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NYREI SCHOOL EXAM STUDY
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NYREI SCHOOL EXAM STUDY
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Name: Score:109 Multiple choice questions
Term 1 of 109
Janet pays an annual base rent of $12,000 for her little bookstore as well as an overage
percentage of 7.5%. If Janet has gross sales of $150,000, what is her total rent?
$3,115
$12,000
Testers
$42,000
Term 2 of 109
What does a property manager owe a property owner?
A fiduciary obligation
School district taxes
Promissory note
The corporation
Term 3 of 109
The lender's interest in property insurance relates to making sure?
A real estate salesperson's license
20 years old and 2 years of RE experience
The offer and acceptance
There is enough coverage to cover the value of the loan.
,Term 4 of 109
An appraiser takes an assignment to estimate the value of a small office property. She will
probably give the most weight to the?
Income approach
Package mortgage
Tenants in common
Promissory note
Term 5 of 109
A lawsuit filed to close a missing link in a chain of title is known as?
Suit to quiet title
School district taxes
Specific and voluntary
A pro forma statement
Term 6 of 109
The owner of a co-op does not?
Allowed in New York with disclosure and informed consent.
Own their unit fee simple (it is a lease hold estate)
Competent parties, lawful & possible objective and meeting of the minds
A fiduciary obligation
,Term 7 of 109
A cease-and-desist zone can be established by DOS to stop?
Tenant
Covenant of Seisin
Commingling
Intense solicitation by Real Estate agents
Term 8 of 109
A building has 28,000 rentable square feet, 22,160 square feet of which are considered usable.
What is this building's loss factor?
$42,000
14 days
Stud
20.9%
Term 9 of 109
Beatrice sells her house for $600,000 two months after her husband passed away. They had
purchased the house in 1952 for $58,000. Assuming they met the requirement for filing jointly, on
what amount will Beatrice have to pay income tax?
Condemnation
$42,000
$375,000
$24,000
, Term 10 of 109
Homeowner A has a right of way to cross Homeowner B's property to reach her landlocked
property. This is an example of?
An affirmative easement apurtenant
Provides hypothetical data of future rent, expenses, profit
1.) Personal property
2.) Proprietary lease and stock certificate. You do not own the airspace inside your co-op
unit
A fiduciary obligation
Term 11 of 109
A new connector road needs to be built to relieve congestion that is causing many accidents. The
city purchases 20 houses and tears them down to build the road. The act of taking the houses and
tearing them down is known as?
10 years
$42,000
Condemnation
Joint tenants
Term 12 of 109
A tenant lives in an apartment building with non-working plumbing and heat. The tenant moves
out and refuses to pay rent. This could be considered an example of?
81% (12,000/14,800)
$0 nothing (only over $500k)
Condemnation
Constructive eviction
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