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NYS Real Estate Exam Questions and Answers Latest Updated 2024
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NYS Real Estate Exam Questions and Answers
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NYS Real Estate Exam Questions andAnswers
Tenants enter into what type of arrangement when they lease all or part of their
leasehold interest?
Sublease
Exchange
Estoppel
Attornment - answer Sublease
What is the term used for the difference between rentable and usable area? -
answerLoss Factor
Who pays the tax in triple net lease? - answer Tenant
What kind of SF is commercial rent based on?
Rentable
Usable
Common
Taxable - answerRentable
Pam finds out her lease forbids evening cocktail parties in her store. The prohibition is
probably in which lease clause? - answerUse clause
An office is 10,000 SF rentable and 8,000 SF usable, what is loss factor %? -
answer[8,000 (usable)]/[10,000 rentable (gross)] = 100% rentable & 80% efficiency =
20% loss factor
What lease is used for unfinished space not divided into rooms, used for storage or
warehousing?
Loft Lease
Net Lease
Gross Lease
Percentage Lease - answerLoft Lease
Which lease clause calls for increased costs to tenant at specific times during lease
term?
, Alteration
Escalation
Percentage
Attornment - answerEscalation
What is a longterm lease on commercial property? - answerGround lease
Real property tax is what kind of encumbrance?
Lien
Easement
Encroachment
Escheat - answerLien
Encumbrance Definitoin - answerLegal or financial problem attached to the real estate
What is true of liens?
Related to debt
Involuntary
Encroachments
All encumbrances are liens - answerRelated to debt
Who is least likely to get real estate tax exemption?
Farmers
Veterans
Second Homeowners
Gold Star families - answerSecond Homeowners
Pam's house has $180,000 market value. Uniform tax assessment is 60%. What is
assessed value? - answer180,000 * .06 = $108,000
Residential condos are considered what type of property for tax evaluation?
Homestead
Non-Homestead
Special Taxing District
Non-conforming - answerHomestead
How much capital gains tax would a married couple be responsible for if they sell their
primary home for $350,000? - answerZero
What kind of income do you get from daily operation of a business? - answerActive
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