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NYREI School Exam Questions & Answers Solved 100% Correct!!
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NYREI School Exam Questions & Answers Solved 100% Correct!!
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Name: Score:70 Multiple choice questions
Term 1 of 70
Fred has missed two mortgage payments. What clause would allow his lender to demand that he
pay the entire balance now?
acceleration clause
escape clause
defeasance clause
adverse possession
Term 2 of 70
A listing broker must maintain a signed agency disclosure form
for a minimum of one year after the listing expires.
until the property is sold again.
only if the client requests it in writing.
for at least three years after the transaction closes.
,Definition 3 of 70
risk management
A valid deed must contain whose signatures?
In his first week on the job, property manager Tim checks the insurance coverage for the
building he manages and indicates potential needs for more coverage. This is an example
of Tim's obligation to
An agent who discusses the commission rates charged by his broker with someone from
another agency could be accused of which antitrust violation?
Craig owns a warehouse and his property taxes were recently raised. In turn, Craig charged
the tenant currently occupying the building additional operating expenses. This is an
example of
Term 4 of 70
Which federal environmental law, known as the Superfund, creates requirements for closed and
abandoned waste sites?
Clean Water Act
Comprehensive Environmental Response, Compensation, and Liability Act
National Environmental Policy Act
Resource Conservation and Recovery Act
Term 5 of 70
A buyer is considering a house with asbestos insulation coating the water pipes. What should the
buyer be most concerned about?
The amount of the tax bill is too high.
Asbestos is harmless if left undisturbed in the walls.
Asbestos insulation is a valuable material that increases home value.
Asbestos can contaminate the house if removed improperly since airborne particles are
dangerous.
, Definition 6 of 70
occupies or uses the purchased property
A commercial tenant
An amenity purchaser
What is the preferred method of creating an agency relationship?
An investor
Term 7 of 70
Opal lives in an apartment that is going cooperative. The current residents are given the first
option to buy in, and Opal decides to take advantage of the opportunity. Which statement about
Opal's new co-op is FALSE?
She will own the airspace inside her co-op fee simple.
She will have a share in the cooperative corporation.
She will be responsible for the maintenance of the building.
She will have voting rights in the co-op board decisions.
Term 8 of 70
A mortgage loan originator can perform each of these activities EXCEPT
predatory lending.
broker's agent.
issue preferred stock.
lend money.
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