New York Real Estate Exam
1,497+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the New York real estate salesperson exam.
Finance
162 questions- The Truth in Lending Act (TILA) requires lenders to disclose:
- Which government-sponsored enterprise (GSE) purchases conventional conforming mortgages on the secondary market?
- A buyer takes out a $300,000 mortgage at 6% annual interest. What is the first month's interest charge?
- FHA loans require a minimum down payment of:
- A point paid on a mortgage loan is equal to:
- A 'due-on-sale' clause in a mortgage requires:
- Which loan type is guaranteed by the U.S. Department of Veterans Affairs and requires no down payment for eligible veterans?
- Private Mortgage Insurance (PMI) is typically required when a conventional loan has a loan-to-value ratio above:
- An adjustable-rate mortgage (ARM) typically offers:
- RESPA (Real Estate Settlement Procedures Act) prohibits:
- The Loan Estimate must be provided to a mortgage applicant within how many business days of application?
- A New York co-op purchase is typically financed differently from a house purchase because:
- Which of the following best describes 'amortization'?
- The NYC Mansion Tax is paid by the buyer when the purchase price is:
- The New York State Real Property Transfer Tax rate is:
- The debt-to-income (DTI) ratio used by lenders measures:
- A 'conforming loan' in the U.S. is one that:
- Pre-qualification for a mortgage differs from pre-approval in that:
- A second mortgage is subordinate to the first mortgage, meaning:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in credit decisions based on:
- What is the purpose of an escrow account held by a mortgage lender?
- Interest rates on FHA loans compared to conventional loans are generally:
- A balloon mortgage requires:
- NYC's Additional Mortgage Recording Tax is paid by:
- A lender 'redlines' a neighborhood when it:
- The Home Mortgage Disclosure Act (HMDA) requires lenders to:
- A negative amortization loan is one in which:
- In New York, the mortgage recording tax (MRT) is imposed on:
- When a mortgage lender sells a loan on the secondary market, the original lender:
- The Closing Disclosure (CD) under TRID must be provided to the borrower at least how many business days before closing?
- A purchase-money mortgage is one in which:
- What is 'loan-to-value ratio' (LTV)?
- A 'jumbo loan' in New York is a mortgage that:
- What is a 'bridge loan' in real estate?
- The Community Reinvestment Act (CRA) requires federally regulated banks to:
- Seller concessions in a real estate transaction refer to:
- A construction loan for a new home typically:
- The annual percentage rate (APR) on a mortgage is higher than the note rate (interest rate) because:
- What is a 'lock-in' or rate lock in mortgage lending?
- New York's transfer tax is imposed at a rate of $2 per $500 (or fraction thereof) of consideration. On a $350,000 sale, the state transfer tax would be:
- New York City's 'mansion tax' applies to residential purchases at or above:
- In New York, the mortgage recording tax is paid by the:
- The New York STAR (School Tax Relief) program provides a property tax exemption primarily for:
- In New York, a 'purchase money mortgage' is one where:
- Under the federal Truth in Lending Act (TILA), the Annual Percentage Rate (APR) disclosed to a New York borrower differs from the note rate because the APR:
- In New York, a borrower who is 30 days late on a mortgage payment will typically first receive:
- New York law requires that before a lender can foreclose on a residential mortgage, they must provide the homeowner with a pre-foreclosure notice at least:
- A 'hard money loan' in New York real estate is typically characterized by:
- Which New York City tax applies when a buyer purchases a co-op apartment?
- In New York, 'points' paid at closing on a mortgage are:
- An adjustable-rate mortgage (ARM) in New York typically features a rate that is tied to:
- In New York, the 'loan-to-value ratio' (LTV) on a $400,000 property with a $320,000 mortgage is:
- Private mortgage insurance (PMI) is typically required in New York when the LTV exceeds:
- Under RESPA (Real Estate Settlement Procedures Act), a 'kickback' arrangement between a New York lender and a title company is:
- In New York, a 'balloon mortgage' is characterized by:
- The Equal Credit Opportunity Act (ECOA) prohibits mortgage lenders from discriminating against New York applicants based on:
- In New York City, a 'flip tax' in a co-op building is:
- Under the federal Home Mortgage Disclosure Act (HMDA), lenders are required to:
- In New York, the 'debt-to-income ratio' (DTI) used by lenders measures:
- A New York homeowner with a $600,000 home and a $200,000 first mortgage can borrow against the equity through a home equity line of credit (HELOC). The maximum loan amount a lender would consider (at 80% CLTV) is:
- In New York, a 'satisfaction of mortgage' is recorded when:
- In New York, 'mortgage assumption' allows a buyer to:
- The 'secondary mortgage market' in the United States (including New York) is primarily served by:
- New York's judicial foreclosure process (RPAPL Article 13) is known for being:
- In New York, a 'wraparound mortgage' is one where:
- Under New York law, a lender's 'good faith estimate' (GFE) of closing costs has been replaced by the:
- In New York, a 'short sale' occurs when:
- In New York, 'seller concessions' at closing (where the seller pays some of the buyer's closing costs) are:
- In New York, a 'blanket mortgage' covers:
- In New York, the 'debt service coverage ratio' (DSCR) used by commercial lenders measures:
- In New York, 'seller financing' or a 'purchase money mortgage' most benefits a buyer when:
- In New York, the federal 'conforming loan limit' is important because loans above this amount:
- Under the New York Banking Law, a 'mortgage banker' differs from a 'mortgage broker' in that a mortgage banker:
- A New York lender's 'appraisal review' process is used to:
- In New York, 'PITI' refers to the components of a typical mortgage payment, which include:
- In New York, the 'Community Reinvestment Act' (CRA) rating of a bank affects:
- In New York, 'negative amortization' on a mortgage occurs when:
- In New York, the 'VA loan guarantee' entitles eligible veterans to:
- In New York, 'points' paid to reduce the mortgage interest rate (discount points) are sometimes called:
- In New York, the 'CRA' (Community Reinvestment Act) specifically requires banks to:
- An 'FHA loan' in New York differs from a conventional loan in that FHA loans:
- In New York, the 'HomeFirst Down Payment Assistance Program' is a New York City program that provides:
- In New York, RESPA Section 9 prohibits sellers from:
- In New York, the 'Section 203(k)' FHA loan program is used for:
- In New York, a 'deficiency judgment' following a foreclosure sale means:
- In New York, a 'construction loan' is typically converted to a:
- In New York, 'private placement' financing for large commercial real estate projects often involves:
- In New York, a 'rate lock' on a mortgage application protects the borrower by:
- In New York, an 'interest-only mortgage' requires the borrower to:
- New York's 'SONYMA' (State of New York Mortgage Agency) provides:
- In New York, a 'mortgage satisfaction' must be recorded by the lender within how many days of receiving full payoff?
- In New York, 'subordination' of a mortgage means:
- In New York, the 'FHA 203(b)' program is used for:
- In New York, 'warehousing' of mortgage loans refers to:
- In New York, the 'LTV ratio' for a jumbo loan is typically:
- In New York, a 'bridge loan' in commercial real estate is typically used for:
- In New York, 'mezzanine financing' in commercial real estate is secured by:
- In New York, a lender's 'commitment letter' for a mortgage signals:
- In New York, which type of foreclosure is required for most residential mortgages?
- The New York State transfer tax is imposed on the grantor at a rate of:
- New York City's 'mansion tax' applies to residential property purchases where the consideration is:
- In New York, the mortgage recording tax is paid:
- A 'lis pendens' filed in connection with a New York foreclosure action provides which of the following?
- Under New York law, a lender who forecloses on a residential property and receives less than the outstanding loan balance may pursue a:
- The STAR (School Tax Relief) program in New York provides:
- In New York, points paid on a purchase money mortgage are generally:
- Which of the following best describes a 'co-op' mortgage in New York City?
- In New York, which of the following describes a 'purchase money mortgage'?
- In New York, a 'home equity line of credit' (HELOC) is secured by:
- In New York, which of the following best describes an 'ARM' (adjustable-rate mortgage)?
- Under New York law, which of the following is true regarding the 'redemption period' after a foreclosure judgment?
- The 'debt-to-income ratio' (DTI) used by New York mortgage lenders measures:
- In New York, TRID (TILA-RESPA Integrated Disclosure) rules require lenders to provide a 'Loan Estimate' to a mortgage applicant within:
- A New York lender that violates the Real Estate Settlement Procedures Act (RESPA) by accepting a kickback for referring settlement services may face:
- Under New York law, a 'satisfaction of mortgage' must be filed within how many days after the mortgage is paid off?
- In New York, a 'wraparound mortgage' is a form of seller financing where:
- A New York City commercial property is being purchased using a '1031 exchange' (like-kind exchange). The purpose is to:
- In New York, 'private mortgage insurance' (PMI) is typically required when:
- In New York, the 'Truth in Lending Act' (TILA) requires lenders to disclose the 'Annual Percentage Rate' (APR), which represents:
- In New York, an 'acceleration clause' in a mortgage allows the lender to:
- In New York, the 'Equal Credit Opportunity Act' (ECOA) prohibits lenders from discriminating in credit decisions based on:
- A New York borrower has a 'due-on-sale clause' in their mortgage. This means:
- In New York, the 'Home Mortgage Disclosure Act' (HMDA) requires certain lenders to:
- In New York, a 'co-op underlying mortgage' is:
- In New York, a 'conforming loan' is one that:
- In New York, a lender who charges a borrower an interest rate above a certain threshold on a home loan may be issuing a 'high-cost mortgage' subject to additional protections under:
- In New York, the 'Community Reinvestment Act' (CRA) requires federally insured banks and thrifts to:
- In New York, a 'hard money loan' used for real estate investment is characterized by:
- In New York, 'points' on a mortgage loan are:
- A 'bridge loan' used in New York real estate is:
- In New York, an FHA (Federal Housing Administration) mortgage loan is insured by the federal government, which means:
- In New York, a 'VA loan' is available to:
- Under New York law, a residential mortgage lender is required to provide the borrower with a 'Good Faith Estimate' (now replaced by the Loan Estimate under TRID) within:
- The 'Annual Percentage Rate' (APR) on a mortgage is typically higher than the stated interest rate because:
- In New York, a 'balloon mortgage' typically:
- In New York, a 'USDA Rural Development loan' is available for properties located in:
- In New York, the 'note rate' on a mortgage and the 'APR' differ because the APR:
- In New York, a 'mezzanine loan' in commercial real estate is:
- In New York, a 'HELOC' (home equity line of credit) is typically a:
- In New York, a 'reverse mortgage' (HECM — Home Equity Conversion Mortgage) allows eligible homeowners to:
- In New York, 'loan-to-value ratio' (LTV) is calculated as:
- In New York, which of the following is true about a 'short sale'?
- A 'gap mortgage' in New York is most commonly used when:
- In New York, 'predatory lending' practices that are specifically addressed under New York Banking Law include:
- New York's 'Mortgage Banker Licensing Law' requires mortgage bankers to be licensed by the:
- In New York, the 'secondary mortgage market' consists of:
- In New York, a 'cooperative share loan' (co-op financing) differs from a conventional mortgage in that:
- In New York, a borrower who has an FHA loan and has paid down their mortgage to 78% LTV (based on original appraised value) is entitled to:
- In New York, 'PITI' refers to the four components of a monthly mortgage payment, which are:
- A New York City property owner facing a looming balloon payment on a commercial mortgage that they cannot pay off may seek a:
- Under New York law, which of the following is an example of a 'balloon payment' in a commercial mortgage?
- In New York, a 'construction loan' typically converts to a permanent (take-out) mortgage:
- In New York, a 'conventional loan' differs from government-backed loans (FHA, VA, USDA) in that:
- A New York buyer obtains a $650,000 mortgage. The mortgage recording tax is 1.8% (a typical NYC rate for loans over $500,000). How much mortgage recording tax must the borrower pay?
- In New York, a 'forward rate lock' on a mortgage allows the borrower to:
- In New York, a 'subordinate mortgage' is one that:
- Under New York's Banking Law, the 'usury' statutes prohibit charging interest rates above the maximum legal rate on:
- In New York, a 'participation mortgage' in commercial real estate allows the lender to receive:
- In New York, which of the following is true about 'assumable mortgages' under modern conventional loan practice?
- In New York, a 'wraparound deed of trust' is uncommon because:
- In New York, the 'Community Development Financial Institution' (CDFI) program provides:
- In New York, a 'split-rate appraisal' (or land residual technique) is used to:
New York License Law
153 questions- Which state agency regulates real estate licenses in New York?
- How many hours of pre-license education are required for a New York real estate salesperson license?
- How many questions are on the New York real estate salesperson licensing exam?
- What is the minimum passing score on the New York real estate salesperson exam?
- In New York, a real estate salesperson license is valid for how long before renewal?
- A New York real estate salesperson must be sponsored by:
- Under New York law, which of the following is required to be disclosed to a buyer of residential property?
- The New York Property Condition Disclosure Act applies to:
- In New York, attorney involvement in real estate transactions is:
- Under New York license law, a licensee who engages in misrepresentation may face:
- How many hours of continuing education must New York licensees complete per renewal period?
- Which of the following activities does NOT require a real estate license in New York?
- Real Property Law Article 12-A governs which of the following in New York?
- To obtain a New York real estate broker license, a salesperson must first complete how many hours of broker pre-license education?
- Which entity has authority to investigate complaints against New York real estate licensees?
- Under New York law, a licensee convicted of a felony may:
- A New York real estate licensee who wishes to operate as an independent broker must:
- In New York, paying a referral fee or compensation to an unlicensed individual for procuring a real estate client is:
- A New York licensee's license must be prominently displayed:
- Which of the following individuals is EXEMPT from needing a real estate license in New York?
- New York's Real Property Law requires the agency disclosure form to be acknowledged in writing. If a buyer refuses to sign, the licensee should:
- A salesperson's license in New York is held by:
- Under New York law, a real estate broker must keep client funds in:
- A New York salesperson who wants to change sponsoring brokers must:
- Which of the following is TRUE about an associate broker in New York?
- The New York DOS may conduct an investigation of a licensee based on:
- A New York real estate licensee may advertise themselves under a team name only if:
- Under New York license law, commingling of client funds means:
- Which statement about the New York real estate license exam is TRUE?
- A New York real estate broker must retain transaction records for a minimum of:
- An advertisement by a New York licensee that does not identify the brokerage name is known as a:
- The New York 'cooling off' period under the Condominium Act and co-op offering plans allows purchasers to:
- Which of the following individuals does NOT need a real estate license in New York to earn compensation?
- A New York real estate licensee is required to disclose their license status when:
- In New York, the DOS may deny a license application if the applicant:
- A real estate salesperson in New York is considered an independent contractor for tax purposes when:
- Which of the following is required on all New York real estate advertising?
- In New York, a licensee who has their license expire and continues to practice real estate for compensation is:
- New York's continuing education requirement of 22.5 hours per renewal period includes mandatory courses on:
- The New York DOS's power to discipline licensees includes all of the following EXCEPT:
- When a New York broker closes their office, they must:
- An unlicensed assistant working for a New York real estate brokerage may legally:
- Which New York state agency oversees real estate licensing for salespersons and brokers?
- Under Real Property Law Article 12-A, how many hours of pre-license education must a New York salesperson candidate complete before sitting for the licensing exam?
- A New York real estate salesperson license is valid for how long before it must be renewed?
- How many hours of continuing education must a New York real estate salesperson complete each renewal cycle?
- Under New York law, which of the following is required for a real estate broker license?
- In New York, a licensed salesperson must be affiliated with a licensed broker. If that broker's license is revoked, what happens to the salesperson's license?
- Which of the following activities requires a New York real estate license?
- The New York DOS has authority to do all of the following EXCEPT:
- Under New York Real Property Law Article 12-A, practicing real estate without a license is classified as:
- A New York salesperson who changes their sponsoring broker must:
- A New York real estate licensee who is found to have engaged in 'commingling' of funds faces:
- Which of the following individuals is EXEMPT from needing a New York real estate license?
- A real estate broker in New York who wants to operate under a trade name (DBA) must:
- The New York Real Estate License Law requires that all listing and buyer representation agreements:
- A New York real estate licensee found guilty of fraud in a transaction may face all of the following EXCEPT:
- A New York licensee who advertises a property on social media must include which of the following in the advertisement?
- Under New York law, a real estate broker who receives an earnest money deposit must deposit it into an escrow account within:
- The New York continuing education requirement for a first-time salesperson renewal includes a mandatory course in:
- A New York broker who receives a referral fee from an out-of-state broker for sending a client must:
- A New York real estate broker's principal office must be:
- In New York, a real estate associate broker is a licensee who:
- Under New York law, unlicensed 'bird dogs' or referral fees paid to unlicensed individuals by real estate brokers are:
- In New York, a licensee who is convicted of a felony involving fraud or dishonesty will most likely face:
- In New York, 'net listings' (where the broker keeps everything above a stated net price) are:
- In New York, a real estate broker must keep escrow account records for a minimum of:
- A New York broker who wants to open a branch office must:
- In New York, a salesperson's license expires and they fail to renew. They may renew within two years of expiration by:
- Under New York law, a real estate licensee is prohibited from receiving compensation from more than one party in a transaction unless:
- A New York real estate licensee who accepts a gift valued at $500 from a buyer after closing:
- In New York, a real estate team operating under a single broker must:
- A New York broker who is also acting as a principal (buying or selling for their own account) must:
- In New York, the 'Broker Management Course' (24 hours) is required for:
- In New York, a person who is on active duty in the military and whose real estate license lapses while deployed:
- Which of the following is considered 'misrepresentation' under New York license law?
- Under New York law, a licensed salesperson who also works as an independent contractor for a broker:
- In New York, a broker's license may be revoked or suspended for all of the following EXCEPT:
- In New York, what is the minimum age requirement to obtain a real estate salesperson license?
- In New York, a salesperson who works exclusively on commercial leases for their broker must be:
- A New York licensee who receives a consumer complaint from the DOS is required to:
- New York Real Property Law Article 12-A requires a salesperson applicant to demonstrate:
- In New York, a 'virtual office website' (VOW) operated by a real estate broker must comply with:
- Which of the following BEST describes the New York DOS's role in a real estate transaction dispute between a buyer and seller?
- In New York, a 'pocket listing' (where a property is sold without being listed on the MLS) by a broker is:
- In New York, a licensee who is also a property owner selling their own property:
- In New York, a broker who employs an unlicensed person to negotiate real estate transactions is subject to:
- In New York, a real estate salesperson's license application requires fingerprinting for:
- Under New York law, which of the following is TRUE about property management by licensed brokers?
- In New York, the DOS may refuse to issue a real estate license if the applicant:
- In New York, an 'approved provider' for real estate continuing education courses must:
- In New York, 'commercial real estate' transactions involving the sale of a business that includes real property may require both a real estate license AND:
- In New York, a 'referral agent' license allows the holder to:
- In New York, a 'pocket card' (license certificate) is issued to:
- In New York, a broker's obligation to supervise their salespersons means the broker must:
- In New York, a broker who allows their license to lapse for more than two years must:
- Under New York Real Property Law Article 12-A, how many hours of pre-licensing education must a salesperson candidate complete before sitting for the licensing exam?
- Which New York State agency is responsible for licensing real estate salespersons and brokers?
- A New York real estate salesperson license must be renewed every:
- Under New York law, the minimum age to obtain a real estate salesperson license is:
- In New York, a real estate broker license requires a minimum of how many years of experience as a licensed salesperson (or equivalent)?
- A New York licensed salesperson who wishes to change sponsoring brokers must:
- Under New York Real Property Law Article 12-A, which of the following is grounds for revocation or suspension of a real estate license?
- New York's continuing education requirement for license renewal is:
- A real estate licensee in New York who engages in the unauthorized practice of law may face:
- Under New York law, which of the following individuals is NOT required to hold a real estate license?
- A New York real estate salesperson who wants to advertise on social media must ensure that the advertisement includes:
- Under New York law, an unlicensed person who performs real estate activities that require a license may face:
- Under New York Real Property Law, which of the following is required for a brokerage firm to operate as a corporation?
- A New York salesperson license is considered 'inactive' when:
- Under New York law, which of the following activities requires a real estate broker's license rather than a salesperson's license?
- The New York DOS may discipline a licensee for 'commingling' escrow funds. Commingling means:
- A New York licensee who wishes to operate under a trade name (DBA) must:
- In New York, a 'net listing' is:
- Under New York Real Property Law, a broker who receives an earnest money deposit must place it in a separate escrow or trust account within:
- Under New York law, a licensed real estate salesperson may receive compensation for real estate services:
- In New York, the 'cold call' do-not-call rules under the federal Telephone Consumer Protection Act (TCPA) and FTC regulations require licensees to:
- New York's Property Condition Disclosure Act requires sellers of one-to-four family residential dwellings to deliver the PCDS to the buyer:
- The New York DOS may issue a 'cease and desist' zone order in a specific neighborhood when:
- Under New York Real Property Law, an 'associate broker' differs from a salesperson in that:
- The New York DOS may revoke a license 'for cause.' Which of the following would NOT constitute cause for revocation?
- A New York broker who wants to offer 'virtual' (online) real estate courses for continuing education must:
- In New York, a licensee who engages in 'blockbusting' (panic selling) may face:
- In New York, a real estate broker who wants to act as a principal (buying or selling for their own account) in a transaction:
- In New York, an 'open listing' means the seller:
- A New York real estate licensee who wants to refer a client to another agent in a different state and receive a referral fee must:
- Under New York Real Property Law, which entity may NOT hold a real estate broker's license?
- Under New York law, a broker who receives conflicting instructions from two principals (e.g., the buyer and seller in a dual agency) should:
- Under New York Real Property Law, the term 'real estate broker' includes a person who, for compensation, performs which of the following acts?
- The New York DOS may conduct an audit of a broker's escrow account. If a shortage is found due to innocent bookkeeping error (not misappropriation), the DOS may:
- A New York broker who knowingly assists a licensee in performing acts for which the licensee's license has been revoked may face:
- In New York, a licensee's 'fiduciary duty' to their principal means they must act:
- A New York broker's responsibility to supervise associated salespersons and associate brokers includes:
- Under the New York DOS regulations, which of the following is required on all real estate promotional materials (business cards, websites, flyers) of a salesperson?
- Under New York law, which of the following is an example of 'misrepresentation' for which a licensee may be disciplined?
- In New York, which of the following activities by an unlicensed individual is PERMITTED without a real estate license?
- A New York licensed salesperson who is terminated by their sponsoring broker has how long to find a new sponsoring broker before their license becomes inactive?
- Under New York law, a licensee who accepts a commission from both the buyer and the seller without disclosing this arrangement to both parties:
- Under New York Real Property Law Article 12-A, a licensee convicted of a felony:
- In New York, a real estate salesperson may hold a part-time position outside of real estate while maintaining their license, provided they:
- Under New York law, a broker who holds a salesperson's license in escrow (unaffiliated with a broker) may:
- In New York, a real estate licensee who wants to practice in another state must generally:
- Under New York Real Property Law, which of the following is a required element for a valid listing agreement?
- Under New York law, which of the following is required for a real estate licensee to lawfully collect a finder's fee or referral fee from a mortgage lender for referring a client?
- In New York, a broker may pay a portion of a commission to an out-of-state real estate licensee for a referral ONLY if:
- In New York, the 'Real Property Law' sections governing real estate licensing are found in which article?
- A New York real estate broker whose license is expired for more than 2 years must:
- Under New York law, which of the following is required before a real estate broker may legally advertise a property for sale?
- Under New York Real Property Law, a real estate salesperson who is accused of professional misconduct has the right to:
- Under New York law, a licensee who converts client funds from an escrow account to their own use has committed:
- In New York, a 'dual license' (holding both a real estate license and another professional license) is:
- After successfully completing all 550 additional questions (IDs 7251–7800), a student preparing for the New York real estate licensing exam should understand that the NY DOS Division of Licensing Services requires which of the following before issuing a salesperson license?
- In New York, real estate salesperson applicants must complete how many hours of pre-license education?
Property Ownership
149 questions- In New York, a cooperative apartment (co-op) owner technically owns:
- Which form of co-ownership in New York includes the right of survivorship AND can only be held by a married couple?
- A deed restriction is best described as:
- In New York, a condominium owner holds title to:
- Adverse possession in New York requires continuous, open, hostile, and exclusive use for a period of:
- What is a 'proprietary lease' in the context of a New York co-op?
- In New York, the NY Condominium Act is found in:
- Joint tenancy requires four unities. Which of the following is NOT one of them?
- A life estate tenant (life tenant) in New York has the right to:
- In New York, a co-op board has the right to:
- The bundle of rights associated with real property ownership includes all of the following EXCEPT:
- Which type of deed provides the MOST protection to the grantee?
- An easement appurtenant benefits:
- A lis pendens recorded against a property in New York provides notice that:
- The government power that allows municipalities to take private property for public use with just compensation is called:
- A time-share ownership interest in real property gives the owner:
- An encumbrance on real property is best defined as:
- The principle of 'first in time, first in right' in New York recording law means:
- Which of the following is true about a cooperative (co-op) versus a condominium in New York?
- In New York City, conversion of a rental building to a cooperative or condominium requires:
- A mechanic's lien in New York may be filed by:
- Personal property that becomes permanently attached to real property and is considered part of the real estate is called a:
- The MARIA test is used to determine whether an item is a fixture. What does the 'I' in MARIA stand for?
- In New York, title to real property passes to a buyer upon:
- Which of the following is an example of an appurtenance?
- In New York, real property owned by a married person who dies without a will (intestate) will typically pass according to:
- In New York, a 'lis pendens' is effective from the date it is:
- A 'prescriptive easement' is similar to adverse possession in that it requires:
- In New York, 'fee simple absolute' ownership means the owner has:
- In a New York foreclosure action, what is the 'equity of redemption'?
- When property is transferred by will, the recipient is called a:
- In New York, a 'STAR' (School Tax Relief) exemption benefits:
- In New York, 'escheat' refers to:
- What is a 'ground lease' in commercial real estate?
- Riparian rights in New York grant owners of land adjacent to a natural watercourse the right to:
- A 'judgment lien' in New York attaches to:
- A 'cooperative conversion' in New York City occurs when:
- In New York, the 421-a tax exemption is designed to:
- Zoning bonus or floor area ratio (FAR) bonuses in NYC allow developers to:
- In New York City, a 'co-op' (cooperative apartment) differs from a condominium in that a co-op owner:
- The New York Condominium Act is found in:
- When a NYC co-op board rejects a prospective buyer, which of the following is TRUE?
- A 'proprietary lease' in a New York co-op building grants the shareholder:
- In New York, tenancy in common differs from joint tenancy primarily because tenancy in common:
- Tenancy by the entirety in New York is available to:
- In New York, a 'life estate' terminates upon:
- Which type of deed provides the grantee with the greatest protection and conveys the broadest warranties in New York?
- In New York, a deed must be recorded to:
- The New York Homestead Exemption (STAR program) is distinct from a homestead protection because STAR:
- In New York, an 'easement appurtenant' differs from an 'easement in gross' in that an easement appurtenant:
- In New York, 'adverse possession' requires continuous, open, notorious, actual, exclusive, and hostile use of another's property for how long?
- A 'deed restriction' (restrictive covenant) in a New York residential subdivision that runs with the land is enforceable by:
- In New York, a 'fee simple absolute' estate is:
- In New York, when a property owner dies without a will and without heirs, their real property passes to the state under the doctrine of:
- In New York, a 'license' in real property law (not a professional license) is:
- In New York, a 'condominium declaration' (offering plan) must be filed with the:
- In New York City, the conversion of a rental building to a cooperative or condominium requires filing an offering plan with the Attorney General. During this process, existing tenants generally have:
- In New York, a 'ground lease' typically involves:
- In New York, 'intestate succession' for real property means the property passes according to:
- In New York, a 'condominium unit owner's' interest in the common elements of the building is:
- In New York, a 'lis pendens' is most commonly filed in connection with which type of proceeding?
- In New York City's five boroughs, which area is NOT one of the boroughs?
- A 'fee simple determinable' estate in New York automatically terminates if:
- In New York, 'dedication' of a street or park in a subdivision means:
- In New York, an 'encroachment' occurs when:
- In New York, 'riparian rights' relate to:
- In New York, 'littoral rights' relate to property that borders:
- In New York, a 'license coupled with an interest' (as opposed to a bare license) is:
- In New York, when a seller conveys property 'as is,' the buyer should be aware that:
- In New York, the 'recording act' protects subsequent purchasers by:
- In New York, the 'right of redemption' in a mortgage foreclosure allows the mortgagor to:
- In New York, 'air rights' above a property may be:
- In New York, a 'cooperative corporation' that owns an apartment building is governed by:
- In New York, a 'scenic easement' held by a non-profit land trust is typically:
- In New York, a 'co-tenancy clause' in a commercial lease allows a tenant to:
- In New York, the 'homestead exemption' under CPLR Article 52 (as distinguished from STAR) provides:
- In New York, a 'leasehold estate' differs from a fee simple estate in that a leaseholder:
- In New York, a 'servient estate' in an easement is:
- In New York, 'mineral rights' can be separated from surface rights, meaning:
- In New York, 'constructive possession' of a property refers to:
- In New York, an 'estate at will' (tenancy at will) may be terminated by:
- In New York, a 'periodic tenancy' (e.g., month-to-month) is created when:
- In New York, 'escheat' to the state occurs for real property when:
- In New York, a 'conservation subdivision' requires the developer to:
- In New York, a 'cooperative board package' (board application) typically requires prospective buyers to provide:
- In New York, a 'timeshare' or 'vacation ownership interest' is regulated by:
- In New York, an 'in rem tax foreclosure' is initiated by:
- In New York, a 'cooperative apartment' owner who wants to sell must typically obtain approval from:
- In New York, a 'condominium hotel' (condo-hotel) arrangement involves:
- In New York, a 'ground lease' for a Manhattan commercial building typically provides that at the end of the lease term:
- In New York, when property is held in a 'revocable living trust,' the grantor:
- In New York, a 'recorded plat' (subdivision map) filed with the county clerk:
- In New York, a 'right of way' easement is typically created to allow:
- In New York, a 'timeshare interest' in real property is most similar to which of the following property interests?
- In New York City, a 'cooperative' (co-op) differs from a condominium primarily because:
- Under the New York Condominium Act (Real Property Law Article 9-B), what document creates a condominium?
- A NYC co-op board has the right to reject a purchaser's application. This is permissible as long as:
- A 'proprietary lease' in a New York City cooperative grants the shareholder:
- Under New York law, joint tenancy differs from tenancy in common primarily in that joint tenancy includes:
- In New York, which form of co-ownership is typically used by married couples and provides the most protection against a creditor of one spouse?
- New York's Real Property Law creates an 'easement by necessity' when:
- In New York, a deed 'with full covenants' (warranty deed) includes which of the following covenants?
- In New York, a 'life estate' in real property grants the life tenant the right to:
- In New York, 'adverse possession' requires continuous, open, notorious, hostile, and exclusive possession for:
- Under New York law, a 'deed restriction' (also known as a restrictive covenant) running with the land:
- In New York, a 'condominium unit' owner's common charges are used to pay for:
- In New York, an 'air rights' transaction allows a property owner to:
- Under New York's Real Property Law, a 'license' in real property (as opposed to an easement) is best described as:
- Under New York law, 'prescriptive easement' is established by use that is:
- In New York, 'mineral rights' are classified as:
- In New York, the 'bundle of rights' concept in real property ownership refers to:
- In New York, a 'ground lease' differs from a traditional lease in that:
- In New York, a 'habendum clause' in a deed is the clause that:
- In New York City, the 421-a tax exemption program is designed to:
- In New York, a 'conservation easement' held by a land trust or government agency:
- In New York, 'riparian rights' pertain to an owner's rights regarding:
- In New York, a 'condominium declaration' (master deed) creates the condominium and must include:
- In New York, the term 'escheat' refers to:
- In New York City, a 'rent-to-own' (lease-option) arrangement allows a tenant to:
- In New York, the phrase 'seisin' in the context of real property law refers to:
- In New York, a property is sold via a 'referee's deed' when:
- In New York, a 'lien theory' state, the mortgagor (borrower) retains:
- In New York, a 'fee simple determinable' is a form of freehold ownership where:
- In New York, a 'co-op conversion' occurs when a rental building is converted to cooperative ownership. During a 'non-eviction plan' conversion, existing tenants who do not purchase their units:
- In New York, which of the following would NOT be considered real property?
- In New York, 'fixtures' are personal property items that have been so attached to real property that they become part of the real estate. The primary test for determining if an item is a fixture is:
- In New York, the term 'intestate succession' means property passes:
- In New York, 'tenancy at sufferance' arises when:
- In New York, the distinction between a 'fixture' and 'trade fixture' is important in commercial leases because:
- In New York, 'cooperative housing' differs from 'condominium' ownership in terms of financing in that:
- In New York, an 'easement appurtenant' is one that:
- In New York, 'dedication' of land refers to:
- In New York, a 'dower right' (historically, the right of a wife to a life estate in one-third of her husband's real property) was:
- In New York, a 'condominium common element' includes:
- Under New York law, a 'fee simple subject to a condition subsequent' means:
- In New York, which of the following is the MOST common way that title to real property passes to a new owner?
- In New York, a 'mechanic's lien' filed by a contractor attaches to the property and takes priority from:
- In New York, a 'fee simple absolute' is the highest quality of ownership interest in real property because it is:
- In New York, a property held in a 'revocable living trust' may be transferred to the trust without triggering the mortgage's due-on-sale clause because:
- In New York, 'accretion' refers to the gradual addition of land by:
- In New York, 'reliction' refers to:
- In New York, a 'deed restriction' prohibiting a property from being used for commercial purposes is best enforced by:
- In New York, 'constructive eviction' occurs when a landlord:
- In New York, a property owner who transfers property to a family member for below-market consideration (a 'gift' with partial consideration) should understand that:
- In New York, which of the following BEST describes the transfer of title by descent (intestate succession)?
- In New York, a 'purchaser in good faith' (or bona fide purchaser) for value without notice is protected by the recording system because:
- In New York, the 'Uniform Partition of Heirs Property Act' (UPHPA), enacted in 2021, is designed to:
- In New York, a 'nuncupative will' (oral will) is:
- In New York, the 'PILOT' (Payment in Lieu of Taxes) arrangement is commonly used in connection with:
Real Estate Math
144 questions- A seller nets $285,000 after paying a 5% commission. What was the sale price?
- A property has a gross rent of $36,000 per year. The gross rent multiplier (GRM) for the area is 12. What is the estimated value?
- A home's assessed value is $400,000, which represents 80% of market value. What is the estimated market value?
- A buyer purchases a property for $450,000 with a 10% down payment. The lender charges 2 discount points. How much are the discount points in dollars?
- An investor purchases a 6-unit apartment building. Each unit rents for $1,500/month. The vacancy and credit loss rate is 5%. What is the effective gross income per year?
- A property's annual taxes are $6,000. If taxes are prorated at closing and the seller has paid the full year, and closing is on September 1, how much does the buyer owe the seller?
- A broker earns a 5% commission on a $550,000 sale and splits 50/50 with the cooperating broker. How much does the listing broker receive?
- A property is assessed at $320,000. The tax rate is $18 per $1,000 of assessed value. What is the annual property tax?
- A buyer wants to purchase a home priced at $520,000. The lender requires a 20% down payment. What loan amount will the buyer need?
- If a property's value increases from $400,000 to $460,000, what is the percentage increase in value?
- A rectangular lot is 100 feet wide and 250 feet deep. How many acres is the lot? (1 acre = 43,560 sq ft)
- Using the T-bar (Income/Rate/Value), if a property's NOI is $72,000 and its value is $900,000, what is the cap rate?
- A property sells for $650,000. The broker's total commission is 5%. The listing broker splits 55/45 with the buyer's broker. How much does the buyer's broker receive?
- Calculate the NY State Transfer Tax on a $750,000 sale. (NY Transfer Tax = $2 per $500 of consideration.)
- A property's market value is $480,000. The assessed value is 60% of market value. The mill rate is 22 mills. What is the annual property tax?
- An investor purchases a property for $1,200,000. Annual NOI is $90,000. What is the cap rate?
- A buyer closes on April 1. Annual real estate taxes of $8,400 have not been paid for the year. Using a 360-day (banker's) year, how much is the seller's proration?
- A salesperson earned $28,000 in commissions last year, which was 40% of her gross production. What were her gross commissions (before her split with the broker)?
- A building has 10,000 square feet of rentable space. It is 90% occupied. The rent is $25 per square foot per year. What is the effective gross income from rent?
- A seller wants to net $400,000 after paying a 6% brokerage commission and $5,000 in other closing costs. What must the sale price be?
- A property was purchased for $300,000. After 3 years it is worth $363,000. What is the total percentage appreciation?
- A 30-year fully amortized mortgage for $360,000 at 7% annual interest has a monthly payment factor of $6.65 per $1,000 of loan amount. What is the monthly payment (P&I)?
- A commercial property has an annual effective gross income of $150,000 and operating expenses of $60,000. What is the net operating income (NOI)?
- A property's assessed value is $250,000 and the tax rate is 2.5%. What is the annual property tax?
- If a buyer's loan has a beginning balance of $200,000 and the first monthly payment is $1,200, of which $933 is interest, how much does the balance decrease?
- A buyer finances $400,000 at 6.5% annual interest. What is the monthly interest charge for the first month?
- An agent earns a 3% commission on both the buyer and seller side of a $900,000 sale. What is the total commission?
- A homeowner paid $525,000 for their property 5 years ago. They sell it for $630,000. What is the rate of return on their original investment (not accounting for other costs)?
- A seller nets $425,000 after paying a 6% broker commission. What was the sale price?
- A property sells for $780,000 in New York City. The NYC real property transfer tax (RPTT) for a residential sale over $500,000 is 1.425%. What is the RPTT owed?
- A New York property has an assessed value of $180,000 and the local tax rate is $12 per $1,000 of assessed value. What is the annual property tax?
- A buyer obtains a $500,000 mortgage at 7% annual interest. What is the first month's interest charge?
- An investor purchases a Queens rental property for $850,000 and receives $75,000 in annual gross rent. The gross rent multiplier (GRM) is:
- A rectangular Manhattan lot measures 25 feet wide by 100 feet deep. Its area in square feet is:
- A Bronx duplex generates $3,200/month in total rent. Annual operating expenses are $18,000. The NOI is:
- A property in Westchester is purchased for $620,000 with a 20% down payment. The loan amount is:
- The New York State transfer tax on a $1,200,000 sale is ($2 per $500):
- A Staten Island property is assessed at 60% of its market value of $500,000. If the tax rate is $14 per $1,000 of assessed value, what is the annual tax?
- A property in Long Island is listed for $595,000 and sells for 97% of the list price. What is the sale price?
- A broker earns a 5% commission on a $740,000 sale. If the commission is split 60/40 between the listing and selling offices, how much does the listing office receive?
- A New York property was purchased for $300,000 and sold 3 years later for $375,000. What is the percentage gain?
- A NYC apartment building has 10 units each renting for $2,500/month. If the building has a 5% vacancy rate, what is the effective gross income (EGI) annually?
- If a Westchester property has an NOI of $90,000 and sold for $1,125,000, what is the capitalization rate?
- A property is depreciated over 27.5 years (residential) for income tax purposes. If the depreciable basis is $275,000, the annual depreciation deduction is:
- A buyer's total closing costs are estimated at 3% of the purchase price of $450,000. How much should the buyer budget for closing costs?
- If a 6-unit Bronx building sells for $1,200,000, what is the price per unit?
- A mortgage balance is $320,000 at 6.5% annual interest. The monthly interest charge is:
- A property was assessed at $240,000 and the mill rate is 15 mills. The property tax is:
- Real property taxes for the year are $9,600. Closing occurs on March 1 (taxes paid in arrears for the prior year). The seller is responsible for taxes from January 1 through February 28 (59 days out of 365). How much does the seller owe the buyer?
- A NYC property has annual gross rents of $180,000, a 7% vacancy rate, and operating expenses of $85,000. What is the NOI?
- A buyer in Westchester puts 10% down on a $550,000 home. If closing costs are 2% of the purchase price, what is the total cash needed at closing?
- A broker charges 5% commission and splits it equally with the cooperating broker. The cooperating broker then pays their salesperson 40% of the cooperating side. If the property sold for $680,000, how much does the salesperson receive?
- A property in Buffalo is purchased for $150,000 and the owner makes $30,000 in improvements. If it then sells for $210,000, what is the owner's profit (ignoring closing costs)?
- A Manhattan co-op unit is purchased for $1,500,000. NYC mansion tax at 1.25% (applicable to sales between $2M and $3M) is NOT triggered here. The base NYC mansion tax rate of 1% applies. How much is the mansion tax?
- A property generates monthly rent of $5,000. If the GRM is 10, what is the estimated value of the property using annual gross rent?
- A New York salesperson earns 30% of the gross commission from a $490,000 sale where the brokerage charges a 5% commission. The salesperson's earnings are:
- If a $420,000 loan is amortized over 30 years at a monthly payment factor of $6.65 per $1,000 borrowed, the monthly principal and interest payment is approximately:
- A property manager charges 8% of gross collected rents for management. The building collects $22,000/month in rent. What is the annual management fee?
- A NYC building sold for $3,200,000 with a cap rate of 5%. What is the NOI that supported this value?
- A buyer's agent representing a client in a $925,000 purchase negotiated a price reduction of $45,000. The final purchase price is:
- How many acres are in a parcel measuring 726 feet by 330 feet?
- A seller owes $285,000 on a mortgage. The property sells for $375,000, with a 5% broker commission and $8,000 in other closing costs. How much does the seller net?
- A $375,000 mortgage at 6% for 30 years has a monthly payment factor of $5.996 per $1,000. What is the monthly payment?
- A New York property is assessed at $225,000 and qualifies for a STAR exemption of $30,000. If the school tax rate is $18 per $1,000, the annual school tax after STAR is:
- A Harlem building with 8 units each at $1,800/month rent has an annual operating expense ratio of 45%. The annual NOI is:
- A Brooklyn property's annual gross rent is $96,000 with a GRM of 12. The estimated value is:
- A $275,000 property in Albany is assessed at 80% of value for tax purposes. If the tax rate is $22 per $1,000 of assessed value, the annual tax is:
- An investor purchased a NYC building for $2,000,000. After 5 years the NOI was $140,000. Using the income approach, if the market cap rate is 6.5%, the current value is approximately:
- A property manager oversees 15 units, each averaging $2,000/month rent. If the vacancy rate is 8% and the management fee is 6% of EGI, what is the monthly management fee?
- A buyer in NYC purchases a condo for $875,000. The NYC RPTT rate for residential sales over $500,000 is 1.425%. NYC mansion tax at 1% applies since the price is between $1M and $2M — but here the price is $875,000 so mansion tax does NOT apply. RPTT only: what is the RPTT?
- An investor wants a 9% return on a $1,350,000 investment. What must the annual NOI be to achieve this return?
- A New York home purchased for $420,000 appreciated 12% over two years. What is the new value?
- A mortgage has a remaining balance of $450,000. The next monthly payment is $2,700 and includes $450,000 × 6% ÷ 12 = $2,250 interest. How much principal is paid down?
- A Queens property is assessed at $340,000. The county tax rate is $9 per $1,000 and the city rate is $11 per $1,000. The total annual property tax is:
- A Bronx apartment complex with 20 units sells for $3,600,000. The price per unit is:
- A commercial building in Manhattan has 10,000 sq ft of rentable space leased at $50/sq ft/year. Annual operating expenses are $175,000. What is the annual NOI?
- A New York property generates monthly rent of $4,500. Annual operating expenses are $25,000. If the property is valued at a 7% cap rate, what is the estimated value?
- A New York property is listed for $650,000. The buyer and seller negotiate a 4% reduction. What is the negotiated price?
- A commercial lease in Manhattan is for 3,500 sq ft at $85 per sq ft per year. What is the annual rent?
- A mortgage of $410,000 at 5.5% annually. The first month's interest is:
- A $520,000 property is mortgaged at 75% LTV. What is the down payment?
- If a property owner pays $9,000 in annual property taxes and the assessment ratio is 45%, and the tax rate is $20 per $1,000, what is the market value?
- A co-op in Manhattan sells for $1,750,000. The NYC mansion tax at 1.25% applies for sales between $1.5M and $2M. What is the mansion tax?
- An upstate New York property has a gross potential income of $60,000, operating expenses of $22,000, and a 10% vacancy allowance. The cap rate is 8%. What is the estimated value?
- A property generates NOI of $72,000. The building value is $800,000, land is $100,000. Using the building residual technique, if the land capitalization rate is 6% and building rate is 8%, what is the building income attributed to the building?
- A new building in Brooklyn has 20 units. 16 are rented at $2,200/month and 4 are vacant. Annual operating expenses are $110,000. What is the annual NOI?
- A Nassau County property is assessed at $450,000. The school tax rate is $13.50 per $1,000 and the town rate is $6.50 per $1,000. What is the total annual tax?
- A broker earns 3% commission on a $1,200,000 commercial sale. The broker retains 70% and pays 30% to the cooperating agent. How much does the cooperating agent receive?
- A New York property is sold for $925,000. The buyer pays a 10% down payment and obtains a mortgage for the balance. The NY State transfer tax ($2/$500) is paid by the seller. What is the seller's transfer tax liability?
- A salesperson earns 2.5% on their side of a commission split. If the property sold for $680,000, the salesperson's commission is:
- A 1,500 sq ft apartment in Manhattan rents for $85 per sq ft per year. The monthly rent is:
- If a property's NOI is $55,000 and the cap rate is 7%, the indicated value is:
- A 10-unit building has 2 vacant units. Annual gross potential income is $360,000. The actual collected income (EGI) is:
- A Long Island property sells for $485,000. The listing broker charges 5.5% commission, split 50/50 with the buyer's broker. Each broker's firm receives:
- A property has an NOI of $48,000 and the building is valued at $500,000 while land is valued at $100,000. Using a building cap rate of 8% and land cap rate of 5%, the building income is:
- A property's assessed value is $320,000 and the equalization rate is 80%. What is the full market value?
- If closing costs of $18,500 represent 2.5% of the purchase price, what is the purchase price?
- A New York landlord increases rent from $2,400 to $2,640 per month. What is the percentage increase?
- A commercial building in NYC is valued at $5,000,000 with a 4.5% cap rate. What is the annual NOI?
- A property is listed for $550,000 and the seller must net at least $510,000 after a 5% commission. Will the asking price achieve the seller's net requirement?
- A seller in New York agrees to pay a 5% commission on the sale of a property. The property sells for $850,000. How much is the commission?
- A New York property has a market value of $600,000. The assessed value is 40% of market value. The tax rate is $25 per $1,000 of assessed value. What is the annual property tax?
- A buyer in New York City purchases a co-op for $1,500,000. The mansion tax rate on this purchase is 1.25%. How much mansion tax must the buyer pay?
- A property in upstate New York sells for $280,000. What is the New York State transfer tax owed by the seller?
- A property in New York generates gross rental income of $96,000 per year. Operating expenses total $36,000. The capitalization rate is 8%. What is the estimated value?
- A buyer obtains a $400,000 mortgage at 6% annual interest. What is the first month's interest payment?
- A New York broker sold a property for $525,000 and earned a 6% commission. The listing broker and buyer's broker agreed to split the commission 55%/45%. How much did the buyer's broker receive?
- A New York property owner receives an annual rental income of $72,000. The gross rent multiplier (GRM) for comparable properties in the area is 12. What is the estimated value of the property?
- A Long Island buyer puts 20% down on a $750,000 home. What is the mortgage loan amount?
- A New York property has a net operating income of $45,000 and sold for $562,500. What is the cap rate?
- A New York broker's property management agreement calls for a fee of 8% of collected rents. The building collects $18,500 per month. What is the annual management fee?
- A seller in New York wants to net $400,000 after paying a 5% broker commission and $8,000 in closing costs. What must the property sell for?
- A property sold for $450,000. The deed transfer tax is $4 per $1,000 of consideration. What is the total New York State transfer tax owed?
- A New York apartment building has 10 units, each renting for $2,200 per month. The vacancy rate is 5%. What is the effective gross income (EGI) on an annual basis?
- A New York broker earns a 6% commission on a $395,000 sale and splits it equally with the cooperating broker. Each broker keeps 70% of their half and pays their salesperson 30%. How much does each salesperson earn?
- A building in New York has 20 rental units. Fifteen units are rented at $1,500/month and five units are rented at $1,800/month. The building sold at a 7.5% cap rate. What was the approximate sale price (assuming full occupancy and no expenses for simplicity)?
- A New York City apartment building is purchased for $4,200,000. The annual NOI is $294,000. What is the cap rate?
- A New York property has an assessed value of $180,000 and a full market value of $450,000. What is the level (ratio) of assessment?
- A buyer's mortgage requires a 30% down payment on a $550,000 purchase. What is the down payment amount?
- An upstate New York commercial property has an NOI of $80,000 and is purchased at a 6.4% cap rate. What is the purchase price?
- A 30-year fixed-rate mortgage in New York has a principal of $500,000 at 7% annual interest. Using a factor of $6.65 per $1,000 borrowed (approximate monthly payment factor for 7%, 30-year loan), what is the approximate monthly PITI before taxes and insurance?
- A property in New York is assessed at $320,000. The equalization rate (level of assessment) is 80%. What is the full market value?
- A New York real estate investment generates annual rent of $48,000 and is purchased for $600,000. What is the Gross Rent Multiplier (GRM)?
- A New York seller nets $487,500 after paying a 5% commission. What was the sale price?
- A New York property's annual gross income is $85,000, operating expenses are $32,000, and the debt service (mortgage payments) is $28,000. What is the Net Operating Income (NOI)?
- A New York commercial property has annual operating expenses of $95,000 and an operating expense ratio (OER) of 38%. What is the annual effective gross income (EGI)?
- A New York property has a gross potential income of $120,000, a vacancy and collection loss of 6%, and operating expenses of $42,000. What is the Net Operating Income?
- A Westchester County home sold for $920,000. New York State transfer tax at $2 per $500 equals how much tax?
- A building in New York has 12 apartments, each renting for $2,000/month. The gross rent multiplier (GRM) for similar buildings is 14. What is the estimated value?
- A New York City co-op apartment is listed for $850,000. The buyer pays a 10% down payment. What is the share loan amount?
- An investor buys a New York property for $1,100,000 and sells it 3 years later for $1,430,000. What is the percentage gain on the original investment?
- A New York building has a net operating income of $216,000. An appraiser determines the cap rate is 7.2%. What is the estimated market value?
- A New York property has an annual gross income of $60,000 and the operating expense ratio is 35%. What is the annual Net Operating Income?
- A New York investor purchases a property for $2,000,000 with a 30% down payment. The loan is at 6.5% annual interest, interest only. What is the monthly interest payment on the loan?
- A property in New York generates $150,000 in annual gross income with a 7% vacancy rate and $52,000 in annual operating expenses. What is the NOI?
- A New York property has an assessed value of $350,000. The mill rate is 22 mills ($22 per $1,000 of assessed value). What is the annual tax?
- A New York commercial building sells for $3,600,000 and has an annual NOI of $252,000. What is the cap rate?
- A New York property owner receives an offer 8% below the asking price of $895,000. What is the offer price?
- An investor in New York purchased a property for $500,000 and sold it for $650,000 two years later. After paying a 5% commission and $12,000 in closing costs, what was the net profit?
- A New York property is valued at $750,000. After a 12% decline in value, what is the new value?
- A New York broker earns a 5.5% commission on a $1,200,000 sale. What is the total commission?
- A New York investor sells a property for $980,000. After paying a 5% commission and $18,000 in closing costs, what are the net proceeds?
- A New York buyer makes a 25% down payment on a property valued at $840,000. The mortgage recording tax rate is 1.925% (a common NYC rate for residential first mortgages over $500,000 on 1-3 family homes). How much is the mortgage recording tax?
- A New York commercial property with an NOI of $180,000 is purchased at a 7.5% cap rate. What is the purchase price?
Contracts
132 questions- In New York real estate practice, the contract of sale is typically prepared by:
- What is the 'attorney review' period in a New York real estate contract?
- A contingency clause in a purchase contract:
- An exclusive right to sell listing agreement means:
- Which of the following would make a real estate contract voidable?
- In New York, a buyer's broker agreement typically establishes:
- The Statute of Frauds requires that real estate contracts in New York must be:
- An option contract in real estate gives the optionee the:
- What is 'liquidated damages' in a real estate contract?
- In New York, a 'time is of the essence' clause in a real estate contract means:
- A counteroffer legally:
- An 'as-is' clause in a New York purchase contract:
- In New York, earnest money (contract deposit) is typically held by:
- A mortgage contingency in a purchase contract protects the buyer by:
- Specific performance is a legal remedy in real estate that:
- A New York listing agreement must include which of the following to be enforceable?
- The four essential elements of a valid contract are:
- When a seller accepts a buyer's offer, the resulting contract is known as a:
- In New York, a 'binder' or 'memorandum of sale' signed before the formal contract is typically:
- An inspection contingency in a purchase contract typically allows the buyer to:
- Novation in a contract context means:
- An open listing agreement allows:
- Which of the following is an example of 'mutual assent' (meeting of the minds)?
- A walk-through inspection before closing in New York allows the buyer to:
- An 'addendum' to a real estate contract is:
- In New York, the seller of a one-to-four family home who elects NOT to provide the Property Condition Disclosure Statement must:
- Rescission of a contract means:
- A buyer makes an offer, and the seller responds by changing one term of the offer. The buyer then accepts the seller's changed term. Which of the following best describes the binding contract?
- An 'escalation clause' in a purchase offer allows:
- Which type of listing gives the broker the LEAST protection?
- A net listing in New York is:
- The term 'closing costs' in a New York real estate transaction refers to:
- An 'earnest money deposit' serves to:
- In New York, when a seller accepts an offer 'subject to board approval' on a co-op, the contract is:
- The doctrine of 'merger' in real estate contracts provides that:
- A 'right of first refusal' in a lease or purchase agreement gives the holder the right to:
- Which of the following would NOT make a contract void ab initio (void from the beginning)?
- In New York, a contract for the sale of real property must be in writing to be enforceable under:
- In New York residential real estate transactions, who typically prepares the contract of sale?
- A New York real estate contract that includes a 'mortgage contingency' clause protects the:
- In New York, the period between signing a purchase contract and closing is most commonly used for:
- Which of the following is NOT a required element for a valid real estate contract in New York?
- In New York, the equitable doctrine that allows a buyer to demand specific performance of a real estate contract is available because:
- A New York residential purchase contract is signed but the buyer's home inspector finds major structural defects not previously disclosed. The buyer can:
- Under New York law, an option contract in real estate gives the optionee the:
- When a New York seller accepts a backup offer while already under contract with a primary buyer, this is:
- A 'time is of the essence' clause in a New York real estate contract means:
- In New York, the 'rider' to a standard contract of sale is used to:
- Under New York law, a real estate contract signed by a person who has been adjudicated legally incompetent is:
- In New York, a 'binder' in a real estate transaction is:
- The 'merger doctrine' in New York real estate law means that after closing:
- In New York, a 'counteroffer' in a real estate transaction legally:
- Under New York law, a contract entered into by a minor (under 18) for the purchase of real estate is:
- In New York, a 'right of first refusal' (ROFR) in a real estate contract gives the holder:
- In New York, a 'contingency' in a purchase contract serves to:
- In New York, 'liquidated damages' in a purchase contract are:
- In New York, when a buyer makes an offer and the seller makes a counteroffer, which is true?
- In New York, which of the following is a common 'closing cost' paid by the BUYER?
- In New York, an 'attorney approval contingency' (also called a 'lawyer's review clause') allows:
- In New York, a real estate purchase contract can be rescinded by mutual agreement of the parties, which is called:
- In New York, a real estate contract that contains an illegal provision is generally:
- In New York, a real estate broker's claim for a commission is typically based on:
- In New York, 'earnest money' deposited at contract signing is typically:
- Under New York law, a seller who fails to disclose a known latent defect that the buyer could not reasonably discover may be liable for:
- In New York, a real estate contract signed under duress is:
- In New York, a 'land contract' (also called a contract for deed or installment sale contract) allows the buyer to:
- In New York, 'novation' in a real estate context occurs when:
- Under New York law, if a real estate contract does not specify a closing date, a court may hold that a 'reasonable time' to close is:
- In New York, a real estate purchase contract that is 'subject to' the sale of the buyer's current home is an example of a:
- Under New York law, an 'integration clause' (also called a merger clause) in a purchase contract states that:
- In New York, an 'as is' sale contract provision means the seller:
- In New York, a 'holdover clause' in a residential lease typically converts the tenancy to:
- In New York, when a seller provides a property condition disclosure statement, it must be provided to the buyer:
- In New York, an 'escalation clause' in a purchase offer means the buyer is willing to:
- In New York, a 'letter of intent' (LOI) in a commercial real estate transaction is typically:
- In New York, a 'contract deposit' held by the seller's attorney is typically:
- In New York, 'specific performance' as a remedy for breach of a real estate purchase contract is available to:
- In New York, when a buyer makes an all-cash offer (no mortgage), the purchase contract typically:
- In New York, a 'tender' in a real estate context means:
- In New York, a 'lease with option to purchase' gives the tenant:
- In New York, the 'doctrine of part performance' may allow enforcement of an oral real estate contract when:
- In New York, a 'post-closing occupancy agreement' (sometimes called a 'use and occupancy agreement') allows the seller to:
- In New York, real estate purchase contracts must be in writing to be enforceable under:
- In New York residential real estate transactions, who typically prepares the purchase and sale contract?
- Under New York law, an 'as is' clause in a real estate purchase contract:
- The 'attorney review' or 'attorney approval' contingency commonly included in New York residential contracts allows:
- Under New York law, a contract for the sale of real property signed by a person who was legally incompetent (adjudicated) at the time of signing is:
- In a New York real estate transaction, earnest money (contract deposit) is typically held by:
- A New York real estate contract contains a mortgage contingency clause. If the buyer is unable to obtain financing after making a good-faith effort, the buyer may:
- In New York, an 'option contract' for the purchase of real property is enforceable only if it:
- In New York, the 'time is of the essence' clause in a real estate contract means:
- Under New York law, a broker's right to a commission is generally established when:
- Under New York law, which of the following would make a real estate contract voidable (not void)?
- In New York, 'specific performance' as a remedy in a real estate contract dispute means:
- A New York buyer signs a contract to purchase a condominium. The seller's offering plan contains a material misstatement that the buyer did not discover until after signing. The buyer may:
- In New York, a 'right of first refusal' in a real estate contract gives the holder:
- Under New York law, a seller who breaches a real estate purchase contract by refusing to convey title may be subject to which of the following buyer remedies?
- In New York, which of the following is NOT a required element for a valid real estate contract?
- In New York, a buyer's deposit is 'at risk' (may be forfeited) if the buyer defaults on a real estate contract because:
- In New York, a 'contract contingent upon the sale of the buyer's current home' means:
- Under New York law, a 'merger clause' (also called an 'integration clause') in a real estate contract means:
- In New York, a real estate contract is 'executory' when:
- In New York, 'novation' in a real estate context means:
- Under New York law, 'mutual mistake' as a basis for rescinding a real estate contract requires that:
- In New York, a real estate broker's commission agreement must be in writing to be enforceable because of:
- In New York, a 'tender' in a real estate contract dispute means:
- In New York, the 'parol evidence rule' in contract law prevents:
- A New York real estate purchase contract contains an 'inspection contingency.' If a home inspector discovers a defective roof, the buyer's typical options under this contingency are:
- Under New York law, 'liquidated damages' in a real estate contract are:
- In New York, a 'rescission' of a real estate contract means:
- Under New York law, a 'consent to assignment' clause in a real estate purchase contract means:
- In New York, a 'subject to' clause in a purchase offer (e.g., 'subject to buyer's attorney review within 5 business days') creates:
- Under New York law, a real estate licensee who prepares a purchase contract (rather than an attorney) is:
- In New York, a contract for the sale of real property that is not supported by adequate 'consideration' is:
- In New York, an 'earnest money' deposit serves the purpose of:
- In New York, a seller's failure to disclose a known material defect in the Property Condition Disclosure Statement may give the buyer the right to:
- In New York, a seller who delivers a deed to a buyer at closing but then refuses to vacate the property is most likely in breach of:
- In New York, a 'letter of intent' (LOI) in a commercial real estate transaction:
- Under New York law, a real estate contract that is 'unconscionable' may be:
- Under New York law, a 'warranty deed' (full covenant and warranty deed) differs from a 'bargain and sale deed with covenant against grantor's acts' in that:
- In New York, a 'counterpart' in a real estate contract means:
- In New York, which of the following represents an 'implied covenant' that courts will read into most real estate contracts?
- In New York, a 'contract modification' must be:
- In New York, a seller who receives two simultaneous offers on their property may:
- Under New York law, 'damages for breach of contract' in a real estate purchase agreement may include which of the following for an aggrieved buyer?
- In New York, a real estate contract that contains an illegal provision is typically:
- In New York, 'closing costs' typically borne by the buyer in a residential transaction include which of the following?
- In New York, an 'addendum' to a real estate purchase contract is:
- Under New York law, the 'doctrine of equitable conversion' in a real estate contract means that:
- In New York, a real estate contract that requires the buyer to purchase 'subject to a satisfactory home inspection' gives the buyer the right to:
- In New York, the concept of 'merger of title' (or merger of contract into deed) at closing means that:
- In New York, a real estate 'auction sale' requires which of the following for an enforceable contract?
Property Management
122 questions- New York City Rent Stabilization Law applies primarily to:
- Under NYC Rent Stabilization, a landlord may increase the rent by:
- In New York, a residential landlord must return a security deposit within how many days after the tenant vacates?
- A property manager's primary fiduciary duty is owed to:
- Which of the following is a common component of a property management agreement?
- The purpose of a building's reserve fund in property management is to:
- In New York, a landlord who fails to return a tenant's security deposit within the required period may:
- NYC Rent Control (as distinct from Rent Stabilization) applies to buildings:
- A property manager who collects rents, negotiates leases, and coordinates repairs for a fee without a real estate license in New York is:
- A gross lease, commonly used in residential rentals, means:
- A net lease in commercial real estate typically requires the tenant to pay:
- A certificate of habitability (or equivalent housing standards) in New York requires rental properties to:
- The implied warranty of habitability in New York residential leases means:
- In New York, an eviction of a residential tenant requires:
- The Americans with Disabilities Act (ADA) accessibility requirements apply primarily to:
- In New York, a landlord must provide written notice before raising a month-to-month residential tenant's rent. What is the required notice period for a tenant who has lived in the unit for more than 2 years?
- A triple net (NNN) lease requires the tenant to pay:
- A property manager's management fee is typically based on:
- NYC's Good Cause Eviction law (if applicable) limits a landlord's ability to:
- An owner's net operating income (NOI) is calculated as:
- In New York, a residential lease for more than one year must be:
- A percentage lease, common in retail real estate, requires the tenant to pay:
- Tenant screening in New York must comply with fair housing laws, which means landlords:
- In New York, a month-to-month residential tenancy is terminated by giving:
- In New York City, the Rent Stabilization Law primarily applies to:
- Under New York City Rent Control, rents are regulated for:
- A New York City landlord seeking to evict a rent-stabilized tenant must have which of the following?
- The New York State Division of Housing and Community Renewal (DHCR) is responsible for:
- Under New York's warranty of habitability (Real Property Law §235-b), a landlord must:
- In New York, a security deposit for a residential rental may NOT exceed:
- A New York property manager who collects rents and security deposits must:
- Under New York's Good Cause Eviction Law (effective 2024 for qualifying tenants), landlords who wish to non-renew a lease or raise rents above a certain threshold must:
- In New York, a landlord who wrongfully withholds a security deposit after the tenant vacates may be liable for:
- Under New York law, the maximum notice period a month-to-month tenant must receive to terminate a tenancy after residing in a unit for more than 2 years is:
- In New York City, the 'preferential rent' concept in rent stabilization means:
- In New York, a residential lease agreement must contain which of the following to comply with the Housing Stability and Tenant Protection Act of 2019?
- A New York property manager must maintain accurate records of all financial transactions and make them available to the property owner upon request. This duty relates to the fiduciary duty of:
- Under New York's Multiple Dwelling Law, landlords of multiple dwellings must:
- In New York, 'constructive eviction' occurs when:
- New York City Local Law 97 (NYC's Climate Mobilization Act) primarily requires building owners to:
- In New York, a commercial lease that requires the tenant to pay a base rent plus a share of operating expenses, taxes, and insurance is called a:
- A 'percentage lease' used in New York City retail properties typically requires the tenant to pay:
- In New York, a property manager's authority to manage is typically established by a:
- Under New York City's 'bedbug disclosure' law, landlords must provide a prospective tenant with:
- In New York City, the '421-a' tax exemption (now Affordable New York) incentivizes developers to:
- New York's 'preferential rent' tenant protection enacted in 2019 means that landlords of rent-stabilized units who had been charging a preferential rent:
- Under New York's 'Housing Stability and Tenant Protection Act of 2019,' the Individual Apartment Improvement (IAI) rent increase system was changed by:
- In New York, a landlord who enters a tenant's apartment without permission and without the proper advance notice may be liable for:
- In New York City, the 'Rent Guidelines Board' (RGB) annually sets:
- In New York City, 'Major Capital Improvement' (MCI) rent increases in rent-stabilized buildings allow landlords to:
- In New York, a landlord must return a security deposit (or provide an itemized statement of deductions) within how many days after the tenant vacates?
- In New York City, if a rent-stabilized tenant sublets their apartment without the required landlord approval and proper procedure, the landlord may:
- In New York City, the 'Loft Law' (Multiple Dwelling Law Article 7-C) provides protections for residents of:
- In New York City, the 'Rent Freeze Program' (also called the Senior Citizen Rent Increase Exemption, SCRIE) allows eligible senior citizens in rent-stabilized apartments to:
- In New York, under the 'Housing Court' system, a landlord seeking to evict a non-paying tenant must:
- In New York City, a building owner who fails to register their rent-stabilized units with the DHCR may face:
- In New York, a 'net-net-net' (triple net) lease requires the commercial tenant to pay:
- In New York, a 'lease renewal option' gives the tenant:
- In New York, 'rent acceleration' in a commercial lease means that upon tenant default:
- In New York, a landlord may legally refuse to renew a rent-stabilized lease for owner occupancy only if:
- In New York, a residential lease provision that waives the tenant's right to a jury trial in housing court proceedings is:
- In New York, a 'holdover tenant' who remains after lease expiration in a commercial property may face:
- In New York City, a landlord who collects more than one month's rent as a security deposit (from a tenant in a market-rate apartment) is:
- In New York City, 'illegal conversion' refers to:
- In New York City, 'self-certification' for building permit applications allows a licensed architect or engineer to:
- In New York, a commercial landlord's right to 'distrain' (seize tenant property for unpaid rent) is:
- In New York City, the 'Housing Maintenance Code' (Administrative Code Title 27) requires landlords to maintain properties at what minimum heat standard during the winter heating season?
- In New York City, the 'NYC Rent Stabilization Code' governs all of the following EXCEPT:
- In New York, a 'common charge' in a condominium is analogous to a co-op's 'maintenance' in that both:
- In New York, the 'Tenant Protection Unit' (TPU) within DHCR investigates:
- In New York City, rent stabilization applies to most residential rental apartments in buildings:
- Under New York's rent stabilization laws, a landlord's right to increase a stabilized tenant's rent is limited to:
- Under New York's Housing Stability and Tenant Protection Act of 2019 (HSTPA), high-rent vacancy deregulation and high-income deregulation were:
- In New York, a residential property manager who collects rent on behalf of building owners must hold a:
- Under New York General Obligations Law section 7-108, security deposits for residential tenancies must be:
- In New York, the warranty of habitability for residential tenants is found in:
- A New York City landlord wishes to convert a rental building to cooperative or condominium ownership. Under the Martin Act (General Business Law Article 23-A), the offering plan must be:
- A New York City tenant who lives in a rent-stabilized apartment has a right to:
- Under New York's Multiple Dwelling Law, 'multiple dwelling' refers to a building:
- A New York City tenant whose rent-stabilized apartment is not being maintained by the landlord may file a complaint with:
- Under New York's 'preferential rent' rules (as amended by the HSTPA 2019), a landlord who has been charging a rent-stabilized tenant less than the legal regulated rent:
- In New York, the 'good cause eviction' law enacted in 2024 provides tenants in covered buildings the right to:
- In New York, a landlord must return a residential security deposit or provide an itemized statement of deductions within how many days after the tenant vacates?
- Under New York City's 'just cause' eviction protections for rent-stabilized tenants, which of the following is a valid ground for eviction?
- A New York City rent-controlled apartment (as opposed to rent-stabilized) is subject to regulation under:
- In New York, a 'net lease' (also called a triple-net or NNN lease) in a commercial property means:
- In New York, a landlord who receives a tenant's notice of vacating must inspect the unit and provide a written statement of any deductions from the security deposit within how many days of the tenant vacating?
- Under New York law, a landlord's failure to maintain a rent-stabilized apartment in good repair may result in the tenant obtaining a 'rent reduction order' from the DHCR. This means:
- Under New York's Emergency Tenant Protection Act (ETPA) of 1974, municipalities outside New York City may opt in to rent stabilization if:
- In New York, a 'commercial lease' typically differs from a residential lease in that:
- In New York, a residential tenant who is a victim of domestic violence may terminate a lease before its expiration under:
- In New York, a 'certificate of habitability' (or its equivalent) is most relevant in which of the following situations?
- Under New York law, a landlord may enter a tenant's apartment without notice only in the event of:
- In New York, a 'Personal Holding Company' (PHC) structure is sometimes used for real property ownership. The primary tax concern with this structure is:
- In New York, the 'Section 8' Housing Choice Voucher program requires participating landlords to:
- In New York, a commercial tenant on a 'gross lease' pays:
- Under New York's Multiple Dwelling Law, a landlord of a building with 9 or more units must provide which fire safety measure?
- Under New York law, which of the following is a lawful ground for a landlord to refuse to renew a rent-stabilized tenant's lease?
- In New York City, the 'J-51 tax exemption and abatement' program provides property tax benefits to owners of:
- In New York, a 'certificate of no harassment' is required in which circumstance?
- In New York, the 'New York City Department of Housing Preservation and Development' (HPD) is responsible for:
- In New York, a co-op's 'house rules' are:
- In New York, a 'preferential rent' in a rent-stabilized apartment is a rent that:
- Under New York's 'good cause eviction' law (enacted 2024), what constitutes a legitimate 'good cause' for a covered landlord not to renew a lease?
- Under New York City's rent stabilization law, a tenant's right to sublease a rent-stabilized apartment is:
- In New York, a 'vacancy decontrol' (now eliminated for rent-stabilized apartments by the HSTPA 2019) previously allowed landlords to:
- In New York, 'base rent' in a commercial lease is the:
- In New York, a 'percentage lease' in a commercial real estate context means the tenant pays:
- In New York City, a building owner who performs major capital improvements (MCI) to a rent-stabilized building may apply for a rent increase. This increase is:
- In New York, a 'commercial rent tax' (CRT) is imposed in which area?
- A New York City landlord who wants to substantially renovate a rent-stabilized apartment building may use the 'demolition' or 'substantial rehabilitation' exemption from rent stabilization only if:
- In New York, a 'commercial tenant' who subleases space to another company without the landlord's consent (where the lease requires consent) is:
- In New York, a 'co-op sublet' policy must comply with:
- In New York, the 'Loft Board' administers which type of residential conversion?
- In New York, a 'certificate of occupancy' (CO) is required before:
- Under New York's rent stabilization law, the 'Individual Apartment Improvement' (IAI) provision (as amended by HSTPA 2019) allows a landlord to:
- In New York City, a landlord who 'warehouses' apartments (keeps stabilized units vacant rather than renting them to avoid rent regulation) may face:
- Under New York's Tenant Protection Act (2019), the maximum amount a landlord can charge for a residential security deposit in most cases is:
- In New York City, a 'super' (building superintendent) in a residential building is typically:
- In New York, a residential lease that contains a provision waiving the tenant's right to the warranty of habitability is:
- In New York, a commercial tenant's 'right of first offer' to purchase the building (if the landlord decides to sell) is:
- In New York, a 'loft' apartment converted from industrial space in a building subject to the NYC Loft Law has protections that include:
Property Valuation
118 questions- The income approach to value is most appropriate for:
- If a property has a net operating income (NOI) of $50,000 and the capitalization rate is 5%, what is the estimated value?
- Functional obsolescence refers to:
- The cost approach to value is most reliable for:
- The sales comparison approach to value requires the appraiser to find:
- Economic obsolescence (external obsolescence) is caused by:
- When using the sales comparison approach, an appraiser makes adjustments to comparables. If a comparable has a feature the subject property lacks, the appraiser will:
- What does 'highest and best use' mean in real estate appraisal?
- Which appraisal method is most commonly used for single-family residential properties?
- Assemblage refers to:
- Effective age in appraisal refers to:
- A capitalization rate (cap rate) and value have which relationship?
- The principle of substitution in real estate valuation states that:
- An appraisal is defined as:
- Reconciliation in the appraisal process refers to:
- The GRM (Gross Rent Multiplier) approach is most commonly used for:
- Depreciation in real estate appraisal refers to:
- Which of the following best describes a Comparative Market Analysis (CMA)?
- The principle of progression in real estate valuation means:
- Which term describes land that cannot be created or expanded, making it a finite resource?
- In New York City, a residential property's capitalization rate is typically:
- The term 'market value' as used in appraisal is best defined as:
- Which factor is NOT one of the four elements of value (DUST)?
- Plottage value refers to:
- When an appraiser says a property has 'curable physical deterioration,' they mean:
- Comparables used in the sales comparison approach should ideally be:
- The principle of 'conformity' states that:
- In New York City, what is 'assessed value' as used for property tax purposes?
- In the cost approach, the value estimate is derived from:
- When comparable sales show a consistent upward trend in prices over the prior 6 months, an appraiser may make a 'market conditions' or 'time' adjustment to:
- In New York, an assessor determines a property's 'assessed value' for tax purposes, which is often expressed as a percentage of:
- When appraising a two-family home in Brooklyn, an appraiser most likely uses which primary valuation approach?
- A New York property has a net operating income of $120,000 and is capitalized at a 6% rate. Its indicated value using the income approach is:
- In New York City, the value of a rent-stabilized apartment building is most affected by:
- An 'effective age' of a building refers to:
- In New York, a property owner who disagrees with the assessed value may file a:
- The gross rent multiplier (GRM) method for valuing a rental property uses which formula?
- Which type of depreciation affecting a property near a New York highway (due to traffic noise) is BEST classified as?
- A New York appraiser adjusting a comparable sale for a feature the comparable has but the subject property lacks would make a:
- The principle of 'substitution' in real estate appraisal states that:
- The 'sales comparison approach' to value is most reliable when:
- In New York, 'functional obsolescence' in an appraisal refers to:
- When a Long Island home's value is negatively impacted because it is located near a power line, this is an example of:
- In the cost approach to value, 'reproduction cost' differs from 'replacement cost' in that reproduction cost is the:
- In New York, when an appraiser reconciles the three approaches to value, they:
- In New York, the 'income approach' to value is most appropriate for which type of property?
- When a New York appraiser determines 'market rent' for a subject property, they are establishing:
- In New York, 'plottage' refers to the:
- In New York appraisal practice, 'highest and best use' is defined as the legally permissible, physically possible, financially feasible, and maximally productive use that results in:
- A New York appraiser who finds that three comparable sales indicate values of $480,000, $495,000, and $510,000 for a subject property would most likely conclude a final value of approximately:
- In New York, the 'band of investment' technique is used in the income approach to:
- In New York, when a commercial property's income stream is uneven or the investor expects to hold for a specific period and then sell, the appraiser may use:
- In New York, when appraising a luxury Manhattan condo, the appraiser will primarily use:
- A Brooklyn three-family property has a potential gross income of $108,000, a 5% vacancy rate, and a 40% expense ratio. The NOI is:
- In New York appraisal practice, a 'paired sales analysis' is used to:
- In New York, a 'capitalization rate' (cap rate) reflects:
- In New York, the 'principle of conformity' suggests that property values are maximized when:
- In New York, a property owner seeking to challenge the assessed value of their commercial property may file a:
- In New York, 'assemblage' of two or more parcels to create a development site will generally produce a value:
- The 'principle of regression' in New York real estate appraisal means that:
- In New York, 'physical depreciation' due to 'deferred maintenance' is classified as:
- When a New York appraiser determines that a comparable sale was a 'distressed sale' (foreclosure or short sale), they typically:
- In New York, when a residential appraiser uses the 'age-life method' to estimate depreciation, they are:
- In New York, the 'market approach' to value is based on the economic principle of:
- In New York, a commercial property's 'potential gross income' (PGI) represents:
- In New York, the 'principle of anticipation' in real estate valuation states that:
- In New York, the 'cost to cure' method of measuring curable depreciation uses:
- In New York, a 'limiting condition' in an appraisal report is:
- In New York, an 'as-improved' vs. 'as-proposed' appraisal of a development site means:
- In New York, the 'band of investment' capitalization rate development technique considers:
- In New York, the 'overall capitalization rate' (OAR) used in the income approach reflects:
- In New York, the 'principle of progression' means that:
- In New York, when a commercial property's lease has above-market (contract) rents, the appraiser considers this through:
- In New York, an 'as-is' value in a property appraisal represents:
- In New York, a 'bracketing' strategy in the sales comparison approach means the appraiser selects comparables that:
- In New York, 'economic life' of a building is the period during which the improvements:
- Under New York real property tax law, the basis for assessing real property is:
- An appraiser in New York is appraising a single-family home in a suburban Long Island neighborhood. Which appraisal approach would most likely be given the most weight?
- The term 'capitalization rate' (cap rate) in New York real estate income property valuation is calculated as:
- In New York, the process by which a property owner may challenge a tax assessment believed to be too high is called:
- In a New York appraisal using the cost approach, 'depreciation' refers to:
- A Westchester County property generates $120,000 in annual net operating income and comparable properties have recently sold at a 6% cap rate. What is the indicated value?
- In New York, the term 'plottage' (or assemblage) refers to an increase in value resulting from:
- A New York appraiser is performing a 'comparative market analysis' (CMA). This is different from an appraisal because:
- In New York, 'functional obsolescence' in a property refers to:
- In New York, the process of determining the value of a property as of a specific past date (such as a date of death for estate purposes) is called a(n):
- In New York, which of the following is an example of 'external obsolescence' (also called economic or locational obsolescence)?
- In New York, the 'income approach' to appraisal is most relevant for which type of property?
- In New York, which of the following is the primary purpose of a property appraisal in a mortgage transaction?
- In New York, 'reconciliation' in the appraisal process means:
- In New York, the 'highest and best use' of a property is the use that is:
- In New York, 'effective age' in property appraisal refers to:
- In New York, the 'gross income multiplier' (GIM) and 'gross rent multiplier' (GRM) differ in that:
- In New York, 'assessed value' for property tax purposes and 'appraised value' (market value) differ in that:
- In New York, an appraiser's adjustments in the sales comparison approach account for differences between the subject property and the comparable sales. An 'upward adjustment' is made when:
- A New York appraiser using the sales comparison approach makes a negative adjustment to a comparable sale for a feature. This means the comparable property:
- In New York, a 'drive-by appraisal' (exterior-only appraisal) is:
- In New York, a 'desk review appraisal' is:
- In New York, the 'economic life' of a building refers to:
- In New York, 'market value' as used in appraisal is defined as:
- In New York, when estimating value using the cost approach, the formula is:
- In New York, a 'prospective appraisal' estimates the value of a property:
- In a New York appraisal, 'regression' in the principle of regression means:
- In New York, the 'principle of substitution' underpins which approach to value?
- In New York, the 'principle of contribution' in appraisal means:
- In New York, the 'principle of anticipation' holds that:
- In New York, a 'before and after' appraisal method is used in which type of proceeding?
- In New York, a 'paired sales analysis' in the sales comparison approach is used to:
- In New York, the 'gross building area' (GBA) of a property differs from 'net rentable area' (NRA) in that:
- In New York, a 'net lease' (NNN) property is typically valued using which primary approach?
- In New York, a 'drive-by' appraisal or 'exterior-only' appraisal is:
- In New York, the 'principle of conformity' holds that:
- In New York, the 'gross rent multiplier' (GRM) is calculated using which figures?
- In New York, a 'retrospective appraisal' would most commonly be commissioned for:
- In New York, the 'income multiplier' approach to commercial valuation differs from the direct capitalization approach in that:
- In New York, which of the following is an example of 'physical deterioration' that is 'curable' (economically feasible to repair)?
- In New York, the 'principle of change' in property valuation recognizes that:
- In New York, the 'cost to cure' a functional obsolescence is considered 'curable' if:
Agency
114 questions- In New York, the agency disclosure form must be provided to a buyer or seller:
- Dual agency in New York requires:
- A New York licensee is working with a buyer but has no written agreement. The licensee's relationship with the buyer is best described as:
- Which fiduciary duty requires a seller's agent to keep the seller's motivation for selling confidential?
- In a designated agency arrangement in New York, the broker:
- A seller's agent discovers a material defect in the property the seller has not disclosed. The agent should:
- An agent's fiduciary duty of 'obedience' means the agent must:
- Which type of agency is created without a formal written agreement but arises from the conduct of the parties?
- A subagent in a real estate transaction owes fiduciary duties to:
- In New York, 'transaction brokerage' (non-agency facilitation) is:
- The duty of 'reasonable care and diligence' requires an agent to:
- When a listing broker's salesperson also works with the buyer in the same transaction, and both parties consent in writing, this is called:
- A buyer's agent discovers that the seller's listed price is significantly below the property's market value. The buyer's agent should:
- An agency relationship is automatically terminated when:
- An agent's duty of 'accounting' requires the agent to:
- In New York, a buyer's agent is created when:
- Puffing in real estate advertising refers to:
- The duty of loyalty in an agency relationship requires the agent to:
- In New York, a licensee acting as a buyer's agent for a customer purchasing a home listed by the same brokerage is most likely in a:
- Which of the following is NOT a fiduciary duty owed by an agent to their principal in New York?
- If a seller's agent knows the seller is in financial distress and must sell quickly, the agent should:
- The New York Agency Disclosure Form must be provided at 'first substantive contact.' This means:
- In an in-house transaction where one brokerage represents both buyer and seller, the broker must:
- A real estate agent's duty to disclose to their client includes disclosing all of the following EXCEPT:
- What is 'apparent authority' in agency law?
- An agent who purchases a listing client's property for themselves without full disclosure is guilty of:
- Which of the following statements about a buyer's agent in New York is TRUE?
- The duty of 'disclosure' requires an agent to disclose to their client:
- A cooperating broker who represents the buyer in a transaction where the listing is on the MLS is acting as:
- A licensee who discovers that their client intends to engage in an unlawful transaction should:
- In New York, the form that must be presented to a consumer at the first substantive contact is called the:
- Under New York law, a dual agent owes which of the following duties to BOTH the buyer and seller?
- In New York, a buyer's broker who receives compensation from the listing broker is acting as:
- Which of the following best describes a 'designated agent' under New York law?
- A New York listing agent who learns that the seller's asking price is $30,000 above what the agent believes is market value should:
- Under New York agency law, 'subagency' means:
- Which fiduciary duty requires a New York agent to place the client's interests above their own?
- A New York seller tells the listing agent about a past basement flood that was repaired. The agent must:
- In New York, an agent's authority to bind the principal in a real estate transaction is typically created by:
- A broker who earns a commission by bringing about a ready, willing, and able buyer at the listed price has fulfilled their obligation under which type of listing?
- In New York, a 'transaction broker' (non-agent facilitator) differs from a buyer's or seller's agent in that they:
- The duty of 'obedience' in a New York agency relationship requires the agent to:
- In New York, an agent's duty of 'confidentiality' survives the termination of the agency agreement, which means:
- In New York, when a buyer enters into a buyer's representation agreement with a broker, the broker owes the buyer all of the following EXCEPT:
- In New York, 'apparent authority' of an agent exists when:
- In New York, a listing broker is showing their own company's listing to a buyer who is also represented by an agent in the same office. The brokerage is acting as:
- In New York, if a seller's agent discovers that the buyer is planning to demolish the property immediately after closing, should the agent disclose this to the seller?
- In New York, a real estate agent who is also a licensed attorney acting as counsel for a party in the same transaction must:
- In New York, a seller's agent who discovers the buyer is offering more than they would accept must:
- In New York, a seller's agent learns the seller intends to sell only to buyers of a specific religion. The agent should:
- In New York, a seller's disclosure of a stigmatized property (e.g., where a violent crime occurred) is:
- Which of the following would create an 'implied agency' in a New York real estate transaction?
- In New York, a broker serving as a 'facilitator' in a transaction between two unrepresented parties must:
- In New York, an agent who fails to present an offer to the seller because they personally believe it is too low is:
- A New York seller's agent who discovers mid-transaction that the buyer has been misrepresenting their financial qualifications should:
- In New York, a seller's agent who presents an offer should also:
- In New York, an agent who discovers a material defect in a property after the listing agreement is signed must:
- In New York, a licensee representing a buyer must advise the buyer to obtain a home inspection because:
- In New York, if a seller instructs their listing agent not to inform buyers that the property is in a flood zone, the agent should:
- A New York buyer's agent who represents a buyer offering on a listing where the agent's own brokerage has the listing must ensure:
- In New York, a 'non-exclusive buyer's representation agreement' differs from an exclusive one in that:
- In New York, when a buyer's agent submits an offer, their primary obligation is to:
- In New York, if a seller revokes a listing before it expires, the broker may be entitled to:
- In New York, a seller's agent who discovers the seller has misrepresented material facts to the buyer must:
- In New York, a 'seller's concession' negotiated by a buyer's agent—where the seller contributes to the buyer's closing costs—is typically disclosed to:
- In New York, an agent's duty to present all offers to their seller client can be modified if:
- In New York, a real estate broker's 'procuring cause' of a sale means:
- In New York, the 'procuring cause' dispute between two cooperating brokers is typically resolved by:
- In New York, a buyer's agent who does not disclose to the seller that their buyer client is in financial difficulty is:
- A New York broker who changes a 'listing price' on MLS without seller authorization may be:
- In New York, a broker who takes an 'exclusive right to represent' buyer agreement and then fails to submit an offer as directed by the buyer is in breach of the:
- In New York, a buyer who has signed an exclusive buyer's representation agreement and then purchases a property directly from a seller (without involving their agent) may still owe the agent:
- In New York, when a listing agent shows their own listing to a buyer, the agent typically becomes a:
- In New York, a real estate agent who 'cherry-picks' only the best listings for their personal clients while hiding others would violate the duty of:
- In New York, a licensee acting as a 'buyer's agent' for a buyer who is also a personal friend must:
- In New York, a seller's agent who assists the buyer in filling out their mortgage application without disclosure of their dual role is potentially:
- In New York, the agency disclosure form (required under Real Property Law § 443) must be presented to a buyer or seller:
- Under New York law, 'dual agency' exists when:
- A New York buyer's agent owes which of the following duties to the buyer-client?
- In New York, a 'designated agent' is best described as:
- Under New York Real Property Law § 443, what happens if a buyer refuses to sign the agency disclosure form?
- A listing agent in New York who learns that the seller's property has an undisclosed material defect should:
- In New York, a 'subagent' working through a cooperating broker owes fiduciary duties to:
- Which of the following best describes 'procuring cause' in the context of a commission dispute in New York?
- In New York, a 'listing agreement' creates what type of agency relationship?
- Under New York's RPL section 443, what must the agency disclosure form contain?
- In a New York exclusive right-to-sell listing, the broker earns a commission if the property sells:
- An exclusive agency listing in New York differs from an exclusive right-to-sell listing in that:
- In New York, when a seller's agent makes an unsolicited offer of subagency to cooperating brokers through the MLS, those cooperating brokers are acting as:
- In New York, the concept of 'informed consent' required for dual agency means:
- In New York, when a licensee represents the buyer in a transaction involving a for-sale-by-owner (FSBO) property, the buyer's agent must:
- Under New York law, a broker's fiduciary duty of 'accounting' to a principal means:
- In New York, which of the following best describes the duty of 'obedience' in a fiduciary relationship?
- In New York, 'informed consent' to a dual agency arrangement must be obtained:
- In New York, a 'transaction broker' (non-agent facilitator) relationship:
- In New York, a 'buyer's broker agreement' (exclusive buyer agency agreement) obligates the buyer to:
- In New York, a seller's agent who knows that the seller owes more on the property than the listing price should:
- In New York, the duty of 'loyalty' owed by a buyer's agent to the buyer means that the agent:
- In New York, a broker who represents neither the buyer nor the seller but helps both parties complete a transaction is known as a:
- In New York, a broker's duty of 'disclosure' to a buyer-client requires the agent to:
- In New York, a broker who receives an offer on a listed property that the seller may want to accept must communicate the offer to the seller:
- Under New York Real Property Law, a seller must be informed of all written offers received, including offers lower than the listing price. A seller's agent who does not present an offer because they consider it too low is:
- Under New York law, when a buyer's agent submits an offer on behalf of the buyer, the agent must disclose their agency relationship to:
- In New York, which of the following would constitute a breach of the agent's duty of 'confidentiality' to their buyer-client?
- Under New York RPL section 443, the agency disclosure must be given at the first 'substantive contact.' This is defined as:
- In New York, a real estate agent's 'duty of care' to their client means the agent must:
- In New York, the 'anti-steering' rules under fair housing apply when an agent:
- In New York, a seller's listing agreement that contains an 'automatic renewal' clause may be challenged because:
- In New York, a 'net listing' is considered unethical primarily because:
- Under New York law, if a buyer's agent inadvertently learns that the seller is in financial distress and must sell quickly, the agent:
- In New York, when a buyer's agent and listing agent work for the same brokerage and both agree to proceed, with written consent from the client, this is known as:
- Under New York RPL section 443, the agency disclosure must be acknowledged by the buyer or seller. What does this acknowledgment signify?
- In New York, a seller's agent who withholds a material fact from a prospective buyer to protect the seller's interests may be liable for:
- In New York, a buyer's agent who is asked by their client to make an all-cash offer and not disclose the client's identity to the seller may:
Land Use & Zoning
110 questions- Zoning regulations are an exercise of which governmental power?
- A 'non-conforming use' in zoning law refers to:
- A variance in zoning is a permission granted to:
- A 'special use permit' (conditional use permit) allows:
- The New York State Environmental Quality Review Act (SEQRA) requires:
- Spot zoning refers to:
- In NYC, a Certificate of Occupancy (CO) is required:
- The primary purpose of a subdivision plat in New York is to:
- Inclusionary zoning in New York City requires developers of large projects to:
- A buffer zone in land use planning is used to:
- In New York City, the Zoning Resolution controls:
- The New York State Agricultural District Law is designed to:
- A 'PUD' (Planned Unit Development) is characterized by:
- In New York, the power to adopt a zoning ordinance is granted to local governments through:
- Setback requirements in a zoning ordinance specify:
- The Adirondack Park Agency (APA) in New York has authority over:
- The New York City Landmarks Preservation Commission (LPC) designates and regulates:
- Downzoning refers to:
- In New York, the primary legal authority for municipal zoning is derived from:
- The New York City Zoning Resolution divides the city into three basic zoning districts. Which of the following is NOT one of those basic categories?
- A 'variance' in New York zoning law is:
- In New York, a 'nonconforming use' is best described as:
- Under New York's State Environmental Quality Review Act (SEQRA), a 'Type I' action:
- New York City's 'Special Purpose Districts' overlay zoning is used to:
- A 'taking' under the Fifth Amendment (as applied in New York) occurs when government regulation:
- New York City's 'Inclusionary Housing Program' requires or incentivizes developers to:
- In New York, an 'area variance' differs from a 'use variance' in that an area variance:
- Under New York law, 'eminent domain' allows the government to:
- In New York, a 'special use permit' (also called a conditional use permit) allows:
- New York City's 'Floor Area Ratio' (FAR) determines:
- A New York town's 'master plan' (or comprehensive plan) serves as:
- In New York, the subdivision of land into five or more lots typically requires approval from the:
- In New York City, the 'Uniform Land Use Review Procedure' (ULURP) is required for:
- The New York City Landmarks Preservation Law protects:
- In New York, 'spot zoning' is generally disfavored and may be challenged legally because it:
- In New York, 'downzoning' refers to:
- In New York City, the 'Certificate of Occupancy' (CO) issued by the Department of Buildings (DOB) certifies that:
- A 'building envelope' in New York zoning refers to:
- In New York, a 'cluster subdivision' or conservation subdivision is designed to:
- In New York City, a 'transfer of development rights' (TDR) allows property owners to:
- In New York, a 'planned unit development' (PUD) allows:
- In New York, the 'Article 78 proceeding' is used to:
- In New York City, 'contextual zoning' seeks to:
- Under New York Town Law, a 'performance bond' in subdivision approval is used to:
- In New York, 'accessory dwelling units' (ADUs) are:
- In New York, 'mixed-use zoning' allows:
- In New York City, 'rezoning' of a neighborhood is initiated by a formal application and goes through which review process?
- In New York, 'inclusionary zoning' can be either mandatory or incentive-based. The primary goal is to:
- New York's 'Zoning Board of Appeals' (ZBA) has authority to:
- In New York, a 'scenic easement' or 'conservation easement' allows a property owner to:
- In New York City, 'mandatory inclusionary housing' (MIH) requires affordable housing units in new developments when:
- In New York, an 'overlay district' in zoning is:
- In New York, the 'Agricultural Districts Law' (Agriculture and Markets Law Article 25-AA) primarily protects:
- In New York City, a 'Certificate of No Harassment' is required in certain areas when:
- In New York, a 'taking' that requires compensation differs from a permissible 'regulation' primarily by whether:
- In New York, 'density bonuses' in zoning allow developers to build more units than normally permitted in exchange for:
- In New York, 'forest tax exemption' programs encourage landowners to maintain forested land by:
- New York City's 'SoHo-NoHo rezoning' (2021) is an example of how New York City has used zoning changes to:
- In New York City, the 'Environmental Control Board' (ECB) hears cases involving:
- In New York, a 'corridor study' or 'master plan update' is typically initiated by:
- In New York, 'open space' preservation requirements in subdivision approvals serve to:
- In New York, a 'taking' for 'economic development' purposes (benefiting private parties) was significantly restricted by the New York Court of Appeals in:
- In New York, 'smart growth' principles applied to real estate development emphasize:
- In New York, a 'Coastal Zone Management' permit is required for development in designated coastal areas to ensure:
- In New York, the 'Section 7-a proceeding' under Real Property Actions and Proceedings Law (RPAPL) allows the court to appoint an administrator for a building when:
- In New York, 'design review' as part of a development approval process evaluates:
- In New York City, the 'Special Midtown District' zoning provisions address the unique development pressures in Midtown Manhattan through:
- Under New York law, the local government's authority to regulate land use through zoning is derived from:
- A property owner in New York who wants to use property in a way that is not permitted under the current zoning classification should apply for:
- In New York, the environmental review process for major land use actions is governed by:
- A 'non-conforming use' in New York zoning law refers to:
- In New York, eminent domain (the government's power to take private property for public use) requires:
- NYC's Landmarks Preservation Commission has the authority to:
- Under New York law, a 'special use permit' (also called a special exception) differs from a variance in that:
- In New York, which of the following describes a 'planned unit development' (PUD)?
- New York City's Zoning Resolution divides the city into three basic use districts. They are:
- In New York, a 'scenic easement' is primarily used to:
- In New York, 'spot zoning' is generally considered:
- In New York, a 'transfer of development rights' (TDR) program allows a property owner to:
- In New York, 'inclusionary zoning' programs in cities like NYC require or incentivize developers to:
- In New York, 'downzoning' refers to a zoning change that:
- In New York, a 'cluster development' or 'open space subdivision' is a land use technique that:
- In New York, the 'Adirondack Park Agency' (APA) exercises what unique land use function?
- In New York, 'incentive zoning' allows a developer to receive bonus floor area or density in exchange for:
- In New York, 'upzoning' refers to a zoning change that:
- Under New York law, a 'subdivision' of real property typically requires:
- In New York, the State Environmental Quality Review Act (SEQRA) classifies actions into Type I, Type II, and Unlisted categories. A 'Type II' action is one that:
- In New York, a 'community benefit agreement' (CBA) in a large real estate development project is:
- In New York, 'agricultural district' designation under Agriculture and Markets Law Article 25-AA provides which primary benefit to farmland owners?
- In New York, an 'environmental impact statement' (EIS) under SEQRA must be prepared when:
- In New York City, a 'special purpose district' in the Zoning Resolution is designed to:
- In New York, 'floor area ratio' (FAR) is a zoning tool that:
- In New York, a 'subdivision plat' must be filed with:
- In New York City, the formal process for major land use actions (rezonings, urban renewal plans, etc.) is called:
- Under New York law, a 'hardship variance' (use variance) may be granted by a ZBA only when:
- In New York, which agency reviews and approves State Agency actions (state permit applications, approvals, funding) that may have significant environmental impacts?
- In New York City, a 'community board' in the ULURP process:
- In New York, 'inclusionary housing' requirements in an upzoning mean that in exchange for increased permitted development rights, a developer must:
- In New York, 'solar access rights' or 'solar easements' protect a property owner's right to:
- In New York, a 'building envelope' refers to:
- In New York City, a 'text amendment' to the Zoning Resolution is a change that:
- In New York, a 'setback' in zoning requires:
- In New York, 'historic preservation' at the local level is typically administered by:
- In New York City, a 'special permit' issued by the City Planning Commission differs from a variance in that:
- In New York, 'Transferable Development Rights' (TDRs) in the context of NYC landmark preservation allow a landmark building owner to:
- In New York, which body has the power to grant a special permit for a large retail establishment in a NYC commercial zoning district?
- In New York, a 'deed restriction' prohibiting use of a residential lot for commercial purposes is an example of a private land use control that:
- In New York City, the 'City Environmental Quality Review' (CEQR) process is the local counterpart to the state's SEQRA, and requires environmental review of:
- In New York, a 'bulk variance' (area variance) is granted when:
- In New York, 'coastal zone management' under the Waterfront Revitalization of Coastal Resources and Inland Waterways Act (Executive Law Article 42) regulates:
Environmental
104 questions- The New York State agency responsible for environmental regulation and remediation is:
- A 'brownfield' site in New York is best described as:
- Lead-based paint disclosure is required for the sale or lease of residential properties built before:
- Radon is a naturally occurring radioactive gas that enters homes primarily:
- Asbestos in a residential property poses the greatest health risk when:
- CERCLA (Superfund) is a federal law that:
- A real estate agent is asked about a nearby Superfund site by a potential buyer. The agent should:
- An environmental site assessment's Phase I includes:
- Urea-formaldehyde foam insulation (UFFI) is significant in real estate because:
- Which of the following is TRUE about mold disclosure in New York residential transactions?
- Underground Storage Tanks (USTs) are a concern in real estate transactions primarily because:
- A New York seller of a one-to-four family home must provide which environmental-related federal disclosure?
- New York State's Brownfield Cleanup Program (BCP) encourages redevelopment of contaminated sites by:
- Electromagnetic fields (EMFs) from power lines are a concern in real estate because:
- A '100-year flood plain' designation by FEMA means:
- PCBs (polychlorinated biphenyls) are found in real estate primarily in:
- In New York, a real estate agent's duty with respect to environmental hazards is to:
- In New York, a 'brownfield' site is defined as:
- The New York State Department of Environmental Conservation (DEC) oversees which of the following related to real estate?
- Under CERCLA (the Superfund law), which New York parties may be held liable for cleanup costs at a contaminated site?
- A New York home built before 1978 must include what disclosure under federal law before sale or lease?
- Radon gas in a New York home enters primarily through:
- In New York, wetlands along tidal shorelines are regulated by the DEC under which law?
- Asbestos-containing materials in older New York buildings become a health hazard primarily when they are:
- The New York State Environmental Quality Review Act (SEQRA) requires that:
- A buyer of commercial real estate in New York conducts a 'Phase I Environmental Site Assessment' to:
- Under New York's Brownfield Cleanup Program, a 'Certificate of Completion' issued by the DEC provides a developer with:
- In New York, PCBs (polychlorinated biphenyls) found in older electrical equipment on a commercial property require:
- New York's 'Spill Bill' (Environmental Conservation Law Article 17) imposes strict liability on:
- The EPA's definition of lead hazard in residential housing includes paint with a lead content of:
- A New York real estate agent representing a seller of a pre-1978 home must ensure that the buyer receives:
- Mold in a New York rental property is a landlord's responsibility primarily when it results from:
- Underground storage tanks (USTs) on a commercial property in New York that have leaked petroleum products create liability because:
- New York's disclosure of property condition law (the Property Condition Disclosure Act, PCDA) applies to:
- Under New York's Property Condition Disclosure Act, if a seller fails to provide the disclosure statement, they must:
- In New York City, the installation of certain high-efficiency windows in a landmark or landmarked district building requires:
- The Resource Conservation and Recovery Act (RCRA) governs:
- In New York, a property owner who discovers oil contamination from a leaking underground storage tank is required to:
- New York's 'Climate Leadership and Community Protection Act' (CLCPA) sets a goal of achieving:
- In New York, the 'innocent purchaser' defense to CERCLA liability requires that the buyer:
- In New York, a 'deed restriction' requiring disclosure and limiting use of a remediated brownfield site is typically imposed through:
- In New York, the 'Comprehensive Environmental Response, Compensation, and Liability Act' (CERCLA) requires the government to:
- In New York, the 'Tidal Wetlands Permit' from the DEC is required for activities within:
- In New York, a developer building on a remediated brownfield site should ensure that:
- In New York, the 'State Pollutant Discharge Elimination System' (SPDES) permits are issued by the DEC for:
- New York's 'Environmental Site Assessment' standard references which ASTM standard for Phase I assessments?
- In New York, 'indoor air quality' concerns in buildings can include all of the following EXCEPT:
- In New York, the 'Climate Mobilization Act' (Local Law 97) penalties for buildings that exceed emission caps are calculated as:
- In New York, buildings constructed after 2001 are less likely to contain asbestos because:
- In New York, a seller of a residential property with a known underground oil tank must:
- In New York, carbon monoxide (CO) detectors are required by law in:
- New York City's 'LL97' (Local Law 97) requires buildings to transition away from fossil fuel heating systems over time. The primary compliance method for many buildings is:
- In New York, a 'Phase II Environmental Site Assessment' involves:
- In New York, 'smoke-free' building policies adopted by landlords must comply with:
- In New York, 'Environmental Justice' communities are generally defined as:
- In New York, a 'dust-free renovation' requirement applies primarily to:
- In New York, a building owner who receives a 'Notice of Violation' from the DEC for unauthorized discharge of stormwater must:
- In New York, the 'six-hour working time for spray painting' and related OSHA rules protect:
- In New York, 'indoor mold' is regulated primarily through:
- In New York, 'energy benchmarking' requirements for large buildings (NYC Local Law 84) require owners to:
- In New York, the 'Site Investigation' phase of a DEC remediation under the Brownfield Cleanup Program involves:
- In New York, a commercial property buyer who discovers contamination after purchase may be protected under CERCLA's 'bona fide prospective purchaser' (BFPP) defense if they:
- In New York, which state agency is primarily responsible for regulating environmental matters, including hazardous waste sites and brownfields?
- A 'brownfield' in New York is best defined as:
- Under New York law, a seller's disclosure obligation regarding environmental conditions on a property is addressed primarily through:
- In New York, lead-based paint disclosure requirements under federal law apply to residential properties built before:
- A property in New York is found to be located in a FEMA Special Flood Hazard Area (SFHA). The owner is required to:
- Radon disclosure requirements in New York residential transactions require:
- In New York, the term 'wetlands' is subject to regulation by which two primary authorities?
- Asbestos-containing materials (ACMs) in a New York building are most likely to pose a health risk when they are:
- Under New York law, an 'underground storage tank' (UST) containing petroleum products on a residential property must be disclosed:
- In New York City, the term 'SuperFund site' refers to a property that:
- The New York State Environmental Quality Review Act (SEQRA) requires consideration of which type of project impacts?
- In New York, the 'Property Condition Disclosure Statement' is NOT required for which of the following transactions?
- In New York, a Phase I Environmental Site Assessment (ESA) is designed to:
- New York's 'Environmental Easement' program is designed to:
- New York's 'Tidal Wetlands Act' protects coastal wetland areas by:
- In New York, a 'Certificate of Completion' issued under the Brownfield Cleanup Program (BCP) is significant because it:
- In New York, 'sick building syndrome' most commonly refers to:
- In New York, mold disclosure requirements in residential transactions obligate a seller to:
- In New York, the presence of PCBs (polychlorinated biphenyls) in a building would most likely be found in:
- In New York, the 'Safe Drinking Water Act' as it applies to real estate requires property owners with private wells to:
- In New York, petroleum storage tank regulations under the Oil Spill Prevention, Control and Countermeasure (SPCC) regulations and NY DEC require owners of underground petroleum storage tanks to:
- In New York, a 'Phase II Environmental Site Assessment' (ESA) is triggered when a Phase I identifies Recognized Environmental Conditions (RECs) and involves:
- In New York, 'carbon monoxide detectors' are required by law in:
- New York City's Local Law 97 (Climate Mobilization Act) primarily affects real estate by:
- New York State's 'Environmental Site Remediation' database (NYSDEC Spills Database) contains information about:
- New York City's 'LL 87' (Local Law 87) requires large buildings to:
- In New York, 'electromagnetic fields' (EMFs) from high-voltage power lines are a real estate disclosure issue because:
- In New York, a homeowner who discovers a leaking underground oil tank (UST) on their property is typically required to:
- In New York, disclosure of a property's 'stigma' (such as a prior murder or suicide on the premises) is generally:
- New York's 'Environmental Benefits Program' for brownfields provides which type of incentive?
- In New York City, Local Law 55 (Childhood Lead Poisoning Prevention Act) requires landlords in buildings built before 1960 to:
- In New York, a homeowner who discovers that their property has been contaminated by a neighboring industrial facility may have a claim under:
- New York's 'Freshwater Wetlands Act' requires a DEC permit for activities within regulated freshwater wetlands and their adjacent areas (buffers). The standard buffer around a regulated wetland is:
- Under New York State law, a property owner who discovers that a previous owner contaminated their property may be held responsible for cleanup costs under:
- In New York, 'indoor air quality' concerns in commercial office buildings are regulated under which framework?
- New York City's 'Local Law 144' (Automated Employment Decision Tools law) has expanded to buildings, but in the real estate context, the most significant environmental law applying to new large NYC buildings is Local Law 97, which primarily requires:
- In New York, the 'energy disclosure' requirement under the New York State Energy Law requires disclosure of energy consumption data for residential buildings as a condition of:
- In New York, the 'Climate Smart Communities' program encourages municipalities to:
- In New York, the 'Agricultural Environmental Management' (AEM) program is designed to:
- In New York, the disclosure of a known 'private well' contamination issue to prospective buyers:
- In New York, a property owner who finds asbestos-containing materials in their building must:
- In New York, the 'Empire State Building' and other iconic NYC buildings are subject to Local Law 97 requirements. Compliance strategies for such buildings typically include:
Fair Housing
95 questions- New York State's Human Rights Law provides fair housing protections that are:
- Blockbusting (panic peddling) is best described as:
- Redlining is an illegal practice where:
- Under the Fair Housing Act, 'source of income' as a protected class means:
- The federal Fair Housing Act prohibits discrimination based on all of the following EXCEPT:
- Steering is the illegal practice of:
- Under the Fair Housing Act, the exemption for owner-occupied buildings with four or fewer units applies only if:
- Under fair housing law, 'familial status' means:
- A landlord who charges a higher security deposit to a tenant with a disability to cover potential costs of a service animal is:
- The New York City Human Rights Law (NYCHRL) provides fair housing protections that are:
- A housing provider may legally deny an applicant with a disability the right to keep a service animal in a no-pets building if:
- Under the Americans with Disabilities Act (ADA), newly constructed multi-family housing of four or more units must include:
- An owner of a single-family home who does not use a real estate broker and does not advertise in a discriminatory manner may:
- In New York, 'source of income' as a protected class under the Human Rights Law means a landlord cannot refuse tenants solely because they use:
- The HUD complaint process for fair housing violations requires the complaint to be filed within:
- Which of the following is an example of disparate impact discrimination?
- A real estate licensee who observes a colleague engaged in discriminatory practices should:
- Under New York State law, a landlord may NOT inquire about which of the following during the rental application process?
- The Civil Rights Act of 1866 prohibits discrimination in property transactions based on:
- A landlord who advertises 'English-speaking tenants preferred' is potentially violating fair housing law based on which protected class?
- In New York, the agency charged with enforcing the State Human Rights Law against housing discrimination is:
- A lender who charges a higher interest rate to a minority borrower than to a similarly qualified white borrower with no business justification is engaging in:
- Advertising with words like 'exclusive,' 'restricted,' or using symbols that suggest preference for or exclusion of protected classes is:
- A senior housing community in New York may legally restrict occupancy to older persons if:
- The New York State Human Rights Law (NYSHRL) is MORE protective than the federal Fair Housing Act in that it prohibits discrimination based on additional protected classes, including:
- Under New York City's Human Rights Law, refusing to rent to someone because they use a Section 8 housing voucher is:
- A New York real estate agent who steers buyers of one race away from certain neighborhoods and toward others is engaging in:
- Blockbusting in New York is best described as:
- Under the federal Fair Housing Act, which of the following is a permissible exception to the prohibition on discrimination?
- A tenant in New York City with a disability requests permission to install grab bars in the bathroom of a rental apartment. The landlord must:
- The New York State Division of Human Rights investigates complaints of housing discrimination. A complainant must file a complaint within how many years of the alleged discriminatory act under the NYSHRL?
- Redlining in real estate refers to:
- Which federal act specifically prohibits discriminatory lending practices and requires community reinvestment by financial institutions?
- A New York landlord's advertisement reading 'quiet community, perfect for mature adults' could be considered discriminatory against which protected class?
- Under New York City's Human Rights Law, which of the following is a protected class NOT covered by the federal Fair Housing Act?
- A New York landlord who refuses to rent to a family because they have young children is violating which protected class under the Fair Housing Act?
- A New York broker who refuses to show properties in predominantly white neighborhoods to qualified Black buyers is engaging in:
- Under New York law, which housing type is exempt from the familial status protections of the Fair Housing Act?
- The federal Fair Housing Act's prohibition on discrimination in the 'terms and conditions' of a sale or rental means a landlord cannot:
- Under the Americans with Disabilities Act (ADA) and New York law, commercial buildings are required to provide:
- A New York property manager who advertises 'English-speaking tenants only' is discriminating based on:
- A New York housing provider's refusal to allow a tenant with PTSD to keep a service animal is most likely a violation of:
- Under New York law, a 'testers' program—where trained individuals pose as renters or buyers to check for fair housing compliance—is used by:
- In New York, 'disparate impact' theory in fair housing means:
- A New York real estate broker who maintains a racially segregated book of listings—showing white buyers only listings in predominantly white neighborhoods—violates which law?
- The federal Fair Housing Act contains an exemption for which of the following?
- In New York, the 'Interactive Process' requirement for reasonable accommodations means:
- In New York, which of the following acts supplements the Fair Housing Act by prohibiting discrimination in the extension of credit for housing?
- Under the Fair Housing Act, 'reasonable accommodation' for a tenant with a disability means:
- In New York, the 'Tenant Data Privacy Act' is most related to:
- In New York, 'affirmative marketing' requirements in affordable housing developments require:
- In New York City, the 'Commission on Human Rights' (CCHR) differs from the state Division of Human Rights in that the CCHR:
- A New York landlord who charges a higher application fee to applicants of a particular national origin is committing:
- Under New York's anti-discrimination laws, 'associational discrimination' means:
- Under New York's Human Rights Law, a landlord who maintains rental units in better condition for white tenants than for minority tenants is committing:
- In New York, 'source of income' as a protected class under the NYSHRL includes:
- New York's 'Emergency Tenant Protection Act' (ETPA) allows municipalities outside NYC to:
- In New York, a landlord who refuses to make a reasonable accommodation for a tenant with a mobility impairment (such as reserving a ground-floor parking space) is most likely violating:
- In New York, 'housing discrimination by algorithm' (e.g., AI-based tenant screening tools that have disparate impact) is:
- In New York, it is illegal for a landlord to retaliate against a tenant for:
- In New York, 'housing accommodations' subject to the Human Rights Law include:
- In New York, the 'disparate treatment' theory in fair housing requires proof of:
- In New York, an 'audit' or 'paired test' showing a real estate agent showed fewer properties to a Black buyer than to an identically qualified white buyer would provide evidence of:
- In New York, a landlord who advertises a rental on social media using language such as 'no kids' or 'adults only' is:
- Under the NYC Human Rights Law, 'sexual harassment' in housing includes:
- The New York State Human Rights Law (Executive Law Article 15) prohibits discrimination in housing based on which protected class NOT covered by the federal Fair Housing Act?
- Under New York City's Human Rights Law, real estate brokers and salespersons are prohibited from discriminating in housing based on which of the following protected characteristics?
- Blockbusting in New York refers to the illegal practice of:
- Under New York fair housing law, a real estate agent who steers a minority family away from predominantly white neighborhoods and toward predominantly minority neighborhoods is engaging in:
- A landlord in New York refuses to make a reasonable accommodation for a tenant with a physical disability. This action likely violates:
- In New York, the agency that enforces the New York State Human Rights Law in housing discrimination cases is the:
- Under the New York State Human Rights Law, a landlord who refuses to rent to a family with children (in a building with 4 or more units that is not owner-occupied) is committing:
- A real estate broker in New York who accepts a listing from a seller who instructs the broker not to show the property to persons of a particular national origin should:
- In New York, the federal Fair Housing Act's exemption for 'Mrs. Murphy' (owner-occupied buildings with 4 or fewer units) applies:
- A New York real estate agent posts an advertisement for a property that says 'ideal for Christian families.' This advertisement likely violates:
- Under New York law, what is 'redlining'?
- Under the New York City Human Rights Law, discrimination based on 'gender identity or expression' in housing is:
- In New York, an advertisement stating 'no dogs or children' in a rental listing:
- Under the federal Fair Housing Act, an 'aggrieved person' who files a complaint has how long from the alleged discriminatory act to file with HUD?
- Under New York law, a landlord who refuses to rent to a qualified applicant because they use a wheelchair and would need a grab bar installed in the bathroom is likely violating:
- In New York, a landlord who allows a non-disabled tenant to have a pet but refuses to allow a disabled tenant to have a service animal or emotional support animal is:
- Under the New York Human Rights Law, a landlord who imposes different lease terms on tenants of different national origins (such as requiring higher security deposits from foreign-born tenants) is engaging in:
- In New York, which of the following is an example of 'disparate impact' discrimination in housing?
- In New York, a real estate licensee's duty to prospective buyers and renters in fair housing matters includes:
- In New York, which of the following constitutes a prohibited discriminatory advertisement under the Fair Housing Act and NY Human Rights Law?
- Under New York law, which of the following is a legitimate reason a housing provider may use in tenant selection without violating fair housing laws?
- In New York, a real estate agent's duty to treat all buyers equally means they should NOT:
- Under New York City's Human Rights Law, which of the following represents a unique local protection NOT available statewide?
- Under New York's fair housing laws, which of the following best describes the concept of 'reasonable accommodation' for persons with disabilities in housing?
- Under the New York State Human Rights Law, a housing provider's use of a criminal background check policy that categorically bars all persons with any criminal record from housing may:
- In New York, a real estate agent is asked by a prospective buyer 'what is the racial makeup of this neighborhood?' The agent should:
- In New York, a landlord who offers a rental unit to white applicants but tells Black applicants the unit is 'no longer available' is engaging in:
- Under New York law, which of the following is a permissible distinction that housing providers may make in selecting tenants?
- Under New York law, a person who experiences housing discrimination may file a complaint with multiple agencies. Which combination is correct?
- Under New York law, which of the following descriptions of a property in an advertisement would be considered potentially discriminatory?
Escrow & Title
94 questions- In New York, which type of deed is most commonly used in arm's-length residential sales?
- A title search in New York examines public records to:
- A mortgage satisfaction (discharge) should be recorded because:
- In New York, the New York Real Property Transfer Tax is typically paid by:
- An IOLA (Interest on Lawyer Accounts) account is used in New York to:
- Title insurance in New York protects against:
- In New York, the attorney for the seller typically conducts the closing, which involves:
- A quitclaim deed transfers:
- Recording a deed in New York provides:
- A lender's title insurance policy in New York protects:
- In New York foreclosure proceedings, RPAPL Article 13 governs which type of foreclosure?
- What does 'chain of title' mean?
- A 'cloud on title' refers to:
- A ALTA (American Land Title Association) survey in New York provides:
- In a New York residential closing, who typically pays the title insurance premium?
- In a New York cooperative (co-op) transaction, which document typically replaces the deed?
- Which of the following encumbrances would NOT appear in a title search?
- The 'abstract of title' in New York is:
- In New York, when must the deed be delivered to be effective?
- In New York, a 'transfer-on-death' deed (Beneficiary Deed) is:
- An 'encroachment' discovered during a survey means:
- In New York, the county clerk's office records which of the following documents?
- In New York, real estate closings are conducted by:
- A 'lis pendens' filed against a New York property provides:
- In New York, a title insurance policy protects against:
- In New York, who typically pays for the owner's title insurance policy?
- A 'chain of title' in New York refers to:
- In New York, an 'abstract of title' is:
- Which type of New York deed is most commonly used to convey a property where the grantor does not want to warrant title (e.g., in foreclosure or estate sales)?
- In New York, ACRIS (Automated City Register Information System) is used for:
- A 'closing disclosure' (CD) in a New York residential transaction must be provided to the buyer at least:
- In New York, earnest money deposited by a buyer is typically held in escrow by:
- In New York, a 'survey' of real property is used to:
- In New York, a 'judgment lien' on real property arises when:
- In New York, 'marketable title' means title that:
- A 'mechanic's lien' in New York is filed by:
- In New York real estate closings, the 'HUD-1 Settlement Statement' has been replaced for most residential transactions by the:
- In New York, a 'title search' typically covers records going back how many years?
- In New York, a 'lender's title insurance policy' protects:
- In a New York sale-leaseback transaction, the property owner:
- In New York, a 'deed in lieu of foreclosure' is an arrangement where:
- In New York, 'proration' at closing refers to:
- In New York, the 'actual notice' vs. 'constructive notice' distinction means:
- New York's recording act is a 'race-notice' statute, which means that to be protected, a subsequent purchaser for value must:
- In New York, a 'tax lien' on a property is created when:
- In New York, the difference between a 'general lien' and a 'specific lien' is:
- In New York, a 'survey exception' in a title insurance policy means:
- In New York, a 'condominium rider' to a title insurance policy provides coverage for:
- In New York, a 'title rundown' (also known as a 'date-down') is performed to:
- In New York, a 'title commitment' (or title binder) is a promise by the title company to:
- In New York, a 'title company' functions in a transaction by:
- In New York, a 'survey exception' can be removed from a title policy by providing the title company with:
- In New York, a 'tax title' (also called a tax deed) is issued when:
- In New York, when a buyer takes title 'subject to' an existing mortgage (without assuming it), the buyer:
- In New York, a 'construction loan title policy' protects the construction lender against:
- In New York, 'recording fees' paid at closing are charged by:
- In New York, the deed that is most commonly used in arm's-length residential sales is:
- In New York, a 'super-priority lien' held by a homeowners association (HOA) allows the HOA to:
- In New York, the 'title rundown' or 'update' performed immediately before closing confirms that:
- In New York, 'closing adjustments' (prorations) at a residential closing typically cover which of the following?
- In New York, the 'New York City Register' is:
- In New York, a 'good funds' requirement at closing means:
- In New York, an 'encroachment' discovered during a title search typically results in:
- In New York, a 'certificate of title' differs from a title insurance policy in that a certificate of title:
- In New York, which instrument is typically used to convey title to real property at closing?
- A title insurance policy in New York that protects the lender against title defects is called a(n):
- Under New York's recording statutes, a subsequent purchaser who records first will take title free of a prior unrecorded interest IF the subsequent purchaser:
- A 'title search' in a New York transaction typically covers how many years of ownership history?
- In New York, the closing of a real estate transaction is typically conducted by:
- Under New York law, which of the following defects would NOT be covered by a standard title insurance policy?
- In New York, a 'quitclaim deed' conveys:
- A New York title insurance commitment (binder) is best described as:
- In New York, 'actual notice' of a prior interest in real property differs from 'constructive notice' in that:
- A New York seller's attorney sends the deed to the buyer's attorney at closing. At what point does legal title to the property pass to the buyer?
- In a New York real estate closing, the 'ALTA/NSPS survey' (formerly ALTA/ACSM) is most valuable because it:
- In New York, a 'mechanic's lien' is filed by:
- A New York property is sold 'subject to' an existing mortgage. This means the buyer:
- Under New York law, a 'judgment lien' attaches to real property when:
- In New York, the 'certificate of occupancy' (CO) issued by the local building department certifies that:
- In New York, a 'release of lien' differs from a 'satisfaction of mortgage' in that:
- In New York, a 'mortgage assignment' occurs when:
- In New York, a 'deed in lieu of foreclosure' means the borrower:
- In New York, which of the following would appear as an 'exception' in a title insurance policy?
- In New York, 'marketable title' means title that is:
- In New York, which of the following best describes a 'purchase money security interest' (PMSI) in the context of co-op financing?
- In New York, 'priority of liens' generally follows the rule of:
- Under New York law, a 'notice of pendency' (lis pendens) in a real estate foreclosure action must be filed:
- In New York, a 'subordination, non-disturbance, and attornment agreement' (SNDA) is commonly used in commercial real estate to:
- In New York, a 'lender's title insurance policy' must be in an amount equal to:
- In New York, a 'chain of title' problem that can be discovered through a thorough title search includes which of the following?
- In New York, a real property transfer is typically subject to FIRPTA (Foreign Investment in Real Property Tax Act) withholding when:
- In New York, a 'foreclosure by advertisement' is:
- In New York, a 'co-insurance' provision in a property insurance policy means:
- In New York, the 'REBNY Financial Statement' required by many NYC cooperative boards asks prospective buyers to disclose:
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