Exam (elaborations)
New York State Exam Real Estate Quetions and Answers Fully Solved
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New York State Exam Real Estate
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New York State Exam Real Estate2 - answer According to the New York State real property law,a real estate
salesperson's license is issued for a term of how many years ?
Newly constructed property that has not been previously inhabited - answer What type
of residential real property transfer would require a property condition disclosure
statement ?
They are suspended - answer What happens to the licenses of salesperson if their
sponsoring broker's license is revoked or suspended?
Dual agency - answer A listing broker for the seller has a buyer-client who ask to see
the listing. This request could create which type of agency ?
principal or client - answer A broker's compensation is determined in an agreement
between the broker and the ?
Reasonable Care - answer What fiduciary duty would be violated when a client suffers a
financial loss as a result of an agent's lack of expertise in dealing with a particular type
of property?
Entitled to the originally agreed upon commission - answer If client who sign an
"exclusive right to sell " listing agreement with a broker find a buyer for the property on
their own, the broker is
Customer - answer At an open house, Quentin discloses to an interested buyer that he
has the right to his own representation but the buyer refuses. The buyer's relationship to
Quentin is an ?
Inform consumers of the agency relationship of themselves to a real estate agent and
available choices for representation - answer The Main purpose of the agency
disclosure form is to ?
An individual meeting with an agent and discussing the purchase of a specific property -
answer What scenario best illustrates the first substantive contact with a prospective
buyer ?
Special - answer What type of real estate agent is authorized to represent a principal in
one specific transaction?
Client - answer The broker's principal is always the ?
,Fiduciary - answer Susie seller has choice broker Bovice to represent her in the sale of
her house. Broker Bovice will advance and protect Suzie's interest during the sale. What
word best describes their relationship ?
Riparian - answerWhich legal right allows an owner of land bordering a river or stream
to use that water for recreational purposes?
Tenancy by the Entirety - answerWhich form of ownership can only be held by a
married couple?
Fee simple absolute - answerWhich types of estate is recognized by law to be the fullest
form of ownership?
Restrictive covenant - answerWhat deed provision would prohibit an owner from
installing an in ground pool ?
either a real property tax lien or any other lien filed first - answerWhat lien has priority
over all recorded liens ?
All grantors - answerWho must sign a deed ?
Title insurance policy - answerWhat do lenders require as protection against title
defects?
Metes and bounds - answerA type of legal description that includes a point and place of
beginning is ?
Proration - answerWhat is the name for dividing financial responsibility for payment of
rents,taxes and insurances between buyer and seller on a closing statement?
Title - answerWhich type of insurance policy would protect the holder from defects in the
evidence of real property ownership?
The tenant shares in the tenant's business profits - answerWhy does a landlord want a
percentage lease with a retail tenant ?
There must be an offer and acceptance - answerWhat is a requirement for a real estate
contract to be valid ?
Purchaser - answerWhich party to a real estate contract of sale usually signs it first ?
TILA-RESPA integrated DIsclosure rule (trid) - answerThe requirement to provide a loan
estimate form for all closing costs to the borrower for most residential mortgage loans is
the ?
, Federal regulations Z - answerWhat regulates real estate advertisements that include
financing terms ?
Shared equity mortgages - answerA purchaser receives financial help towards a down
payment and interest rate, in return promises to share the profit when the property is
later sold. This agreement is known as a ?
Fuller amortized - answerMortgages that are paid in equal monthly installments in order
to pay the principal in full during the term of the loan are known as which type of loan ?
Morgagee - answerThe person or entity who lends the money in a mortgage transaction
loan ?
Condemnation - answerWhat is the process by which the government may take private
property for the public use ?
Building codes - answerWhich document regulates construction standards ?
Occupancy - answerA document which is issued by a government authority,indicating
that a structure complies with building,safety and health codes and maybe utilized, is
know as a certificate of ?
Sheathing - answerWhat type of building material is attached directly to the exterior of
the side of the vertical wood framing members of outside walls ?
R-value - answerWhat measures insulation's resistance to the transfer of heat ?
To conduct mandated lead-based testing - answerWhich is not a seller's obligation to
purchasers under the federal lead-based paint hazards disclosure regulations?
Asbestos - answerWhich material was previously used in an insulation, ceiling tiles and
other home building products that when disturbed releases cancer causing fibers ?
CFC - answerA manufactured, chemical substance that has been commonly used in
refrigerator and air conditioners and which threatens the ozone layer of the earth's
atmosphere is know as ?
Estimates value - answerWhich best describes what a real estate appraiser does when
rendering an opinion as to the values of real property ?
Obsolesce - answerWhen a property loses value due to outdated style, the value loss is
said to be the result of ?
Comparative market (CMA) - answerWhat is the name of a study of recently sold
properties, currently competing listings,recently expired listings, buyer appeal, market
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