Exam (elaborations)
CE Shop NY Real Estate Practice Exam Questions and Answers
- Course
- Institution
CE Shop NY Real Estate Practice Exam
[Show more]
Content preview
CE Shop NY Real Estate Practice ExamLoans made to high-risk borrowers, at higher interest rates and with higher fees, are
______.
-Highly qualified loans
-Prime loans
-Secondary loans
-Subprime loans - Answer -Subprime loans
Real estate licensees should counsel their buyers who are purchasing a recently
remodeled or newly built property about property taxes for what reason?
-Property taxes may be reassessed at a higher rate.
-Taxes are a part of everyday life and need to be paid.
-The property taxes paid by the previous owner are guaranteed.
-To motivate clients to make quick purchasing decisions. - Answer -Property taxes may
be reassessed at a higher rate.
The main difference between puffery and misrepresentation is that _______.
-Misrepresentation doesn't exaggerate
-Misrepresentation falsely represents material facts that a reasonable person would rely
upon
-Puffery doesn't make wild claims
-Puffery is used to help sell a property - Answer -Misrepresentation falsely represents
material facts that a reasonable person would rely upon
A licensee sells a property for $525,000. The total commission rate is 6%, which is split
evenly with the cooperating agent. What amount goes to the listing broker after this
split?
$15,750
$3,000
$31,500
$7,875 - Answer -$15,750
What is the best description for a nonconforming loan?
, -All Fannie Mae and Freddie Mac programs
-All FHA and VA loan programs
-Cannot be sold easily on the secondary market
-Some Fannie Mae and Freddie Mac programs - Answer -Cannot be sold easily on the
secondary market
(Nonconforming loans don't meet the strict requirements required for them to be sold on
the secondary market. These loans generally require additional down payment, or
higher interest rates to compensate the lender for the increased risk.)
Zack represents a seller and receives an offer through another agent. The offer is
higher than the listing price. The property is already listed at a very high price, and no
other offers have been received. Is Zack obligated by his duties to the other party to
disclose that the offer is too high?
-No, but Zack should honor his duty to all parties by asking his client to decline the offer.
-No, his fiduciary duty is to his own client. The buyer's agent must be responsible for
advising on a fair price for the property.
-Yes, Zack must be honest and fair with all parties in the transaction.
-Zack can request that both parties consent to dual agency so that he can negotiate an
honest price that will be fair to all. - Answer -No, his fiduciary duty is to his own client.
The buyer's agent must be responsible for advising on a fair price for the property.
If a landlord refuses to rent an apartment to two single women who live together, this is
discrimination on the basis of what federally protected class?
-Familial status
-Lifestyle
-Same sex relationship
-Sex - Answer -Sex
(Refusing to rent an apartment to two single women living together is sex discrimination.
Familial status refers to the presence of children under 18, and it's worth noting that we
don't know what their relationship is—just like the landlord doesn't!)
What's the purpose of advising sellers to remove personal effects from their homes prior
to showings?
-To give the impression that they need money so that buyers will make their offers
higher
-To increase the likelihood that they'll be out of the house by the time the transaction
closes
-To make it easier for prospective buyers to visualize themselves in the home
-To remove objects that may be tempting to thieves - Answer -To make it easier for
prospective buyers to visualize themselves in the home
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now