REEDC New York Real Estate Salesperson Practice Test

These questions are part of the practice quiz. Start practicing

• In terms of property taxes, what is a common concern for property owners?
• What is the minimum points requirement to apply for a broker's license?
• Which of the following is a potential penalty for breaking fiduciary duties?
• What study includes recently sold properties and current competing listings to evaluate market conditions?
• How many years of experience are generally required to become a real estate broker?
• What is the term for paying part of a broker's compensation to someone who is not licensed?
• A violation of license law is classified as what type of offense?
• What type of insurance would a homeowner purchase to secure higher limits of liability for their house and cars?
• What is a type of seller financing where a buyer gives a mortgage to the seller to cover part of the purchase price?
• What is referred to as personal property that becomes part of real property?
• Which of the following is considered a fiduciary duty in real estate transactions?
• In which rental environment is a percentage lease commonly used?
• What type of construction eliminates the crawl space in a basement?
• What is typically arranged by the buyer for the day of closing or immediately before?
• A straight term mortgage consists of payments that include?
• What are the minimum requirements for negotiation of commission in real estate?
• What document describes the terms under which a cooperative permits changes to a unit?
• What type of financing allows the seller to participate in the financing of a property?
• What does CPIS stand for in real estate?
• What does a lender require to ensure that no encroachments exist?
• Who typically holds the down payment in a real estate transaction?
• Which document is essential for disclosing lead paint hazards in rental properties?
• What is the primary responsibility of a property manager?
• What is the nature of an estate that allows possession and control for someone's lifetime, but is lost upon death?
• In a transaction, who typically signs first and why?
• If a listing is shared with another broker, that broker becomes what?
• In New York State, what is the minimum age required to enter into a contract?
• Which factor does not constitute a basis for redlining?
• As a property manager, which type of agency does one typically practice?
• If a disabled tenant requests a modification, what is the appropriate response?
• What can a homeowner do to ensure the safe management of asbestos in their home?
• What legal process is initiated after someone dies intestate?
• Which statement is true regarding the relationships between real estate brokers, agents, and clients?
• On which type of building may a flip tax be imposed during a transfer?
• Which of the following is typically used to protect against losses due to perils?
• What is a potential conflict of interest when a real estate licensee also deals with mortgages?
• What component serves as the nailing surface for the floor system of a structure?
• Which entity is responsible for hearing and deciding zoning appeals?
• For a married couple, the capital gains tax incentive when selling their home after 2 years is up to?
• What is defined as the most probable price for which specified property rights should sell in a competitive market?
• Which gas is colorless, odorless, tasteless, and radioactive?
• What term is used for individuals assessing if real estate offices treat all clients equally?
• What is the possible penalty for not fulfilling fiduciary obligations to a client?
• What is the purpose of a lease escalation clause?
• What serves as a lender's collateral for a loan to purchase a cooperative apartment?
• What is a critical aspect of a footing in construction?
• What is the correct order for items listed in an abstract of title?
• What type of agency is established when a client's actions suggest they have authorized an agent?
• What term is used for buildings that combine different uses under one roof?
• What is one of the functions of a municipal town engineer?
• Why is board of directors' approval vital for purchasing a cooperative unit?
• When should the agency disclosure form be presented to the client?
• What type of lease is generally not divided into rooms?
• What term describes the value of a property based on its usefulness to an owner or investor?
• Which of the following is exempt from paying property tax?
• What term describes the lowest price a seller will accept and the highest price a buyer will pay?
• What aspect of real estate transactions can impact the value consideration in the future?
• What term refers to property that holds value and can be sold or leased?
• What is the prorated share of using the common area referred to in terms of usable foot?
• What orientation do roof rafters have that contributes to the roof’s structure?
• What is the consequence of commingling client funds with personal funds?
• In which year was the second major piece of federal fair housing legislation passed?
• What does the percolation rate measure?
• What is the consequence if a property owner fails to provide a property condition disclosure before accepting a purchase offer?
• What type of property includes commercial, industrial, special franchise utility property, and vacant land?
• What is the name of the standardized closing statement required by RESPA 1974?
• Who are testers in real estate?
• What does the R factor measure in a building?
• What does a proprietary lease allow a shareholder to do in a cooperative?
• What is eminent domain?
• What is the term used for the lower part of the roof, including the soffit and fascia?
• What term describes the land that people can live on?
• What might an agent be guilty of if they exaggerate their experience to secure a listing?
• What type of analysis focuses on various aspects of properties in a market area?
• What is a non-solicitation order?
• Which of the following is NOT a type of variance in zoning law?
• What is the term for a physical structure that crosses over a property line?
• Inside the walls of a building, which vertical wooden members are typically found?
• Which governmental body is responsible for overseeing mortgage brokers and mortgage bankers?
• What type of estate allows for the full control and the greatest interest in the property?
• What is the term for selecting customers based on their race for property sales?
• Which governing body oversees the management of a cooperative entity?
• What is an alienation clause designed to prevent?
• What occurs when a person dies without leaving a valid will?
• What type of plan is required for cooperative developments?
• A mortgage that finances both the real property and the personal property is called a?
• What is the architectural rendering that outlines how a house is to be built called?
• What is the term for the value assigned to a property for tax purposes?
• How many hours of continuing education are required for real estate salespersons in New York?
• What best describes the situation when a heating system in an apartment does not meet current tenant needs even though it is in good condition?
• Generally speaking, who creates the real estate contract of sale?
• What major change occurred in the fair housing law in 1974?
• What form of co-ownership includes the right of survivorship?
• What does functional obsolescence refer to?
• What does a bridge loan primarily assist with?
• What is the primary role of a real estate broker?
• What is it called when competitors agree to charge the same prices for their services?
• What is meant by the term "leverage" in real estate?
• What type of agreement allows physical ownership of a property but not the right to sell it?
• What is the role of a zoning board of appeals?
• What market involves lenders buying and selling mortgages?
• What term describes the division of expenses and income between the buyer and seller?
• In a commercial environment, if you add fixtures like cabinets or refrigerator units, they are treated as?
• In the context of real estate, what does the term 'fixture' refer to?
• What maintenance practice involves regular checks of mechanical equipment to prevent excessive wear?
• What is a mortgage that covers more than one property called?
• What is the process called when the dominant and servient lands are combined into a single tract?
• Advertisements by real estate brokers must include which of the following elements?
• Which statement best describes preventative maintenance?
• Who holds the earnest deposit money from the buyer until closing?
• What financing situation involves a buyer receiving assistance with the down payment in exchange for equity?
• What is a fundamental right of tenants concerning their living space?
• What is a building that includes both condominium and cooperative ownership known as?
• In an easement situation, which estate is considered dominant if my driveway crosses over my neighbor's property?
• Which law protects lawful occupation in New York City but not on a state or federal level?
• What does a blind ad typically lack in real estate advertising?
• Which type of lien is specifically filed by someone who has provided labor for improvements to a property?
• What is a package policy in insurance?
• What is formaldehyde known for in relation to its health impacts?
• If a real estate salesperson's license has expired, what is the grace period during which they can continue to practice?
• In homes, what common material used in construction before 1973 is recognized as a potential health hazard?
• Which document should be filled out first with a new client or customer?
• Which homeowners policy provides content coverage specifically for apartment owners?
• What term describes a proactive approach to addressing potential problems before they arise in property management?
• What does investment value represent in real estate?
• What term describes the amount charged by a government or local authority for property ownership?
• If you fail to pay a supplier for materials purchased, what type of lien can be filed against you?
• What is an example of a formal legal description of land?
• If I hire an agent to sell my property, what is the agent's primary obligation?
• What substance is often a concern in drinking water because of its potential health risks?
• Whether a rental agreement is written or verbal, what type of leasehold estate is commonly involved?
• What is the term for a long-standing right allowing one property owner to cross another's property?
• What is the process called when you trace back the successive owners of a piece of real estate?
• What is the insured value of a property?
• What is the minimum distance an absorption field must be from a well?
• What is a synonym for proration in real estate transactions?
• As a licensed salesperson, from whom can you receive compensation?
• What detailed analysis must an investor conduct to evaluate a property?
• What type of agency is practiced by a real estate salesperson?
• What is the primary commodity exchanged by the lessee in a lease agreement?
• Which factor is most critical in the negotiation of the real estate closing date?
• What is the term used to describe the lender in a mortgage transaction?
• What supports the foundation of a structure below the frost line?
• A survey in real estate is used to establish what?
• What clause in a lease can allow for increased fees at specified times during the lease term?
• Which of the following is exempt from federal fair housing laws?
• What are polychlorinated biphenyls commonly classified as?
• What term describes a situation where one broker represents both the purchaser and the seller?
• In real estate, what does "cash flow" refer to?
• What term is used to describe tax incentives provided by the government, such as depreciation?
• In a cooperative ownership, what do shareholders actually own?
• What demographic category was explicitly added to housing legislation after the initial act?
• What type of property insurance typically covers a variety of risks under one policy?
• Which term describes a loan where the payment is less than the total interest due?
• Who is a mortgage loan servicer?
• How does the IRS classify real estate agents?
• Which of the following property types is typically exempt from real property taxation?
• Income earned from paper assets, such as stocks and bonds, is known as?
• How frequently must a real estate salesperson take continuing education courses?
• What document must be completed when a buyer insists on obtaining attorney approval before signing?
• What are discount points in the context of real estate loans?
• What does the buyer attach to the contract after signing it?
• What determines the compensation in a real estate transaction?
• What is the standard voltage used in residential electrical systems in the United States?
• What is a key distinction of dual agency in real estate?
• What is the purpose of a contract's closing date?
• What is the main benefit of the secondary mortgage market?
• What formalizes the owner-manager relationship in property management?
• Which article addresses the purchase or lease of vacant subdivided lands sold through an installment contract within or outside of New York?
• What clause ensures that the landlord's lender cannot terminate the lease as long as the tenant fulfills obligations?
• What is the primary expense associated with a property manager's compensation?
• What is the role of a satisfaction of mortgage document?
• What is the name of the refrigerant that was known to destroy the ozone layer?
• Which type of mortgage involves lenders participating in the profits from a property?
• What term describes the practice of encouraging panic selling in a neighborhood?
• Who typically signs the contract of sale first?
• What type of ownership interest does a co-op resident have?
• What type of study considers the economic viability of a property investment?
• What type of estate is door ownership classified as?
• What type of property are industrial and commercial parcels generally considered?
• What is the role of a broker's agent in a listing agreement?
• Tenants in common is characterized by?
• What characteristic is NOT exempt from fair housing laws?
• What does it mean when a principal does not stop someone from representing their interests, thereby creating an agency relationship?
• What type of income is categorized as coming from rental properties?
• In the context of property rights, what does 'encroachment' refer to?
• What term describes the government's right to acquire privately held real property for public benefit?
• What value is used to determine property taxes according to ad valorem taxation?
• If a person dies intestate and the state cannot locate any heirs, what happens to that person's property?
• Which of the following is true about harassment in the context of home buyers?
• A property owned solely by one individual is referred to as?
• What structural component does not typically support a load?
• What is one of the main purposes of Article 12-A in real estate regulations?
• What is the purpose of a construction mortgage?
• What is a comprehensive checklist related to a property’s condition, including any hazards, called?
• Which agency is responsible for overseeing drinking water safety?
• When a developer sets aside land for common areas, what is this practice called?
• What is the term for the shortfall added back into the principal when a loan payment does not cover the interest?
• In a broker-client relationship, if you are hired to sell a house, the seller is considered your what?
• An oral lease for more than one year cannot be?
• What is the name of the regulation that mandates lead paint disclosure?
• What is an endorsement in terms of an insurance policy?
• What does it mean when a husband and wife hold property as tenants by the entirety?
• In a lease where the rent includes a fixed amount plus a percentage of sales, what is this called?
• What occurs when a mortgage is recorded?
• The income that is earned from actively participating in work, such as salary and bonuses, is referred to as what?
• If a building was constructed prior to what year must the lead paint disclosure form be given to prospective tenants and buyers?
• In a management agreement, who is considered the principal?
• What type of insurance policy includes liability and property damage coverage in one premium?
• What potential issue arises if a broker prepares documents such as a deed from scratch?
• Which type of co-ownership is specifically limited to married couples and includes the right of survivorship?
• The fullest interest I can have in my ownership of real estate is called having a?
• Which of the following is NOT related to common areas in a commercial property?
• What type of lease pertains to a long-term lease of unimproved land typically for construction purposes?
• What occurs when monthly payments do not fully cover the interest and do not pay any principal?
• Which type of expense does not follow a predictable pattern and varies based on property needs?
• Which amendment to the Fair Housing Act specifically addresses familial status?
• For how long must a broker keep all paperwork and records related to real estate transactions?
• What is the primary function of a girder in house construction?
• What term describes the movement of water through soil?
• What category of property includes apartment buildings, single-family homes, and other residential units?
• Which of the following best describes intentional misrepresentation?
• Which framing elements are used in the construction of floors and ceilings?
• Which clause in a lease defines how the tenant can and cannot use the space?
• In whose name is the title to the property shown on the deed?
• What is the governing body that makes decisions for a cooperative?
• What device in an electrical system melts to prevent overheating?
• What type of property is exempt from real property assessments?
• In New York City, a husband and wife take ownership as?
• Which type of lease typically outlines who pays for utilities and property maintenance?
• A zoning ordinance would not typically require?
• What is the legal document used to convey title to real property?
• What duty of an agent encompasses demonstrating a level of expertise in all client dealings?
• What significant amendments were added to the Fair Housing Act in 1988?
• What is a major concern regarding highly corrosive water?
• In real estate terms, what does it mean to have land locked property?
• Which of the following describes the role of a licensee before closing?
• Which term refers to the rights held by landowners whose property abuts a flowing body of water?
• Which entity is responsible for enforcing compliance with real estate advertising standards?
• What listing agreement ensures only one broker is entitled to a commission if the property sells during the contract period?
• How long is non-residential commercial property depreciated over?
• What kind of transaction typically indicates that a property is sold for its fair market value?
• Which of the following is NOT a component of the federal fair housing laws?
• In real estate, what does "chain of title" refer to?
• Commercial space is commonly rented out using which type of lease?
• What is the primary purpose of studs in construction?
• What is the term for a loan that secures an interest against real property?
• When real property title is held in the name of one individual or entity, it is known as ownership in what?
• How far must a septic tank be from a well?
• What was the first major legislation that directly affected property ownership rights?
• Which of the following is an advantage of cash on cash flow?
• What term refers to the practice of only taking customers to neighborhoods that are perceived to be of their own ethnicity?
• What would a lease for large unfinished space be called?
• Over how many years can commercial property be depreciated?
• A utility easement is primarily a type of which of the following?
• What is referred to as gross operating income minus operating expenses and debt service?
• What type of contract occurs when a seller specifies a net amount they wish to receive from a property sale?
• What code does the Uniform Fire Prevention and Building Code typically follow?
• What is the purpose of the agency disclosure form?
• What is the term for mixing a client's money with office operating funds?
• What term describes a neighbor's estate in legal terminology?
• What type of tenancy occurs when someone continues to occupy a property without legal authorization?
• What is a characteristic of tenancy in common?
• For how many years must someone use another's property to potentially claim ownership through adverse possession?
• What structural elements span the distance from one side of a foundation to the other?
• A trade or business where the taxpayer does not materially participate is known as what?
• What tax does New York State collect from buyers of one to three family homes or individual units worth $1 million or more?
• What law regulates chlorofluorocarbons (CFCs) like Freon?
• What is a deficiency judgment?
• What does the Federal Fair Housing Act of 1968 prohibit?
• What should you do if a client refuses to sign the agency disclosure form?
• Properties constructed before which year may contain lead?
• What is referred to as the land that must allow use as per an easement?
• Which of the following is not related to non-homestead properties?
• Which party typically handles the closing of the transaction in a real estate deal?
• What right may a condo association have regarding the sale of units?
• Which of the following can be a component of the net operating income calculation?
• What is the first phase of due diligence?
• What type of arrangement requires a buyer to purchase additional products as a condition of a primary sale?
• What defines a conforming loan?
• What concerns the Department of State if a real estate licensee writes mortgage applications?
• What is the term for land that has no access to roads and is considered landlocked?
• What is the term for mixing the funds of others with personal funds?
• What is typically the term length for residential property depreciation?
• When a landlord removes a tenant without the court's intervention, what is this process called?
• What is the term for the land that benefits from an easement?
• What is the primary function of the municipal engineer's office?
• Who provides the Certificate of Occupancy (CO) for a building?
• What is a legal method for protecting income from taxation by accelerating allowable depreciation?
• What describes a nonconforming use in zoning regulations?
• What is required to gain permission to use land for a purpose that is prohibited under current zoning restrictions?
• Who must sign the deed in a real estate transaction?
• Which legislation outlawed discrimination based on race, religion, and national origin?
• What is the primary purpose of a HUD-1 Settlement Statement?
• Which type of ownership represents the highest degree of ownership in real property?
• What is the procedure called for calculating real estate taxes?
• What is an example of external obsolescence?
• An arms-length transaction implies that the seller and buyer are?
• What concept determines the value of an asset over time?
• What action can be taken against a licensee for violating real estate laws?
• What generally constitutes the tenant's consideration in a lease?
• If a utility company has an easement over multiple properties, what type of easement is it referred to?
• What type of policy should a renter buy to protect personal belongings and provide liability coverage?
• What should a seller do to protect against vicarious liability of another licensee?
• What is the primary purpose of applying for a permit when modifying a house?
• What is the term for someone who dies without having a valid will?
• Which factor does not contribute to external obsolescence?
• What is the term for a practice where a bank refuses to lend based on race or ethnicity?
• Which term refers to a combination of fixed rent and a percentage of gross sales?
• What is it called when one person buys a property all by themselves?
• What is a key function of a real estate licensee during the closing process?
• What type of maintenance is described when a property owner fixes a leaking faucet?
• What is the primary purpose of a deed restriction?
• What document spells out the specific details on how a construction project is to be executed?
• What might homes built before 1973 likely contain?
• What can property owners claim if they believe their property's assessed value is greater than its full value?
• What type of loan specifies that disbursements be made as specified stages of construction are completed?
• What does RESPA primarily address in real estate transactions?
• In a blanket mortgage, how are properties typically utilized?
• Which aspect is typically included in a lease agreement to protect both parties?
• When does the borrower become personally liable for the mortgage loan?
• If an agent works on behalf of the buyer, what is the agent referred to as?
• If a seller opts not to provide the property condition disclosure form, what reduction in price must they offer to the purchaser?
• Which type of documentation outlines the liabilities and responsibilities of a borrower in a mortgage agreement?
• What does the use clause in a lease specify?
• In estate planning, what type of agency is being practiced?
• What is typically applied to the outside of studs to weatherproof a house?
• Which agency is tasked with wetland protection?
• What is considered an example of active income?
• Which term best describes a tenant who remains in possession after the lease term ends?
• What is the act of charging interest over the legal limit called?
• What type of building includes both condominium and cooperative ownership?
• Who signs the contract last?
• In cooperative ownership, who has authority over property changes?
• What program helps people obtain insurance in coastal areas?
• In real estate, which term is associated with the term "developer" in test questions?
• A transaction that involves selling property to unlock liquid assets while leasing that property back is termed?
• What is the name of the mortgage where payments increase as the borrower's ability to pay grows?
• What does proration refer to in a real estate transaction?
• What does the lessor receive in exchange for leasing the property?
• What is the name of the colorless, odorless radioactive gas that is a byproduct of uranium in the soil?
• Which legal document shows title ownership of a property?
• What are the overhangs at the lowest part of a roof called?
• What is the purpose of a property tax assessment?
• Who issues a non-solicitation order?
• Adverse possession can potentially lead to what legal outcome?
• What does a pro forma statement indicate?
• Which phrase best describes a lease agreement?
• Which of the following is NOT a fiduciary duty?
• What form is needed to disclose the refusal to sign at the time of a transaction?
• What would an appraisal using the sales comparison approach involve?
• What type of deed is often used to transfer property with no guarantees?
• Which term refers to the measure of heat resistance in building materials?
• In a sublease arrangement, who is ultimately responsible for ensuring the landlord is paid?
• What is the primary purpose of an easement?
• What refers to the percentage of income that an investor receives back on their investment?
• What term describes the responsibility an agent has for their principal-client's financial loss due to negligence?
• If your real estate license is revoked, how long do you have to wait to reapply for it?
• What responsibility does the building department have regarding building codes?
• Which term describes anything that is not classified as real property?
• What type of mortgage allows a lender to receive interest and a share of profits from a commercial property?
• What are the three appraisal approaches to value?
• What is the primary function of a ventilation stack in a basement?
• What are considered lost areas in a commercial property?
• How would one describe their interest in a cooperative unit?
• What usually influences the commission structure in real estate transactions?
• Who determines the real estate commission on a particular deal?
• What type of maintenance is performed after a tenant has reported a specific issue?
• In New York State, what is the minimum amperage required for construction purposes?
• Asbestos is repaired when it is located in which of the following?
• In real estate, what is the term for the maximum amount a buyer is willing to offer?
• What is the term for the right of an existing tenant to buy a property before the owner sells it to someone else?
• Who is typically responsible for paying the preparation of a new deed?
• What is an essential responsibility of a lessor regarding their property?
• What type of loan allows you to move from one property to another if your first house hasn't sold?
• What type of deed provides the most legal promises, covenants, and warranties to the buyer?
• What do you call a tenant who does not vacate the premises upon lease expiration?
• What is the purpose of an earnest money deposit?
• What are events caused by weather or humans that lead to damage called?
• Which property type is typically assessed at a higher value due to the income-generating potential?
• What must a developer file to legally construct or convert a building into a cooperative corporation?
• What term describes the process where property goes to the state due to no located heirs or creditors?
• A residential condominium is classified as what type of property for tax purposes?
• If an application for a building modification is denied, which entity can one appeal the decision to?
• From which agency do you purchase flood insurance?
• What is external obsolescence?
• What is the primary fee associated with the transfer of cooperative units?
• What is the function of a circuit breaker?
• A tenant's right to remain in a leased property after the lease has expired without permission is known as?
• What does it mean for a loan to be non-conforming?
• Which government agency oversees community development?
• What term describes the areas in a building that are not rent-generating but necessary for the operation of the building?
• What type of mortgage involves two or more parcels of real property pledged to secure payments of the note?
• Who is typically required to perform a letter of opinion regarding an abstract of title?
• What is a deed in real estate terms?
• What right is guaranteed to a tenant regarding their rental premises?
• If I have rental properties, what type of income do I receive from renting out additional spaces like parking spots?
• What is the standard term of real estate licensure?
• What is described as an estimation of how much a property will sell for in a typical transaction?
• What is NOT typically included in a comparative market analysis?
• Which government authority oversees the supply of fresh water for drinking?
• What is the first wooden member laid on the foundation wall that connects the foundation to the flooring system of the house?
• In what scenario is it critical for a tenant to understand the terms of a lease?
• Which regulation governs the advertising of consumer loans and terms of lending?
• To which state agency must the offering plan for a condominium or cooperative building be submitted?
• Which named peril is not covered under a homeowners or dwelling policy?
• What term is used for any word associated with a developer?
• What documentation primarily addresses the agency relationship between a seller and an agent?
• Who is required to sign the deed in a real estate transaction?
• What does an acceleration clause in a mortgage do?
• What would be an example of a potential violation of fair housing laws?
• What is a claim or charge against the property of another person called?
• What do usury laws govern in New York State?
• What type of gas could be drawn out by a proper ventilation system in basements?
• What is the basis for real property tax in New York?
• In real estate, what is the purpose of a closing disclosure?
• What is an example of corrective maintenance?
• To whom do you owe all fiduciary obligations?
• Which lien has the highest priority when it comes to property?
• What type of budget is designed to forecast income and expenses over a short term of typically 5 years?
• What do lenders generally seek when they require homeowners insurance for a residential property?
• What insulating material is now banned due to its carcinogenic properties?
• Which agency type is most suitable for a transaction involving management of a property?
• How is the borrower in a mortgage transaction referred to?
• Which type of loan often has purchase contracts contingent upon the sale of the buyer's property?
• A property owner's view of the difference between rentable and usable area in commercial space is known as what?
• If you are an independent contractor, what minimal support can your broker provide?
• Each discount point is equivalent to what percentage of the total loan amount?
• A single person selling their owner-occupied home after 2 or more years is exempt from capital gains tax on the first how much of the profit?
• In real estate terms, what does “kickback” refer to?
• What does EIS stand for in real estate terms?
• When money is plentiful, what typically happens to interest rates?
• What is the legal concept called when one person is held liable for the actions of another?
• What does a British thermal unit measure?
• What term is used when someone has the legal right to use someone else's property for a specific purpose?
• What year marks the first major federal fair housing legislation?
• Which of the following would not qualify as a formal legal description?
• What term describes an agent who is hired by only one party in a transaction?
• What is an example of an exception to discrimination laws in housing?
• If I am renting an apartment for one week, what type of leasehold estate does this represent?
• What does FIRPTA stand for in relation to foreign investment in real property?
• What is an abstract of title primarily used for?
• Trade fixtures in commercial leases refer to?
• What are the bent pieces of metal called that are used to waterproof a house?
• What is the effect of using borrowed funds in terms of leverage?
• What situation describes a tenant who occupies property after the lease has expired?
• What is granted to a homeowner if the Zoning Board of Appeals approves their application?
• Which of the following correctly defines a buyer's agent?
• In a leasing arrangement, what does the lessee provide in exchange for the premises?
• What does a "ground lease" typically include?
• What type of income tax depreciation allows investment property to be deducted in installments over time?
• What does the term "time is of the essence" refer to in a real estate contract?
• What is the role of the property manager in the management agreement?
• What is the primary goal of the Federal Fair Housing Act?
• What is specific performance in real estate contracts?
• What is the primary characteristic of a non-conforming use?
• What is the adjustment made to an operating statement to reflect potential changes in income and expenses based on market knowledge?
• What is a forced warm air system designed to utilize for heating?
• Which practice is prohibited when managing client funds in real estate?
• Which classes were initially protected under the federal fair housing legislation of 1968?
• What must a licensee ensure prior to the closing of a property transaction?
• What is the term of office for a member of the New York City Council?
• Which two terms are synonymous with squatter rights?
• What is the common practice of a developer to allocate land for community spaces called?
• What type of policy covers expenses incurred when business is suspended due to a disaster-related event?
• What is a wrap-around mortgage?
• Which of the following provides approval for a use of land that is not normally allowed?
• In property management, preventative actions are aimed at what?
• What is the purpose of an alteration agreement in a cooperative?
• Which best describes an independent contractor in real estate?
• What is a CMA, or comparative market analysis, not considered to be?
• What type of device serves to protect electrical circuits from overload?
• What is a personal property that permanently attaches to the land or improvements called?
• Which class was added to the federal fair housing legislation in 1974?
• What is the term for permission to use land in a way that does not comply with the dimensional requirements of zoning ordinances?
• Which department regulates the bulk storage of chemicals and petroleum?
• If a person has the right to cross over your property, what is referred to as that right?
• Which homeowners insurance policy is generally favored by lenders for residential properties?
• Which of the following best describes the condition of real estate market prices?
• Which U.S. agency insures mortgage loans to protect lending institutions?
• What document is signed by the property owner/developer to create a condominium?
• What practice involves soliciting the sale or lease of property due to changes in neighborhood ethnic composition?
• What is the term for the use of another person's property that is open, notorious, exclusive, and adverse to the true owner's interests?
• If a husband and wife bought a house for $50,000 in the 60s and sold it for $300,000 after the husband died, how much of the profit is subject to capital gains tax?
• Which loan allows a homeowner to purchase a home without immediate upfront payment of the entire price?
• What term is used to refer to a type of easement that is associated with commercial use and often owned by government entities or public utilities?
• What type of expense is a property manager's fee generally considered?
• What is the significance of a circuit breaker in electrical systems?
• What term describes the rights to the land underground from a property owner’s residence?