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Real Estate NY
| Question | Answer |
|---|---|
| A violation for license law is punishable for X amount of the commishion | 4 times the commission |
| Who collects the violations | The Department of State |
| A Right-of-way is a | Easement appurtenant |
| To buy a cooperative apartment a buyer has to buy | Shares of stocks in the company |
| When is an affidavit of entitlement filled out | When a broker is afraid his commission may not be paid |
| What was the main part of the Duncan and Hill decision | The unauthorized practice of law |
| Reserves are collected by a homeowner association from owners and set aside for capital improvements in what kind of property | A condominium complex |
| What is a letter of intent | Reserves a condominium unit for a purchaser |
| Active, passive or portfolio are all categories of income according to the | Taxpayer relief act of 1997 |
| What is the effective gross income | The potential gross income minus the vacancy |
| A limited right in real property is known as a | Qualified fee |
| What is an encroachment | Physical intrusion of one party's property onto the property of another |
| What is a referee's deed | It contains covenants or warranties, received by a buyer in a foreclosure sale and recites full consideration |
| Casualty insurance polices include coverage against what? | Theft, vandalism and machinery damage |
| What is the difference between Net and gross lease | In a net lease the tenant pays some or all of the building operating expense. |
| What is the transfer tax in NYS? | 2 per 500 of the consideration paid. It is only charged on the difference between the sale process and assumed mortgage |
| What does RESPA provide and eliminate | provides consumers with improved disclosures of settlement costs and to reduce the costs of closing by the elimination of referral fees and kickbacks |
| What are the characteristics of an ARM mortgage | A mortgage that has an interest rate that may become higher or lower at specified intervals, keyed to an economic indicator. |
| What is usury | It concerns the Illegal Practice of charging greater than the legal rate of interest |
| When is usury allowed | Usury does not concern purchase money mortgages between buyers and sellers involved |
| What does a Lending institution require the buyer to bring to a closing | A buyer must bring a certificate of insurance |
| What is a loss run schedule | A Previous insurance claim history |
| What is a certificate of occupancy | The key document used to certify the legal use and occupancy of a building. describing how a building may be occuped. It is often required when selling a home or refinancing a mortgage. |
| What must a builder do after he has been issued a building permit and conforming it to the surrounding properties or renovates an existing property | Obtain a certificate of occupancy |
| What is the most common form of insulation | Fiberglass |
| Discriminatory adverting is a violation of what type of law | Federal Law |
| What was created to get pass the 80/20 IRS Rule that limits the amount of nonshareholder income earned | Condops |
| 27.5 year cost recovery period applies for residential income-producing property whenever | 80% of the income attributable to the property is derived from the improvement |
| What two things regulate the underground fuel storage tanks | LUST and NY Underground Storage Tank Act |
| LUST and NY underground Storage tank act regulates tanks that are | 1100 gallons or more |
| Housing built before when have a potential for lead paint | 1978 |
| When are window guards mandatory | When Kids are under 10 |
| How many people are in the NYC council and how are they appointed | 51 elected members |
| What does Artical 9-A deal with | It governs subdivison |
| What does Artical 12-A deal with | It deals with Licences and agency law |
| What is a latent defect | It is a defect that is not discoverable by reasonable inspection and must be disclosed |
| How are planning boards made up | They are appointed |
| What does a master/general plan ensures | Plans ensures that social and economic needs are balanced |
| What is a moratorium | A halt on construction |
| What does Artical 78 deal with | It deals with an appeal process for adverse decision |
| When is a special-use permit issued. | When it provides a good to the public |
| Who is responsible for the review of all applications for signage and facades on nonresidential property | What the Architecturual review board does |
| What is a percolation | How much waste water the soil can process |
| What is a Chattel | Personal property such as a household goods or fixtures |
| What did CERCLA establish | It establishes procedures for remediation of contaminated areas |
| What is encumbrance | Any claim by another such as a mortgage, a tax, or lien that may diminish the value of a property |
| What is an encroachment | A building or something that extends illegally on someone elses property |
| What is the best deed | The warranty deed |
| What is the most common deed | The bargain and sales deed with convenants |
| What is an abstract of title | A condensed history of a piece of property |
| What is an Actual eviction | The physical ousting of a bad tenant |
| What does an ARM Morthage stand for | Adjustable rate mortgage |
| What is an ad valorem tax | A tax levied according to the value |
| What is an alienation clause | The balance of the mortgage is immediately due and payable when the property is sold |
| A bargain and sale deed with convants is | A deed guarenting the title against defects that occured during the period the seller owned it for. |
| What is a discount point | An added loan fee charged by a lender to make the yield on a lower-than-market value loan competitive with higher interest loan |
| What is an easement | The right to use land of another |
| Who does that Fair Housing amendment act of 1988 protect | The handicapped and families with children |
| Who does the Fair Housing amendment act of 1968 protect | Race, color, religion, sex,handicap, family status or national orgin |
| What is a forbearance | A legally binding promise not to do something |
| Hypothecation is the idea behind what | Mortgages |
| What is SARA (Besides a slutty ex-gf) | The federal superfund Amendments and reauthorization act |
Created by:
bswdimples