketC. setting the discount