real estate realestate study sales person property
Aid for studying for the real estate sales person exam
Which type of leasehold estate automatically terminates after a certain amount of time?
An estate for years or a term tenancy
Which type of leasehold estate does not have a lease?
An estate at will
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.
When a lease holder stays on the property after the lease expires without the landlord's permission, this describes?
Tenancy at Sufferance
A demising clause within a lease allows what?
Possession of the property by the lessee
Oral leases are enforceable for leases lasting?
Less than one year
What does covenant mean?
Rent control applies to buildings build before?
Rent stabilization applies to buildings built between?
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
In a gross lease the tenant pays?
Just the rent and the landlord pays the expenses
What are the names of the legal documents that establish the rights and duties of all parties invovled in a transaction?
The most common type of security instrument is a?
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)
What instrument allows a debtor to hypothecate property?
The Federal Reserve Act of 1913 created the Federal Reserve System which allows banks to?
Give out reale estate loans.
Lenders who make mortgage loans directly to borrowers are a part of
the primary mortgage market
The Federal National Mortgage Association (Fannie Mae) was created to?
Provide a place where banks and other lenders could sell FHA insured loans
Loans that mean Fannie Mae and Freddie Mac requirements to be sold on the secondary market are called?
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
Loans that are not insured or guaranteed by any governemnt agency are known as?
The Federal Housing Administration (FHA)'s main purpose is to?
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.
Which loan type is more risky because it lends to those with low credit scores?
What is the maximun loan amount on a conforming loan?
Loan assumption allows?
For a person to take over a person's loan as long as the terms stay the same.
What is a property's assessment?
It is a percentage of its market value.
The tax assessor's office is responsible for?
Determining the assessed value of property.
The municipality's engineer's office is responsible for?
The plannig, design, and construction of New Yorks's public works facilities and projects.
Special Assessment districts are?
Geographical areas designated to pay infrastructure costs for a specific project.
The public record that that lists the assessed values of each property is called an?
Homestead properies are
dwellings of four or fewer units... residential properties
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.
What are the total allowable exclusions under Section 121 for both single and married?