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NYC REAL ESTATE EXAM REAL 95 EXAM QUESTIONS AND CORRECT ANSWERS 100 WRITTEN FOR |AGRADE
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NYC REAL ESTATE EXAM REAL 95 EXAM QUESTIONS AND CORRECT ANSWERS 100 WRITTEN FOR |AGRADE
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NYC REAL ESTATE EXAM REAL 95 EXAMQUESTIONS AND CORRECT ANSWERS 100
WRITTEN FOR 2024-2026 |AGRADE
A bridge mortgage is described as - ✔✔ANSW✔✔..A bridge mortgage ( also referred to
as a swing loan or gap loan) is a mortgage that occurs between the termination of one
mortgage and the beginning of the next
A mortgage that occurs between the termination of one mortgage and the beginning of
the next
A zoning ordinance would NOT require ___. - ✔✔ANSW✔✔..C. Material
aceleration clause - ✔✔ANSW✔✔..allows the lender to declare the ENTIRE AMOUNT
due if borrower is in default. or failure to property taxes, insurance, or maintaining
property
Active Income - ✔✔ANSW✔✔..commissions, w2, irs
Adverse Possession - ✔✔ANSW✔✔..The actual, open, notorious, hostile, and
continuous possession of another's land under a claim of title. Possession for a
statutory period may be a means of acquiring title.
Alienation Clause - ✔✔ANSW✔✔..clause stating that if property is sold, debt is
immediately payable
Alienation Clause - ✔✔ANSW✔✔..clause stating that if property is sold, debt is
immediately payable
Amortization - ✔✔ANSW✔✔..A method for computing equal periodic payments for an
installment loan.
Amortization - ✔✔ANSW✔✔..paying the principal + interest over a period of time
Article 12-A of the NYS Real Property Law - ✔✔ANSW✔✔..Outlines the roles/duties of
the Department of State
, article 78 - ✔✔ANSW✔✔..Authorizes special proceeding for judicial
article 78 - ✔✔ANSW✔✔..judicial appeals
Ballon Mortgage - ✔✔ANSW✔✔..A mortgage with a very large last payment, with all
other payments being relatively low
Bargain and Sale Deed - ✔✔ANSW✔✔..A deed that carries with it no warranties against
liens or other encumbrances but that does imply that the grantor has the right to convey
title.
ex The grantor may add warranties to the deed at his or her discretion
Bilateral Contract - ✔✔ANSW✔✔..a two-sided contract that contains two promises
Blanket Mortgage - ✔✔ANSW✔✔..Covers more than one piece of property.
Bridge loan (Swing loan) - ✔✔ANSW✔✔..A type of short-term loan, typically taken out
for a period of 2 weeks to 3 years.
A bridge loan is a type of gap mortgage in which funds are provided over and above an
already existing loan until more permanent financing is in place.
A bridge loan allow a buyer to obtain a new property without having to sell his/her
current property.
building permit - ✔✔ANSW✔✔..permission for construction
Capital - ✔✔ANSW✔✔..money for investment
Chattel - ✔✔ANSW✔✔..personal property
Condop - ✔✔ANSW✔✔..A residential establishment that includes both a condominium
and cooperative ownership structures. Typically the condop refers to the residential
portion of a building which is treated as a single condominium unit owned through a
cooperative-ownership structure.
Consideration Clause - ✔✔ANSW✔✔..A part of the insurance contract that states that
both parties must give something of value for the transfer of risk, and specifies the
conditions of the exchange.
Conveyance (Deed) - ✔✔ANSW✔✔..estate or interest in real property is created,
transferred, assigned, or surrendered.
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