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NYS Real Estate Test Flashcards | StudBud
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NYS Real Estate Test
NYS Real Estate Test
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Answers
1
What is Article 12-A regarding?
Describes role of agent to customer and potential clients
Issue to each license sales person from DOS
Basic real estate law
Appeals process when wrongfully accused agent can contest through process
2
What is the definition of a principle?
Homeowner
Sales person
Broker
Client
3
A property manager is considered a…?
Special agent
Universal agent
General agent
4
How many feet are in an acre?
56,034
34,605
56,430
43,560
5
If a real estate agent is found at fault they may be required to pay up to how many times the amount of damages?
5x the amount
4x the amount
3x the amount
2x the amount
6
The relationship between broker and seller under a listing agreement?
Special agency
Ostensible agency
General agency
Universal agency
7
Executory Contract
Condensed history of everything wrong or bad to the property
One that has been fully performed and occurs upon closing of contract
Incomplete contract
8
What must an agent do if both parties in dual agency decline on specific terms?
Tell broker who will assign a designated agent to the transaction
Terminate relationship with buyer
Convince buyer to agree with seller forcefully
Terminate relationship with seller
9
What is an implied agency contract?
Nothing in writing or based on acts and conduct
Most complete type of ownership in real estate
Agreement to transfer possession of property for certain amount of time
Listing agreement
10
The following best describes a licensee representing both parties in the same transaction……?
Dual agency
Puffing
General agency
Fraud
11
Income tax issues. Portfolio...?
No day-to-day activity.(Rentals)
Stocks
Day-to-day activity
12
Amendment in 1988 is based on...?
No discrimination against race or color
On the bias of sex (gender)
The disabled, or families with children
Prohibits discrimination on race, religion, or national origin.
13
Article-78 is regarding what?
Issue to each license sale person from DOS
When cleaning land of property that is not yours
Basic real estate law
Appeal process
14
Soffit
Underside of roof
Window panes
Waterproofing
Gutters
15
Relationship between a real estate agent and the owner of the property is that of a…?
Universal agent
General agent
Special agent
16
Most real estate agents will become…
Nonprofit
Employees
Independent contractors
17
The education requirements for a brokers license is how many hours?
120 hours
24 hours
45 hours
75 hours
18
Construction loan…?
100% financing
Covers more than one parcel or a lot
Finance the construction of improvements on real estate
Private mortgage insurance. (P.M.I.)
19
Who is required to be licensed to sell real estate property for a broker?
Attorney at law
A real estate agent listing a home for sale
The maintenance engineer
The lending company
20
what is a universal agent?
Has power of attorney( represents seller concerning all transactions)
Property manager
Sale of a house or relationship with the owner
Can you represent buyer and seller regarding the same transaction
21
In a dual agency situation the seller and buyer give up what?
Care and confidentiality
Full disclosure and undivided loyalty
Obedience and care
Accounting and disclosure
22
Lead paint act started in what year?
1978
1987
1968
1984
23
What does an agent do when they see themselves entering into a dual agent situation?
Call buyer and seller and tell seller you’re only representing the buyer
Call both parties and tell the seller you’re only representing him
Explain the situation to both parties and have them sign a disclosure form
Go to real estate licensing to request affidavit
24
Cost recovery\depreciation. Residential income producing property....?
10 years is the time period for depreciation
22 years is the time period for depreciation
39 years is the time period for depreciation.
27.5 years is the time period For depreciation.
25
A real estate license in New York is good for how many years?
Two years
Four years
Three years
One year
26
Flashing…?
Underside of roof
Window panes
Waterproofing
Gutters
27
Open buyer agency agreement...?
Agent gets paid, unless by your fines property on his own
Buyer with multiple brokers
One agent has the exclusive right
28
What is the definition of a Deed?
The legal way of saying you have property ownership
provides disclosure to help better understand cost and risks of the “M”loan
Legal document used to confirm ownership rights to a property !
rental, transfer possession of a property for a set amount of time
29
Executed contract…?
Contract that has been fully performed, occurs upon closing of contract
Incomplete contract
30
What is Fee simple Estate?
Is the most complete type of ownership in real estate
When claiming land a property that is not yours
Issued to each sales person from the department of state
A relationship based on the highest form of trust and confidence
31
Easement
Right given to enter persons property.(non-possessors right)
The permanent right to use the land of another
Property acquired by continued use w/out permission of owner for 10yrs.
32
example of a listing agreement is… What?
Implied contract
Express contract
Void contract
Record contract
33
Amendment in 1974 is based on....?
No discrimination against race or color
The disabled, or families with children
Prohibits discrimination or race, religion, or national origin
On the bias of sex
34
What type of contact is based on Acts and conduct?
Express contract
Duncan & Hill
Implied contract
35
Conventional loan…?
Finance the construction of improvements on real estate property
Covers more than one parcel or a lot
Is a private mortgage insurance. (P.M.I.)
100% financing
36
What happens after passing your New York State sales person exam?
Go to DMV to collect your special license
You automatically get a job without going to an interview
When passing test your license is given to a broker of your choosing
You may poop yourself entirely
37
Ads made by a real estate broker that do not indicate that the advertiser is a broker are known as what?
Absent marketing
Blind ads
False advertisement
Ghost writers
38
A duly licensed sales person may except bonus compensation from…?
A grateful seller
Another sales person
None of these
A grateful buyer
39
When must an agency disclosure form to be signed?
After closing
Express contract
At first substantive contact
After loan modification
40
Mortgagors is ....?
Lender
Borrower
41
Identifying Property Insurance. Liability Insurance...?
Covers against theft, burglary, vandalism and machinery damage
Loss of a right through delay of failure to put in a complaint
Covers the risk and owner assumes when the public enters the building
Promise to repay the loan
42
If a real estate agent loses his license, how long before he can reapply?
Four years
Three years
One year
Two years
43
Real estate settlement procedure act. (R.E.S.P.A)
Condensed history of everything wrong or bad to the property
Here’s complaints about the effects of zoning ordinances
Settlement and closing cost. (Needing money and a short time)
Loss of a right through delay of failure to put in a complaint
44
Income tax issues. Active income...?
Day-to-day activity
Stocks
No day-to-day activity (Rentals)
45
Latent defects…?
Hidden defects. Agents are obligated to inform hidden defects.
Interest at a higher rate.(illegal)
Property seized by government
Right given to enter persons property
46
Cost recovery\depreciation. Commercial investment property…?
27.5 years is the time period For depreciation
10 years is the time period for depreciation
39 years is the time. For the depreciation
32 years is the time period for depreciation
47
What is an associate broker?
Are technically sellers(homeowner pay agents commission)
Are typically buyers and they do not pay agents commission
Assist brokers brokers with sellers buyers under supervision of broker
same qualifications of broker but chooses to work as a sales person
48
Fascia
Gutters
Waterproofing
Window panes
Underside of roof
49
Abstract of title:
Incomplete contract
Contract that has been fully performed and occurs upon closing of contract
Provides awareness of cost associated with cost of borrowing
Condensed history of everything wrong or bad to the property
50
What is a sales person?
Assist sellers buyers Landlord &tenants w/ R.E. Needs for free
Assists broker; with sellers buyers landlords under supervision of broker
Are typically sellers, clients pay agents commission
Are typically buyers and they do not pay the agents commission
51
A listing may be terminated one either broker or principal…?
Becomes terminally ill
Over finances other properties
Goes bankrupt
Gets married
52
The division of licensing services operates under New York’s.....?
Department of labor
Department of state
Department of operations
Department of law
53
Definition of title?
Rental, possession of a property for specific time
Legal document used to confirm ownership rights to a property
Legal way of saying you have property ownership
Provides Disclosure to help understand cost and risks of the mortgage loan
54
Condon 80/20 Rule
Owner own shares in a corporation not property or house
Loss of a right through delay or failure to put in a complaint
Describes roles of an agent to customers and potential clients
IRS rule that limited the amount of non-shareholder income.(Maximum20%)
55
What is a broker?
Assist sellers, buyers, landlords and tenants w/ satisfying R E needs 4free
Are typically buyers and they do not pay agents commission
Are typically sellers (Homeowner) clients pay agents commission
Assists brokers w/ sellers, buyers, landlords under supervision of broker
56
Failure to provide the buyer with a property disclosure form requires, what?
Potential loss of license or heavily fined
The seller to give the buyer a $500 credit at closing
Suspension
57
Variance…?
Hardship
Unearned Fees
Waterproofing
Gutters
58
Usury....?
Property sees by government
Right given to enter persons property
Interest at a higher rate.(illegal)
Hidden defects. Agents are obligated to inform hidden defects.
59
Income tax issues. Passive…?
No day-to-day activity.(Rentals)
Day-to-day activity
Stocks
60
Prescriptive easement…?
The permanent right to use the land of another
Real property acquired by continued use with no permission of owner 10yrs
Right given to enter personal property. (Non-possessors right)
61
Co-ops
Owner Own shares in corporation/NOT property or House
Condominiums
Apartment complex
62
Easement Appurtenant
The right given to a person to enter another persons property
Property acquired by continued use without permission of owner for (10yrs)
The permanent right to use the land of another.
63
Closing disclosure
Incomplete contract
Provides awareness of cost associated with cost of borrowing
Condensed history of everything wrong or bad to the property
Contract that has been fully performed and occurs upon closing of contract
64
Exclusive Buyer Agency Agreement?
One agent has the exclusive right
Buyer with multiple brokers, he who sells gets paid
Agent gets paid, unless buyer finds property
65
Escheat...?
Property seized by government
Interest at a higher rate.(illegal)
Right given to enter personal property
Haydn defects. Agents are obligated to inform hidden defects.
66
What is a dual agent?
Can represent both buyer and seller regarding the same transaction
Has power of attorney
Sale of a house or my relationship with the homeowner
Is a property manager
67
Identifying Homeowners Packages. HO-3.....?
Residential
Apartment renters
Condominium owners
68
Listing types. Exclusive Agency...?
Homeowner can sell if so no commission earned
Best protection for brokers
Multiple brokers involved, first to sell gets paid
69
A illegal contract would be considered?
Void contract
Out of state contract
Implied contract
Express contract
70
What is a pocket card?
Same qualifications as a broker but works as a salesman
Issued to each licensed sales person from the department of state(D.O.S.)
Appeals process
When claiming land a property that is not yours
71
What is Encroachment?
Basic real estate law
Issue to each licensed sales person from the DOS
Appeal process
When claiming land or property that is not yours
72
Mortgagee is ...?
A borrower
A lender
73
Exclusive agency buyer agency agreement...?
Buyer with multiple brokers
Agent gets paid, unless buyer finds property first
One agent has the exclusive right
74
Federal fair housing act of 1968...?
On the bias of sex
Prohibits discrimination on race, religion, or national origin
No discrimination against color or race
The disabled, or families with children
75
In what year did the New York property law, article 12-A go into effect?
1932
1979
1923
1922
76
Definition of a lease?
Rental (possession of property for a specific amount of time)
Legal physical document used to confirm ownership rights to a property
Provides disclosure to understand cost and risk of the mortgage loan
The legal way of saying you have property ownership
77
Blanket loan…?
Covers more than one parcel or lot.
100% financing
Finances the construction of improvements on real estate
Private mortgage insurance. (P.M.I.)
78
What is commingling?
When claiming land a property that is not yours
A relationship based on the highest form of trust and confidence
researching similar homes to get estimated price of current home
Mixing other peoples money with your own
79
Listing types. Exclusive right to sell...?
Multiple brokers involved, first to sell gets paid
Owner has right to sell if so earn no commission
Best protection for broker, earns commission no matter who sells property
80
Definition of Fiduciary .....
Is one in which the owner is entitled to all rights in the property
Mixing other peoples money with your own
A relationship based on the highest form of trust and confidence
Researching similar homes to get estimated value of home in question
81
Who will dictate what is in a real estate agents contract with their broker?
Both broker and agent
The broker
The homeowner and broker
The agent
82
Define general agent…
Has power of attorney
Property manager (agent helps with multiple situations on one site)
Sale of the house or relationship with the homeowner
83
What is comparables?
A relationship based on the highest form of trust and confidence
Mixing other peoples money with your own
Is one in which the owner is entitled to all rights in the property
Researching similar homes to give estimated value of current home
84
What’s the definition of a “Customer?”
Assist the broker with sellers buyers landlords under supervision of broker
Assists sellers buyers with satisfying needs for free
Are typically buyers and they do not pay agents commission
Are typically sellers (Homeowners) clients pay agents commission
85
How many hours of class of continuing education do you need to renew your real estate license?
22.5 hours
120 hours
75 hours
48.5 hours
86
Identifying Homeowners Packages. HO-4....?
Residential
Condominium owners
Apartment renters
87
Civil rights act of 1866...?
No discrimination against race or color
Based on The disabled, or families with children
Based on the bias of sex
Prohibits discrimination on race, religion, or national origin
88
Listing types. Open Listing...?
Owner can sell if so no commission earned
Best protection for brokers
Multiple brokers involved, first to sell gets paid
89
Identifying Property Insurance. Casualty Insurance......?
Covers the risk an owner assumes when the public enters building
Covers against theft, burglary, vandalism and machinery damage
Veteran active or non-active military
90
The broker dictates the commission of the sales person.
True
False
91
sales agent told telephone company 2 print the following ad under “real estate” in the Yellow Pages who must she include
Home phone number
Brokers name
Office address
Area code
92
Identifying Homeowner Packages. HO-6.....?
Apartment renters
Residential
Condominium owners
93
Definition of clients
Are typically buyers and they do not pay agents commission
Assist sellers buyers landlords with satisfying their needs for free
Are typically sellers homeowners, clients pay agents commission
Assistant broker with sellers buyers landlords under supervision of broker
94
A wrongfully accused real estate agent can contest the actions through an …?
Article-78
Real estate court trail appeals
Article 12-A
Family Court
95
Agency Disclosure Form
An IRS rule that limited amount of non-shell shareholders income to 20%
Loss of right through delay of failure to put in a complaint
Describes roles of agents to customers and potential clients
Owner owns shares in corporation
96
What is a loan estimate?
Rental (possession of property for a set amount of time)
Legal way of saying you have property ownership
Disclosure to better understand cost and risks of a mortgage loan
Legal physical document used to confirm ownership rights to a property
97
V.A. Loan (veteran)
Private mortgage insurance. (P.M.I.)
Covers more than one parcel or a lot
Finance the construction of improvement’s on real estate
100% financing
98
What decision states that agents should not give out legal advice?
Duncan & Hill
Power of attorney
Courts decision
Supreme Court
99
When the agent represents the seller and the buyer in the same transaction?
Dual agent
Special agent
Universal agent
Single agent
100
What is a special agent?
Can you represent buyer and seller regarding the same transaction
Has power of attorney
Is a property manager
Sale of the house, or relationship with the owner
