Real Estate Test Prep II

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Real Estate Test Prep II
2012-10-21 20:26:44
real estate realestate study sales person property

Aid for studying for the real estate sales person exam
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  1. Which type of leasehold estate automatically terminates after a certain amount of time?
    An estate for years or a term tenancy
  2. Which type of leasehold estate does not have a lease?
    An estate at will
  3. What is a period estate?
    An estate that last for successive equal periods of time (ie month to month) until terminated by either the lessor or lessee.
  4. When a lease holder stays on the property after the lease expires without the landlord's permission, this describes?
    Tenancy at Sufferance
  5. A demising clause within a lease allows what?
    Possession of the property by the lessee
  6. Oral leases are enforceable for leases lasting?
    Less than one year
  7. What does covenant mean?
    A promise
  8. Rent control applies to buildings build before?
  9. Rent stabilization applies to buildings built between?
  10. In a net lease, tenants pay?
    A some of the expenses associated with the property  (taxes, insurance, maintenance) AND the rent. Depending on how may of the three are being paid, it may be referred to as a single-net, double-net or triple-net lease
  11. In a gross lease the tenant pays?
    Just the rent and the landlord pays the expenses
  12. What are the names of the legal documents that establish the rights and duties of all parties invovled in a transaction?
    Finance Instruments
  13. The most common type of security instrument is a?
  14. A promissory note is a type of negotiable instrument which means it can be?
    Transferred from one party to another. They can be sold for less than face value. Governed by the Uniform Commerical Code (UCC)
  15. What instrument allows a debtor to hypothecate property?
    Security Instrument
  16. The Federal Reserve Act of 1913 created the Federal Reserve System which allows banks to?
    Give out reale estate loans.
  17. Lenders who make mortgage loans directly to borrowers are a part of
    the primary mortgage market
  18. The Federal National Mortgage Association (Fannie Mae) was created to?
    Provide a place where banks and other lenders could sell FHA insured loans
  19. Loans that mean Fannie Mae and Freddie Mac requirements to be sold on the secondary market are called?
    Conforming loans
  20. The Federal Home Loan Mortgage Corporation (Freddie Mac) was designed to?
    Provide F&Ls with additional funds, by buying mortgages they already have, so they can continue to lend in the mortgage market
  21. Loans that are not insured or guaranteed by any governemnt agency are known as?
    Conventional loans
  22. The Federal Housing Administration (FHA)'s main purpose is to?
    Insure loans
  23. The State of New York Agency Mortgage Agency (SONYMA) was created in 1970 to?
    To reduce fund shortages from private banks for mortgage lending in New York state.
  24. Which loan type is more risky because it lends to those with low credit scores?
    Subprime loans
  25. What is the maximun loan amount on a conforming loan?
  26. Loan assumption allows?
    For a person to take over a person's loan as long as the terms stay the same.
  27. What is a property's assessment?
    It is a percentage of its market value.
  28. The tax assessor's office is responsible for?
    Determining the assessed value of property.
  29. The municipality's engineer's office is responsible for?
    The plannig, design, and construction of New Yorks's public works facilities and projects.
  30. Special Assessment districts are?
    Geographical areas designated to pay infrastructure costs for a specific project.
  31. The public record that that lists the assessed values of each property is called an?
    Assessment roll
  32. Homestead properies are
    dwellings of four or fewer units... residential properties
  33. Section 121 of the Taxpayer Refief Act provides??
    Relief to taxpayers by exempting most, if not all, of the gain in selling a primary residence. must have resided for 2 of the last 5 years.
  34. What are the total allowable exclusions under Section 121 for both single and married?
    250k for singles and 500k for couples