real estate sales person license property exam study
Questions geared to help study for the Real Estate Sales person state exam
The colorless, odorless, tasteless radio active gas that can enter a home. Naturally occuring from the break down of soil.
What is an encumberance?
An interest in the property such a a lien.
What is encroachment?
A physical object protruding onto somone else's property.
What agreement allows the use of a part of another person's property for a specific reason?
Complaints regarding a real estate licensee are directed to?
The Department of State
What are the fees associated with a salesperson disassociating from one broker and joining another?
Ten dollars to disassociate and ten dollars to associate with another.
What allows you to use your license in other select states?
How often must a salesperson license be renewed?
Every two years
How many hours of continuing education are required to renew your sales person license?
How many hours of fair housing education are requires per license renewal?
All ads placed by a real estate agent, whether sales person or broker must contain the broker's name and telephone number. Ads that do not have this information are considered...?
If someone tries to reward you with something having cash value and it does not go through your broker, it is illegal and called a
Which document must a seller of residential property complete that highlights the current physical state of the property and cannot be changed once completed?
Property Condition Disclosure
How long does a licensee have to transfer their license after their broker dies?
If a seller decides not provide a Property Condition Disclosure, they must deduct how much from the agreed upon purchase price?
five hundred dollars
After a license is revoked, one must wait how long before reapplying?
Paying someone that is not licensed, for helping secure a deal is called
If your commission is determined by whatever is left over from a sale after the seller recieves a predetermined amount, this is what type of illegal listing?
A net listing
The approval of an act although not authorized at the time it was performed is known as
The certificate that prevents a person from takng a stand against or asserting facts that are inconsistent with previous actions or statments
The point in time when an agent meets the client or customer face to face
First Substantive Contact
At First Sustantive Contact, which document should be signed by both the agent and the client or customer?
Agency Disclosure Form
Which reguation requires agents to make clear who they are working for?
What is the minimum amount of time an agent should keep documentation relating to their transactions?
A property where a death, homicide, or illegal activity has taken place and is not required for the agent to disclose is called a
A Stigmatized Property
If a buyer would like information regarding a stigmatized property, what should the agent recommend
The buyer submit written request to the seller.
In what year was Megan's Law passed?
What is the name of the law that requires the names and addresses of sex offenders to be made public?
Bed Bug Disclosure forms shall always be given when
A vacancy lease is being signed
Which act states that a broker can request their commission be placed into a seperate account by theclient?
The Commission Escrow Act
The Commission Escrow Act went into effect on what date?
January 1, 2009
How long can a commission sit in an escrow account before the seller can reclaim it?
What are the three core anti-trust laws in effect today?
The Sherman act of 1890
The Federal Trade Commission Act 1914
The Clayton Act 1914
Which type of easement involves two seperately deeded lands?
If a person has multiple liens on their property, in which order are they paid?
Taxes (real estate, water ect)
Liens (including IRS)
A part of a person's land is being occupied, with their knowledge, for 10 years or more. The person using the land can claim an
Easement by Prescription
A general lien targets?
All of a person's property withing a given county
A specific lien targets?
Only the propertty in question.
Attachment liens, ordered by the court, prohibit?
The selling of the property in question
A title by prescription, similar to an easement by prescription, is also known as
This document shows that a person has an interest in a piece of real property
This document shows that a person owns a piece of real property
Does the buyer need to sign a deed?
Which deed shows the strongest form of ownership?
Full covenant and warranty deed
What is consideration?
Anything, including money, having value that a person gives or recieves when entering a contract. The deed nust contain a clause that states the grantor was given consideration for the land.
The legal description of a property does what?
Identifies the property from all others, most commonly in the form of an address or BBL number
What is the name of the system a surveyor uses to identify the boundaries of a piece of property?
Metes and bounds
What is POB and what is it used for?
Point of Beginning and is used by a surveyor to determine the boundaries of a piece of preoperty.
The transfer of land through a will is to ?
If a person dies without a will, in what order is the property distributed?
Spouse, Children, relatives..... if no one then it reverted back to the state.
What is it called when a person should know something even if they do not?
What is it called when a person actually knows something through either hearing it, seeing it, reading ect?
The chronological, summarized history of a title is referred to as
Abstract of title
Title insurance does what?
Insures the buyer and/or lenders against any losses that may occur due to any clouds in the title, or discrepencies over the ownership of the property. Insures up to the purchase price.
Settlement statements, which are tpically prepared by the buyer's and seller's attorneys or bank representatives, itemized all of the expenses involved in closing a realestate transaction. What is the name of the required form used to accomplish this?
HUD-1 Settlement Statement
Typically all closing costs are paid by the buyer except?
The division of expenses between the buyer and the seller is called
The rights that come with real property ie. air rights, water rights ect are called
Bundle of rights includes:
Right of possession- to occupy land
Right of quiet enjoyment
Right of disposition- to give away rights
Right of exclusion- no tresspassing
Right of control- to physically alter
Riparian rights involve?
Water that is moving ie stram or river
Littoral rights involve?
Water that is subject to the ebb and flow of a tide ie ocean or large lake
Percolating rights involve?
Water that is underground
When personal property is physically attached becoming a part of the real property, the process is called
When property attached to a piece of real propery is detached making it personal property, this porcess is called?
Plants that grow seasonally on a piece of real property is called fructus industriales or?
Personal property is also known as
When personal property is shown, ownership is conveyed through a?
Bill of Sales
Proof that a person owns a piece of personal property is shown through a?
Certificate of title
If a person has a piece of collateral, but instead of giving it to the lender, they keep it and a lien is placed on the property, this is called?
A possesory interest in a piece of real proeprty with no known end date is called?
A freehold estate
A freehold estate that lasts only as long as the tenant lives is called?
A conventional life estate.
A life estate that is measured by the duration of a non-tenant's life is called?
life estate pur autre vie
Teanacy by the entirety involves just two co-owners that are?
husband and wife
The difference between a C Corportation and a Subchapter S Corportation is
C corporations are double taxed and S corporations are only taxed afer the profits are divided
Power of escheat states?
If a person dies without a will, title property reverts back to the state
The governments constituational power to appropriate land for public use is called
The document that identifies the goals, objectives ect for the growth and development of a community is called a
Master plan or Comprehensive plan
The study of social and economic status of a given area is called?
A city's support facilities and services, inclusing roads, parks, sewers, schools, police and fire protections is known as its?
The physical characteristics of a parcel of land is called
What allows landowners to use their land in a way that is not permitted by zoning regulation?
Name the two types of variance.
Area and use variances
The documents explaining the requirements for the scope of work for construction, including materials, are called?
The underground base, usually made of concrete, that supports a foundation is called a
Concrete foundation that is built directly on the ground is called
slab on grade
A measure of the force that pushes electricity through a wire is called?
The amount of electricity flowing through the wire is measured in
The amount of power consumed in measured in?
Most building codes require kitchens and bathrooms to have specificaly grounded outlets that shut off power when the appliance gets wet or shorts. These outlets are called?
Ground Fault Interrupters (GFI)
Aluminum cabling was?
Disconnected in 1972
The National Enviornmental Policy Act was enacted in
Comprehensive Enviornmental Response, Compensation and Liability (CERCLA) addresses what?
What to do with closed or abandoned waste sites. They created the Superfund which is used to clean up the site.
The colorless, odorless, natural biproduct of fuel combustion, is known as
Lead Bsed Paint Hazards Disclosure Forms must be given to renters or buyers of property built before?
Does NY state have a disclosure policy for mold?
Another word for location is
The opinion of the value of a property based on objective data is called an
Appraisers value property using which three methods?
Sales comparision approach- most used and most credible. compares similar recently sold properties
cost approach- cost of the piece of land, materials to build and depreciation
income approach- how much revenue is currently being made and how much similar properties is bring in. Mostly for commercial property
The combining of lots is called?
The amount a property will most likely sell for is the?
A transaction in which all parties were strangers and acting in their own best interest is called an?
Arms length transaction
When a particular home achieves its maximum value when surrounded by similar homes, this is called
When a particular item in a home is worth what it actually contributes in value, this is its
CMA stands for
Comparitive Market Analysis
Area of a rectangle is determined by?
Multilpying length and width (LxW)
Area of a triangle is determined by?
Multiplying half of the base times the height (1/2b x h) or (b x h)/2
How many square feet are in an acre?
43,560 sq ft
How to you determine the volume of a space? What is the unit of measurement?
L x W x H. cubic feet
The amount remaining in a loan is called?
What is the name of the law and year passed, that prohibits any types of descrimination based on race or color?
The Civil Rights Act of 1866
Which law prohibits descrimination on the basis of color, race, religion or national origin when selling or leasing rental property?
The Federal Fair Housing Act of 1968
Plessy vs Ferguson ruled that?
Seperate but equal was acceptable.
Which supreme court decision ruled that seperate isn't equal?
Brown v. the Board of Education
There was an amendment to the Federal Fair Housing Act in 1988 that protected which two groups?
Family status (having childen) and the disabled.
Buildings built after March 13, 1991 must meet what standards?
Accessibility and adaptablility standards
Blockbusting, also known as panic selling or panic peddling is what?
Inducing someone to sell there home becasue of a change in the neighborhood relating to race, religion ect.
What is it called when a commercial lender discriminates against race, religion ect.
Which Act covers everything that the amendent to the Federal Fair Housing Act does not cover in realtion to the disabled?
The Americans with Disabilities Act
Which law covers all groups against decrimination in all facets of living?
The New York Human Rights Law
Cease and desist zones prohibit what?
Real estate agents from soliciting property owners.
When a type of consideration prohibits someone from doing something, this is called
The Plain-language requirement, also known as Sllivan's law states
Written agreements for the selling or renting of residential property must be written in plain, everday language for amounts of $50,000 or less.
Which clause allows for the freeing of a protion of the property from the mortgage once a predetermined amount is paid?
substantial performance is?
When a person does not fulfill all requirements of a contract but does enough to where that the other party has to live up to their end.
Material breach is?
a breach of contract important enough to where the other party is not obligated to perform any conract obligations.
The substitution of an old contract for a new contract, or the substitution of one party for another is referred to as
Earnest money is?
A deposit a buyer makes when submitting an offer showing their intenet to purchase. This is NOT consideration.