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NYC Real estate Exam Questions And Correct Detailed Answers (Verified Answers) Already Graded A+
- The type of legal listing agreement which is least desirable for the broker is a(n):
a) Exclusive right to sell
b) Net listing
c) Exclusive agency
d) Open listing
Correct Answer: d) Open listing
- What allows landlords to raise rents during the term of the lease?
a) Habendum clause
b) Escalation clause
c) Defeasance clause
d) Assignment clause
Correct Answer: b) Escalation clause
- What type of listing agreement is it where the listing broker gets commission for the
sale of the property even if the owners themselves sell the property?
a) Open listing
b) Exclusive agency
c) Exclusive right to sell
d) Net listing
Correct Answer: c) Exclusive right to sell
- What are tax advantages on investment properties called?
a) Tax shelters
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b) Capital gains
c) Tax liens
d) Liquid assets
Correct Answer: a) Tax shelters
- Whats another name for a land lease?
a) Proprietary lease
b) Ground lease
c) Net lease
d) Gross lease
Correct Answer: b) Ground lease
- What is the budget that is set aside for repairs & large improvements?
a) Operating budget
b) Cash flow budget
c) Capital reserve budget
d) Purchase budget
Correct Answer: c) Capital reserve budget
- Who signs the contract first?
a) Seller
b) Listing Broker
c) Purchaser
d) Lender
Correct Answer: c) Purchaser
- Whats the area that tenant actually occupies & uses?
a) Rentable square footage
b) Gross square footage
c) Usable square footage
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d) Common area
Correct Answer: c) Usable square footage
- What are homestead properties?
a) Industrial warehouses and factories
b) Office buildings and retail centers
c) Residential condos, 1-4 family homes, and farm dwellings
d) Vacant land only
Correct Answer: c) Residential condos, 1-4 family homes, and farm dwellings
- What governs issues such as noises and pets in a condo or co-op?
a) Building codes
b) Zoning laws
c) House rules
d) Federal law
Correct Answer: c) House rules
11. It is essential that every deed be signed by the:
a) Devisee
b) Grantee
c) Grantor & grantee
d) Grantor
Correct Answer: d) Grantor
12. Jim's mechanic's lien will remain against the property for at least:
- 1 year
- 8 Months
- 10 years
- 4 months
Correct Answer: a) 1 year
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13. A specific tract of land is known as a:
a) Devise
b) Chattel
c) Parcel
d) Littoral
Correct Answer: c) Parcel
- If you are a salesperson working with a buyer, then the buyer is your client:
a) If you are servicing the buyer
b) If you have an agency contract with buyer
c) If the buyer has shared financial info with you
d) None of the above
Correct Answer: b) If you have an agency contract with buyer
- Rosita buys a summer cottage that has a mechanic's lien against it, placed by the
workman who was not paid by the former owner Jim. The lien now:
a) Is void
b) Is Jims responsibility only
c) Remains as a claim against the property
d) Is considered satisfied
Correct Answer: c) Remains as a claim against the property
- A home was purchased in 2005 for $425,000 and sold recently for $478,000. What is
- 10.25%
- 12.47%
- 15.00%
- 11.11%
the rate of return on profit?
