The CE shop NY Real Estate License course final exam review

The CE shop NY Real Estate License course final exam review Flashcards Which part of the homeowners policy covers the property of the insured?Section I Which if these provides some protection to lenders in the event that the borrower obtaining a conventional loan does not have a down payment of 20-25%?Private mortgage insurance What is the very first thing you should do when beginning a buyer presentation.Discuss any agency disclosure information What is a binder?A written outline of the sales transaction If an investor realized a gain of $140,000 on the sale of an investment property and the depreciated amount was $20,000, what would happen?Investor will pay 25% on the $20,000 and either 15% or 20% on the other $120,000.Which of the following is a typical accrued adjustment?Unpaid real estate taxes Properly insurance includes protection against? Fire, wisdom, hail, tornadoes, vandalism, and other physical damage.Which structural component is described as "the concrete base that supports the foundation of a building" Footing If this annual tax isn't paid, foreclosure can occur.a corporate franchise tax One issue with guiding buyers toward or away from an area because of perceived school quality is that school quality is often used as a proxy for?Race Which type of deed conveys real property from a decedent's estate to a buyer?Executor's deed According to the U.S. department of justice, which type of antitrust violation is an agreement between competitors to eliminate discounts to all customers or certain types of customers?price fixing Your seller client needs to sell as soon as possible. How should you respond if a prospective buyer asks you whether your seller is firm on price?"The seller believes the home is priced fairly. I suggest you write your highest and best offer." What's a special assessment?A levy local government applies to individual parcels of real estate that will benefit from road or other infrastructure improvements The process of protesting a tax assessment starts with?Reviewing a tentative assessment roll Which of the following is a contract that outlines the terms of a property rental arrangement between a landlord and a tenant?Lease Consent is not present when _______.The contract is signed under duress or undue influence Rhonda and Oliver bought an old schoolhouse with the hope of transforming it into a residence. They owned the property as joint tenants. After Oliver died, how did Rhonda

own the building?In severalty Rex needs to handle some money he acquired during an "unsavory" business deal. He agrees to sign his boat over

to his colleague, Ben, if Ben can launder the money and return it to Rex as part of a legal business dealing. What kind of contract do Rex and Ben have?Void - contracts for illegal purposes are void

During the option period to renew a lease, who determines whether the option will be exercised?The tenant makes the decision.Ida and Barry are buying a home. They'll withdraw money from their traditional IRA to help with the down payment and closing costs. What's NOT true about this withdrawal?They can exclude the amount of the IRA withdrawal when filing their income taxes.Tittle VIII of which law prohibits discrimination in the sale, rental and financing of housing?Civil Rights Act of 1968 A commercial landlord finds herself in trouble because the rent she is collecting is not keeping up with inflation due to the type of leases she signed with her tenants. She has the longest tenancies of commercial landlords she knows, which is probably because she signed with them______ leases.Flat rate Jordan bought 25 acres along a navigable river. Several years later, Jordan calculates that the river has slowly carried away almost two acres of land. What process caused this?Erosion Cheng is selling his property to Jericho. What's the best method Jericho can use to ensure his interest in the property?Record the deed in his name.Which is the most widely used policy, recommended by lenders, which covers a home for all risks of physical loss except listed exclusions, and cover loss of contents for many of the same perils.Homeowners 3(HO-3) What is NOT considered a residential property? A hotel with fewer than 20 rooms A tenant's new business venture is a software service firm where IT professionals handle programming and customer service task for a number of business clients. His employees all work at tables in an open office space. He most likely has a _______ lease for the office space.Loft What is business risk?The risk that the required return on investor capital will not be met Which act was created to safeguard the consumer in the use of credit by requiring full disclosure of the terms and conditions of that credit?Consumer Credit Protection Act Jason is planning to invest in a new commercial development. He'd like to invest $400,000 and secure another $100,000 through financing. After shopping around, Jason could not find financing at an affordable rate.Of what type of risk is Jason the victim?capital risk Taxpayers who own a first and second home can _______.Deduct all of the interest paid on debt not to exceed $1.1 million for both the first and second homes combined Rosie wants to make an offer on a home, but she's having trouble coming up with a down payment. She can withdraw $10,000 from her IRA for this purpose without incurring a