Final Exam Review #2

Real estate taxes for a condominium are paid directly by the:

The government body that creates and oversees the master plan is the:

A licensee activity that violates the license law is:

A document that is not a contract but reserves a condominium for purchase is a(n):

Property taxes may be deducted on the tax return for a(n):

The concept of using other people's money for real estate investment is directly related to:

A borrower's _____ is the gross income minus expenses.

A complaint alleging discriminatory behavior must be filed with the NYS Division of Human Rights within:

Annual _____ on a loan is calculated by multiplying the rate of interest as a percentage times the principal balance.

What type of ownership requires unity of interest, title, time, and possession?

Compensation awarded for losses due to breach of contract is called:

In which of the following situations should more than one licensee always be present for safety reasons?

A cost for the buyer paid at closing that may be deductible for income tax purposes is:

If a tenant abandons the leased premises, the landlord may do all of the following EXCEPT:

A use that is incidental to the main use of a property is termed a(n):

For safety reasons, the first appointment with a prospective buyer should take place at:

The primary importance of a loan-to-value ratio is in determining the:

An important duty of a city engineer is to:

Sick building syndrome is:

Conservation advisory councils oversee:

Direct costs are known as:

A mortgage broker is generally compensated by all of the following EXCEPT:

Title to a condominium is transferred by the:

The maximum time allowed to renew a license without having to retake the state exam is:

Commercial leases in New York are generally:

All of the following are components of a rate lock EXCEPT:

Generally, lenders favor which of the following homeowners insurance policy for a residential property?

The type of deed property description most common in New York is:

All of the following are important considerations for a commercial lease EXCEPT:

Insurance that protects lending institutions in making conventional loans is:

When a cooperating broker accepts an MLS offer of subagency, the cooperating broker becomes an agent of the:

Mortgage interest is deductible for a(n):

An annual budget that includes income and expenses for week-to-week operations is called a(n):

The property's tax rate is determined by:

Which of the following agencies or boards is elected?

A valid lease must include:

All of the following are fixed expenses of a property EXCEPT:

A salesperson is typically a:

All of the following are a basis of discrimination prohibited by the 1968 Fair Housing Act EXCEPT:

Qualified senior citizens may have the assessed value of their property reduced by as much as:

To calculate a(n) _____, multiple sales price by rate of commission.

A real estate salesperson shows white prospects homes in white areas. This discriminatory practice is called:

Under a residential lease, if the lessor does not provide habitable premises, the lessee can claim:

The responsibility for safe drinking water in New York rests with the:

A type of pipe typically found in a structure drainage system is:

Under New York law, insurance companies must disclose:

In New York, a branch office manager may be a(n):

A benefit of tax depreciation is tax:

Before a planning board approves a subdivision, the developer must:

If a comparable property has three bedrooms and the subject property has only two bedrooms:

Functional obsolescence results from:

A mortgage that requires the borrower to pay interest only for a specified time is:

To attain licensure, broker applicants must have a minimum of how many years of salesperson licensure?

An economic principle that is considered in the setting of rental prices is:

A property tax bill is determined by:

To purchase a cooperative, the prospective purchaser is approved by the:

Physical deterioration is caused by all of the following EXCEPT:

A(n) _____ policy addresses a real estate brokerage firm's claims for bodily or advertising injury or property damage.

The right to take sand, soil, and gravel from another's land is called:

The NYS Department of State does not license:

All of the following are a real estate disclosure requirement when applicable EXCEPT:

The town officer who collects real property taxes is the:

The "justification defense" in New York:

Should there be a tax lien against a property, the lien creates an:

A clause that modifies or changes the original policy in some way is a(n):

If Jack pays five points at closing on a mortgage of $325,000, how much does he pay?

A requirement for the transfer of a one- or two-family home in New York is a(n):

A policy that includes several types of coverage in one policy is a(n):

A type of liquid investment is:

A government's exercise of power for the public good is:

The principle that illustrates the law of supply and demand is:

A type of budget used for forecasting income and expenses over a number of years is a(n):

An applicant for a mortgage broker registration must submit a surety bond with the application for:

Each _____ is equal to 1% of the loan amount.

A broker may discuss all of the following with a buyer customer EXCEPT:

All of the following are enforcement procedures for the federal Fair Housing Act of 1968 EXCEPT: