When the parties to a transaction agree on the essential terms what is said to have taken place ?
Ratification: Confirmation or approval of an act not authorized when it was performed
Question 17
The Sherman Act and the Clayton Act are examples of Federal antitrust laws
Question 18
Nancy built a garage that was mostly on her property. The northwest
corner, however, lay three feet over the property line onto Donna's
property. Which of the following best describes the situation.Encroachment.
rectangular survey
Cap Question 24
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In adjustable-rate mortgage the limitation on the size of any single
adjustment during the life of the loan is referred to as a(n)
The net spendable income generated by an investment is referred to as
special, specific = general
Home › Practice Exams › New York › Real Estate Salesperson Practice Exam 4
Real Estate Salesperson Practice Exam 4
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Question 1
Correct
All of the following are factors that may be used to distinguish an employee from an independent contractor in a real estate office EXCEPT
A
Manner of compensation.
B
Degree of control.
Licensed or unlicensed.
D
Written agreement.
Question 2
Correct
How many additional hours of study are required for a licensed salesperson to become a broker in New York?
A
22.5
B
25
C
35
45
Question 3
Correct
All of the following would be considered fraudulent acts by a broker EXCEPT
A
Choosing not to disclose certain unpleasant but important facts about property.
B
Telling a prospective buyer certain facts about property that the broker knows are untrue.
C
Deciding not to tell a buyer who is about to make an offer on a house that the neighboring property has been rezoned for heavy industrial use.
Unintentionally misinforming a buyer by passing on information supplied by the owner.
Question 4
Correct
Which of the following is a form of co-ownership that passes automatically to the surviving co-owners when one of the co-owners dies
A
Tenancy-in-common.
Joint tenancy.
C
Corporate ownership.
D
Syndicate ownership.
Question 5
Correct
In an adjustable-rate mortgage the interest rate is raised or lowered depending on the behavior of a particular
A
Mortgage-backed security.
Mortgage rate index.
C
Amortization table.
D
Underwriter.
Question 6
Correct
Representing both principal parties in the same transaction without full written disclosure of the fact and the parties ' consent is referred to as
Undisclosed dual agency.
B
Undisclosed subagency.
C
Subagency-by-ratification.
D
Implied agency.
Question 7
Correct
Which of the following correctly expresses the differences between an employee and an independent contractor?
A
Employers have a greater day-to-day control over the work of an independent contractor.
B
Independent contractors are more likely than employees to participate in employer funded health care and pension plans.
Brokers are not required to withhold taxes from payments made to independent contractors.
D
Independent contractors are usually compensated on hourly basis rather than simply for performance.
Question 8
Correct
For how many years must an individual have open, notorious, continuous, uninterrupted, exclusive , and adverse use of another's property to acquire an easement by prescription in New York?
A
7
10
C
15
D
25
Question 9
Correct
All of the following are government agents in the secondary mortgage market EXCEPT
A
FNMA.
HUD.
C
FHLMC.
D
GNMA.
Question 10
Correct
A broker formed a real estate business as a sole proprietorship. Which of the following is NOT true of the new business?
A
The broker is entitled to take profits as income.
The broker's salary is subject to dual taxation.
C
The tax advantages of the sole proprietorship form are well suited to a small business.
D
The broker's financial liability is unlimited.
Question 11
Correct
On a closing statements items of expense that have been incurred but are not yet payable are referred to as
A
Incurred items.
Accrued items.
C
Liabilities.
D
Prepaid items.
Question 12
Correct
In New York the right of election is available to
A surviving spouse only.
B
The statutory heirs of a decedent.
C
Any surviving relatives who gives notice within 30 days of the opening of a probate.
D
The decedent's children only.
Question 13
Correct
A pro forma is a
A
Report of a property's actual past income - generating performance.
B
Measurement of the degree of investor involvement.
Projection of a property's likely performance in the future.
D
Device for calculating the effect of leveraging on accelerated depreciation.
Question 14
Correct
A lease that automatically renews for similar succeeding periods creates what type of a tenancy?
A
At will.
Periodic.
C
At sufferance.
D
For years.
Question 15
Correct
Homes that are produced in a factory and then trucked to a prepared building site to be set onto a foundation are referred to as what type of home?
A
Temporary.
B
Panelized.
Modular.
D
Permanent mobile.
Question 16
Correct
When the parties to a transaction agree on the essential terms what is said to have taken place ?
A
A procuring cause of sale.
B
Ratification.
Meeting of the minds.
D
Self-dealing.
Question 17
Correct
The Sherman Act and the Clayton Act are examples of
A
Federal fair employment laws.
B
New York State vicarious liability laws.
Federal antitrust laws.
D
Worker's compensation laws.
Question 18
Correct
Jones built a garage that was mostly on his property. The northwest corner, however, lay three feet over the property line onto Vell's property. Which of the following best describes the situation.
A
Easement in gross.
B
Involuntary lien.
Encroachment.
D
Easement appurtenant.
Question 19
Correct
Are a salesperson and a broker allowed to form a real estate office partnership in New York ?
A
Yes, as long as both hold currently active licenses.
B
Yes, if they both hold equal interest.
C
Yes, if they both register as employee and principal, respectively.
No.
Question 20
Correct
A group of local real estate brokers agree to form an open membership organization to share their listings with one another. Based on these facts alone is this activity legal?
A
No, it is illegal allocation of a market.
B
No, it constitutes an illegal restraint of trade.
C
No, it is essentially illegal price -fixing.
Yes, it is essentially a multiple listing service.
Question 21
Correct
A real estate broker is usually which type of agent?
Special.
B
General.
C
Universal.
D
Gratuitous.
Question 22
Correct
The federal Fair Housing Act prohibits discrimination in the sale of rental of residential housing on the basis of all the following EXCEPT
Income from public assistance.
B
Race or color.
C
Familial status.
D
Nation of origin.
Question 23
Correct
In the rectangular survey system townships are divided into 36 sections,each one encompassing how many acres?
A
1
B
240
C
360
640
Question 24
Wrong
In adjustable-rate mortgage the limitation on the size of any single adjustment during the life of the loan is referred to as a(n)
A
Ceiling.
Index.
C
Margin.
Cap.
Question 25
Correct
The net spendable income generated by an investment is referred to as
A
Capital gain.
B
Depreciation.
Cash flow.
D
Leverage.
Question 26
Correct
An agent who mixes clients funds with his or her own personal funds is engaging in
A
Estoppel.
B
Escrow.
Commingling.
D
Misrepresentation.
Question 27
Correct
An agent who is empowered to represent the principal in a specific range of matters and who may bind the principal to any contract within the scope of the agent 's authority is what kind of agent?
A
Universal.
B
Special.
General.
D
Procuring.
Question 28
Correct
All of the following are fiduciary duties owed by an agent to a principal EXCEPT
A
Loyalty.
B
Accounting.
C
Obedience.
Interest.
Question 29
Correct
A mortgage that exceeds the maximum limits set by Fannie Mae and Freddie Mac is what kind of loan?
Jumbo.
B
Convertible.
C
Off-index.
D
Premium.
Question 30
Correct
To become a real estate broker in New York an individual must have how many months of experience as a sales person?
A
6
B
12
C
18
24
Question 31
Correct
Under New York law which of the following are required to fully disclose the nature and extent of their agency relationships to any part with whom they have substantive contact?
A
Brokers only.
Brokers and salespersons.
C
Sellers only.
D
Buyers, sellers and brokers but not salespersons.
Question 32
All of the following leases are enforceable in New York EXCEPT a(n)
AWritten lease for 15 months.
BOral lease for 6 months.
COral lease for 23 months.
DAcknowledged, recorded three year lease
Caveat emptor means Buyer bewar
Encumbrance
if the property has an encumbrance on its title, this will affect the transferability of the title to another party.
alienation | transfer
Eminent Domain. The power to take private property for public use by a state, municipality, or private person or corporation
Collection and analysis of suspect materials on or near a property is characteristic of which phase of an environmental audit?
Phase III Remediation occurs in which phase of an environmental audit?
Devisee - The party who receives property by will is known as the
Testator. The party who makes a will is known at the
Testatee
If a foreclosure sale fails to generate sufficient funds to pay off the
mortgage debt the mortgagee may seek what kind of judgement?
One-half
Cash flow + Mortgage amortization + Appreciation + Tax benefits =
Ownership of which of the following is evidenced by a proprietary lease?
Cooperative
The amount added to an adjustable rate mortgage's interest rate to cover the lender's cost is called the
Margin
Substituting a new contract or parties in place of the original is referred to as
Novation
The reversion of property to the state of county when a landowner dies interstate and without heirs is
Escheat
Certain disclosure to purchasers of residential property about settlement costs are required by
RESPA
What kind of agent is property manager under most management agreements?
General.
A certificate of title and a Torrens certificate are both Evidence of title
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A recorded deed restriction may be enforced by a violator's neighbor by a lawsuit seeking
An injunction
Rent control regulations apply to buildings with how many units if built
before 1947 and continuously occupied by the current tenant since July
1,1971 ?
Three or more.
The federal law prohibits discrimination against credit applicants on
the basis of race, color, religion, national origin, and the other
factors is
ECOA
A real estate broker whose offices engages in restraints of trade is violating the
Sherman Antitrust Act
In New York what is the statue of limitations on the right of
neighboring owners to object to violations of the general plan of a
subdivision?
Two years.
The difference between the present value of all positive and negative cash flows is referred to as
NPV
With regard to VA loans made after March 1 1988, the
Assumptor need not be a veteran but must prove creditworthiness
Local taxing bodies may offer partial exemptions from property taxes on primary residences owned by individuals who are
65 years of age or older with modest incomes
Asbestos must always be
Remediated according to the specific problem if at all
A surrogate court proceeding to rule on the validity of a will, the
identity of the devisees , and the portions of the estate due to each
party is
Probate
The principle that no physical or economic condition remains constant is change
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