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74 Cards in this Set
- Front
- Back
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In NYS, how old must one be to enter into contracts? |
18 |
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What other capability should they possess? |
Mental and emotional capability |
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What happens if one of the parties to the contract is a minor? |
The contract is voidable by the minor |
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What does the zoning board of appeals do? |
Grants variances |
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What regulates construction standards in NYS? |
Building codes |
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What does municipal engineer’s office do? |
Oversees planning and construction of major highways, sewer systems and water connections |
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If a property ad states that the property is near the vicinity of a geographical area, what else must the ad include? |
It must include the name of the geographical area where the property is actually located |
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Who is usually exempt from property taxes? |
Disabled, veterans, farmers, elderly, gold star parents (whose kids dies in war) and star program homeowners |
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Who is not usually exempt from property taxes? |
Second home owners |
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What covers fully for personal property lost in a fire? |
Replacement cost |
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What’s the cash on cash return on a $2,000,000 property with a down payment of 500,000 and $15000 monthly rental income? |
36 percent |
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Who hires the agent? |
Principal or client |
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What is not a CMA(comparative market analysis)? |
An appraisal |
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What cannot a salesperson do? |
Collect money directly from the client or customer |
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When should the Agency disclosure form be submitted? |
At the first substantive contact |
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Which document describes the agency(who he or she represents) of the salesperson? |
Agency disclosure form |
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What’s another name for the slope of the roof? |
Pitch |
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What carcinogenic component was used as insulation in electric transformers that contaminated soil and ground water? |
PCBs or polychlorinated biphenyls |
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What can brokers provide their salespeople if they are independent contractors? |
Office phone |
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What’s right to access water from a river or stream called? |
Riparian |
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What did the Civil Rights Act of 1866 protect, without exception? |
Race |
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What did the 1988 amendment to the civil rights act protect? |
Disability and familial status |
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What is convincing owners to sell/lease property by telling them a particular group of people are moving into the area called? |
Blockbusting |
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What is it called when lenders/insurance agents refuse to do business in a certain area based on the characteristics of the people living there? |
Redlining |
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Unless specified a lesser estate, transfer of title to real property in NYS creates what type of interest? |
Fee Simple |
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What is another name for transfer of title to real property? |
Conveyance |
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What is it called when the government dictates how a property can be used? |
Zoning |
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Who issues real estate licenses? |
NY Department of State |
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Who oversees licensing and registration of mortgage bankers and brokers? |
NYS banking department |
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Which department oversees drinking water safety? |
NYS department of health |
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Who determines the commission? |
Principal/client and the broker |
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What occurs when the agent represents the seller but also works in the best interests of the buyer? |
Undisclosed dual agency |
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A real estate salesperson is what type of agent? |
Special |
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What clause in the deed describes the property? |
Legal descriptions |
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What type of income is partnerships/investments? |
Portfolio |
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What’s the name of the policy that provides additional liability coverage beyond the primary policy? |
Umbrella policy |
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What type of maintenance is fixing a leaking faucet? |
Corrective maintenance |
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What are property taxes based on? |
Assessed value |
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What is the market value? |
What the property will sell for in a competitive marketplace |
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What is a loft lease? |
It’s a lease for space that is not divided into rooms |
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Which types of commercial properties use percentage lease? |
Retail stores / shopping malls |
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Who is responsible for the terms in the lease if the unit has been subleased? |
Lessee |
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What is the taking of private property by the government for public use called? |
Eminent domain |
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How many years is a residential investment property depreciable for? |
27.5 years |
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How much profit can a single person claim from the sale of a personal residence that’s tax free? |
$250,000 |
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What is the right to use another’s land that falls short of ownership called? |
Easement |
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Joe was not paid for the supplies and labor he provided to homeowner Smith. What kind of lien will he file against Smith? |
Mechanics lien |
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What serves the same function as a circuit breaker? |
Fuse |
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What type of estate is created when only one person holds title to real property? |
Ownership in severalty |
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How much should the seller reimburse the buyer for refusing to provide a property disclosure form? |
$500 |
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Seller tells the listing agent he filed for bankruptcy the previous year. The seller ends up not listing the property with the agent. Still, what fiduciary duty does the agent owe the seller? |
Confidentiality |
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What type of financing is used to purchase a new property when the old property hasn't been sold yet? |
Swing loan or bridge loan |
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Who is the borrower of a mortgage loan? |
Mortgagor |
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What does the Real Estate Settlement Procedures Act (RESPA) require? |
Good faith estimate of the closing costs for federally funded loans |
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What is the right reserved for the condo association that gives them the first opportunity to buy or lease a unit when it becomes available? |
Right of first refusal |
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A coop is what type of ownership? |
Leasehold |
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What is the summary of the chronological history of title and related documents to that called? |
Abstract of Title |
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What type of mortgage is when a new mortgage that is higher in amount wraps around an existing first mortgage that’s smaller in amount? |
Wraparound mortgage |
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What document provides detailed information on a condo or coop project? |
Offering plan |
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What is the process called that calculates the value of an asset in the past, present and future? |
Time value of money |
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What is it called when a building loses its desirability because of an outdated design feature? |
Obsolescence |
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What types of investment properties are warehouses and distribution centers? |
Manufacturing |
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What governs issues such as noises, pets in a condo or coop? |
House rules |
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What are homestead properties? |
Residential condos, 1-4 family homes, mobile homes & farm dwellings |
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What’s the area the tenant actually occupies and uses? |
Usable square footage or net square footage |
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Who signs the contract first? |
Purchaser |
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What is the budget that is set aside for repairs and large improvements? |
Capital reserve budget or replacement reserve budge |
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What’s another name for land lease? |
Ground lease |
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What allows landlords to raise rents during the term of the lease? |
Escalation clause |
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What are tax advantages on investment properties called? |
Tax shelters |
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What type of listing agreement is it where the listing broker gets commission for the sale of the property even if the owners themselves sell the property? |
Exclusive right to sell |
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What’s an implied clause in a deed? |
Grantor owns the property and has a right to convey it or right of quiet enjoyment |
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What does Regulation Z (TILA) require beside the disclosure of interest rates? |
Down payment |
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What does the secondary mortgage market do? |
Buys and sells mortgages |
