New York State Real Estate Salesperson Licensing Exam Flashcards

New York State Real Estate Salesperson Licensing Exam Flashcards What did the civil rights act of 1866 protect without exception?Race What allows landlords to raise rents during the term of the lease?Escalation clause What does the zoning board of appeals do? Grants variances What other capability should they possess? Mental and emotional capability 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 What are tax advantages on investment properties called?Tax Shelters What is a loft lease?Its a lease for space that is not divided into rooms What is the market value?What the property will sell for in a competitive marketplace Who is usually exempt from property taxes? Disabled, veterans, farmers, elderly gold star parents *kids die in the war, star program homeowners What is convincing owners to sell/lease property by telling them a particular group of people are moving into the area called?Blockbusting Whats the name of the policy that provides additional liability coverage beyond the primary policy?Umbrella policy What type of listing agreement is it where the listing broker gets commission for the sale of the property even if the owners themselves sell the property?Exclusive right to sell What governs issues such as noises, pets in a condo or coop?House rules What regulates construction standards in NYS? Building codes What clause in the deed describes the property? Legal descriptions What does Regulation Z (TILA) require beside the disclosure of interest rates?Down payment What is not a CMA (Comparative Market Analysis?) An apprasial Who issues real estate licenses?NY Department of State What is another name for transfer of title to real property?Conveyance What does the Real Estate Settlement Procedures Act (RESPA) require?Good faith estimate of the closing costs for federally funded loans 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 can brokers provide their salespeople if they are independent contractors?Office phone Who is responsible for the terms in the lease if the unit has been subleased?Lessee What type of estate is created when only one person holds title to real property?Ownership in severalty

A real estate salesperson is what type of agent? Special What types of investment properties are warehouses and distribution centers?Manufacturing Whats the area the tenant actually occupies and uses?Usable square footage or net square footage What type of mortgage is when a new mortgage that is higher in amount wraps around an existing first mortgage thats smaller in amount?Wraparound Mortgage What happens if one of the parties to the contract is a minor?The contract is voidable by the minor What type of maintenance is fixing a leaky faucet?Corrective maintenance What is the summary of the chronological history of title and related documents to that called?Abstract of title What occurs when the agent represents the seller but also works in the best interests of the buyer?Undisclosed dual agency A coop is what type of ownership?Leasehold 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 Which department oversees drinking water safety? Department of Health Who is the borrower of a mortgage loan?Mortgagor How many years is a residential investment property depreciable for?

27.5 years What did the 1988 amendment to the civil rights act protect?Disability and familial status What type of income is partnership/investments? Portfolio What cannot a salesperson do?Collect money directly from the client or customer In NYS, how old must one be to enter into contracts?18 Who oversees licensing and registration of mortgage bankers and brokers?NYS banking department How much profit can a single person claim from the sale of a personal residence thats tax free?

$250,000

How much should the seller reimburse the buyer for refusing to provide a property disclosure form?$500 What type of financing is used to purchase a new property when the old property hasn't been sold yet?Swing loan or bridge loan What is the tang of private property by the government for public use called?Eminent Domain What carcinogenic component was used as insulation in electric transformers that contaminated soil and ground water?PCB's or polychlorinated biphenyls When should the Agency disclosure form be submitted?At the first substantive contact What does municipal engineer's office do? Oversees planning and construction of major highways, sweet systems and water connections What does the secondary mortgage market do? Buys and sells mortgages

What is the process called that calculates the value of an asset in the past, present, and future?Time value of money Unless specified a lesser estate, transfer of title to real property in NYS creates what type of interest?Fee Simple Which document describes the agency (who he or she represents) of the salesperson?Agency disclosure form What is the right reserved for the condo association that gives them the first opportunity to buy or lease a unit when it becomes available?Eight of first refusal What are homestead properties?Residential condos, 1-4 family homes, mobile homes & farm dwellings Which types of commercial properties use percentage lease?Retail stores/ shopping malls What is it called when the government dictates how a property can be used?Zoning Who hires the agent?Principal or client Seller tells the listing agent he filed for bankruptcy the previous year. The seller ends up not listing the property with the agent, Still, what fiduciary duty does the agent owe the seller?Confidentiality Who determines commission?Principal/Client and the broker Whats right to access whiter from a river or stream called?Riparian 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% What are property taxes based on?Assessed value Joe was not paid for the supplies and labor he provided to homeowner Smith. What kind of lien will he file against Smith?Mechanics Lien Who signs the contract first?Purchaser What serves the same function as a circuit breaker?Fuse Whats another name for land lease?Ground lease What is the budget that is set aside for repairs and large improvements?Capital reserve budget or replacement reserve budget What is the right to use another's land that falls short of ownership called?Easement What is it called when a building loses its desirably because of an outdated design feature?Obsolescence What is another name for the slope of a roof? Pitch Whats the implied clause in a deed?Grantor owns the property and has a right to convey it or right to quiet enjoyment What document provides detailed information on a condo or coop project?Offering plan What covers fully or personal property lost in a fire?Replacement cost

Who is not usually exempt from property taxes? Second home owners