NYS Real Estate Practice Exam Flashcards

NYS Real Estate Practice Exam Flashcards If you are a independent contractor what can a broker provide to you?Telephone What does First substantive contact mean? When the customer begins to ask questions pretaining to the Real Estate Property.What is the minimum age to become a real estate broker?20 What is the study of recently sold properties, currently competiting listing, monthly expiered listings, buyer appeal market position, assets and drawbacks, area market, conditions recommended terms and market value range?Comparative Market Analysis (CMA) Circuit Breakers and________ both serve the same function?Fuses An estimation of how much property will sell for in a typical transaction ?Market Value Who determines what the commission will be on a real estate sale?Client and Broker What material was used to insulate heating pipes? Asbestos What is the term of a real estate licensure? two years If I am turned down, because my application does not meet leeter of the building code, I am going to make my appeal to?Zoning Board of Appeals (ZBA) What law regulates CFC's?Clean Air Act Roof Rafters are _____ in orientationDiagonal How many hours of continuing ed must a sales person take?

22.5 hours If someone dies without having a valid will, this is called?Intestate In NYS, husband and wife take ownership as? Tenants Entirety If someone has a right to cross your property, this is called a(n)?Easement As an independent contractor are you paid for the hours you put into a deal, or for "production'?no What Fiduciary duties to I owe the Customer? Fairness and Honesty As an estate planner, I am what kind of agent? Universal Agent What is the "R-Factor"?Resistance to heat If a thing is crossing over your property, this is called a(n)?Encroachment As a real estate sales person I am what kind of agent?Special Agent The force or pressure of current is what? Voltage Who holds the earnest deposit money from the buyer from the signing of the contract until closing?The Sellers Attorney The amount of current available in a structure? Amps If i have a disabled tenant who wants to make a modification, what do i do?Allow them to make the medication at their own expense and then replace the modification upond vacating the unit

all at their own expense.

A CMA is not an ?Appraisal Who do I owe my Fiduciary duties to? Client or Customer?Client What is it called when I represent the seller as my client but then work in the best interest of the buyer?Undisclosed Dual Agency What is not a FLD?Street name and Street address What is the standard voltage in the US?110 V As a property manager I am what kind of agent? A General Agent As a real estate sales person, you have to take continuing ed classes every?

• years

If a seller decides not to provide the purchaser with the Property Condition Disclosure Form, how much of a reduction in price does he have to give?$500 If my driveway crosses my neighbors property, I am the______ Dominant The fullest interest I can have in my ownership of realestate is?Fee Simple Absolute For how long does a broker need to keep his/her records for?Three years Are Real Estate brokers also required to take the CE classes?Yes If i was a real estate licensee and wanted to apply to become a mortgage broker, how many years of experience would i need?Two Years In a commercial environment it is understood that if you have cabinets, refrigerators, etc that are leaving when the lease is over, these are called?Trade Fixtures What is it called when one person buys property for himself/herself?Owner in severalty At what moment should you take out the Agency Disclosure form?At first Substantive Contact What is the name of the colorless, odorless, radioactive gas?Radon What is a synonym for proration?Adjustment If someone uses a property that is open and notorious, exclusive and adverse to the best intrest of the owner, this is called?Squatters Rights Tenants in common is characterized by?Rights of Inheritance If the ZBA grants my application, I am granted a ?Variance A BTU, British Thermal Unit, Is a measurement of what?Heat Energy As a licensing salesperson, I can receive compensation from my?Sponsoring Broker What should you do if a customer refuses to sign an Agency Disclousure form?Fill out an affidavit stating the refusal to sign, then have it notarizied.Your real estate license with the pocket card will be sent to your sponsoring broker. who holds the license? Who holds

the pocket card?Broker holds the license and I hold the pocket card