Sort By. For example, in …. Study a variety of key questions and answers, and quickly memorize terms, phrases, and definitions by simply clicking on a flash card to retrieve the answers to state specific questions. Salesperson Textbook "New York Real Estate For Salespersons" textbook covers the fundamentals of real estate profession that are needed to fulfill the new hour curriculum requirement in New York.
Upon follow up after the test , most do not consider the exam "easy. The practice tests are free and includes scoring and both text and video answers.
This book explains the key concepts that you need to know in a straightforward and easy-to-use manner. The Division of Licensing Services regulates the exam process. Exam candidates will be rescheduled by our office for the next available exam. This process may take up to one week. Monitor your online account for your new exam date and time. Prior to disposition, a property must be found to be surplus to the needs of the jurisdictional agency, and then "abandoned" by the agency to the Office of General Services OGS.
Free real estate practice exam , to help you pass your real estate course on the first attempt. The website is easy to use and the price is right! Before you hire a home improvement contractor, use these links to check whether the contractor is licensed or registered in your county.
In addition, the gross vehicle weight rating and gross vehicle combination weight rating of vehicles that a driver can operate with a Class D license increased. Applicants must schedule their exam on the New York Department of State Occupational Licensing Management System, where you can also find other helpful exam information.
More items First, get your bearings. The requirements for pre-licensing courses and licensing Complete the education requirements. This is a unilateral contract, meaning it is the exchange of a promise for performance. Here, the owner is promising not to sell the property to anyone else until the prospective buyer decides either to buy i.
Whatever the prospective buyer decides, the owner of the property will keep the nonrefundable option fee. During this option term, if the prospective buyer decides to exercise the option, the seller will sell the property to the prospective buyer at a price both parties have agreed to in the option agreement.
Note: Prospective tenants could also enter into an option with owners regarding prospective leasehold property. If the prospective tenant decides not to exercise the option, the owner would keep the nonrefundable option fee.
Here, the prospective buyer is not making a promise, and has the freedom to walk away, if deciding against the purchase of the property. During an option term, the buyer is deciding whether or not to purchase the property. The owner and the prospective buyer are not yet parties to a purchase contract. If the prospective buyer decides to purchase the property, a bilateral purchase contract will be necessary. An unenforceable contract prevents the victim of a breach of contract from going to court and suing.
Here are some common examples of an unenforceable contract: a verbal contract when a writing is required Statute of Frauds issue ; a contract with an unlawful purpose; a contract past the Statute of Limitations; etc. There is nothing in the fact pattern to suggest that this option contract would be unenforceable in a court of law. Contracts for the sale or purchase of real estate are unenforceable in a court of law unless they are in writing and signed by the parties to be charged.
The purpose of the statute of frauds is to prevent fraud by a person seeking to enforce a contract that was never made. The statute was not designed to prevent oral contracts. One exception to this rule is oral leases for a period not exceeding one year. Such leases are enforceable if the intent of the parties can be established in court.
These facts reflect improper delivery of the deed. In order for title to transfer, there must be a valid deed as well as delivery and acceptance of the deed. A deed is delivered when there is intent to convey the property. Here, there was not even an intent to convey the property during the lifetime of the grantor.
If the mother did not want to convey her property until after she passed, she should have used a will, a trust, or, perhaps, a deed creating a life estate in herself with a remainder interest in the son. There is nothing in the fact pattern to suggest a lack of capacity. Issues relating to lack of capacity might have to do with: an unemancipated minor attempting to sign a deed, a mentally-incompetent grantor, or a grantor who executed a deed while drunk or drugged.
Concurrent ownership occurs when multiple people own the same parcel of real estate together. The fact pattern states that the surgeon was the sole owner of the property when she executed the deed, and wanted her son to be the sole owner of the property after she passed. The test question states that the surgeon properly executed a legal deed. The intent to transfer is manifested by delivery of the deed. Deeds become valid upon delivery, acceptance and notification to the deliverer of the acceptance.
In most states, delivery happens when the grantor seller signs the deed. Notification to the deliverer that the deed has been accepted occurs when the deed is recorded. The method of legal acceptance of a deed varies by state. FHA mortgage insurance premiums MIPs can be paid at closing or included into the loan amount and paid monthly. FHA mortgage default insurance protects lenders in the event of borrower default. FHA is not a direct lender. FHA is not a joint lender, but provides borrower-paid insurance to protect lenders in the event the borrower defaults on the loan.
In fact, borrowers with an FHA loan may only need to make a 3. Test-Taking Tip: Examiners occasionally will try to confuse students by writing complicated test questions like: "All of the following are incorrect, except. For example, a simpler way of phrasing this question is: "Which answer choice is true? A three-party security instrument that hypothecates real estate is called a Deed of Trust. The Deed of Trust aka a "Trust Deed" is one of the documents the borrower signs when getting a loan using real estate as collateral.
A Deed of Trust creates a voluntary lien on the real estate of the borrower. The three parties to this legal instrument are the lender beneficiary , the borrower trustor and the trustee the third party to whom the borrower conveys bare legal title for the lifetime of the loan. Test-Taking Tip: Make sure you memorize the information in your study materials related to Trust Deeds. Even if Deeds of Trust are uncommon in your state, you are very likely to be tested on this subject.
Note: During the lifetime of the loan, the trustee under a Trust Deed will hold bare legal title to the property.
When the loan is paid in full, the trustee must reconvey bare legal title back to the borrower, and does so using a document called a "Deed of Reconveyance. A mortgagor is the name of the borrower in a two-party security instrument called a Mortgage. A mortgagee is the name of a lender in a Mortgage.
However, in contrast to the Trust Deed, it is only a lien: No portion of title is conveyed by a mortgage. The trustor is the name of the borrower in a Deed of Trust. Test-Taking Tip: Make sure you spend some study time going through the glossary in your licensing materials.
Examiners frequently test knowledge of technical words and terms like "hypothecate" to pledge real estate without giving up possession. Regulation Z requires that lenders furnish an applicant for a real estate loan with a statement that discloses the finance charges associated with a loan.
The Truth in Lending Disclosure Statement shows the annual percentage, which is the borrower's cost of credit as an annual rate; and the total amount the borrower will repay to the lender in comparison with the amount financed. Discrimination on the basis of race in the purchase or leasing of real estate is always illegal--even when the goal is racial diversity. Race is one of multiple protected classes in the Civil Rights Act of , as amended.
Lead-based paint warnings are required--for both sales and rentals--if construction began prior to January 1, Unless there is actual knowledge of lead-based paint on the premises, a warning is unnecessary for an improvement constructed in Test-Taking Tip: Make sure you know what is considered "target housing" for lead-based paint warnings i. If a complex complies with federal rules related to senior citizen housing, owners and property managers are legally permitted to exclude families with minor children.
Note: Per federal rules, a senior is someone who is years-old or older. One of the property manager's most important duties is to find well-qualified tenants who are financially able to rent the leasehold property. A property manager is obligated to stay informed about market rents in the area; and track vacancies in the building being managed. However, the property manager has no obligation to the principal to stay informed on market value of the building.
Fairness and honesty are always a part of a property manager's responsibilities as a party of the duty of agency. The landlord breached the implied Warranty of Habitability. For many jurisdictions across the United States, this promise of a habitable living environment is implied by law in residential leases. It need not be discussed verbally or included in writing in the lease. The basic living and safety standards in this implied warranty include necessities such as heat, plumbing, electrical systems, and water.
By not responding in a timely manner to the tenant's repeated calls for help, the landlord was in breach of the implied Warranty of Habitability. Therefore, the tenant's abandonment of the leasehold property--and subsequent refusal to pay rent--would most likely be found by a court to be justified, relieving the tenant from any further obligations under the lease.
Note: A failure on the part of the landlord to make a residential rental property habitable is referred to as "constructive eviction. This answer choice states the general rule. But, a breach of the implied Warranty of Habitability may relieve the residential tenant of any further contractual obligations, including payment of rent.
In most jurisdictions, the landlord is responsible for keeping necessities such as heat, plumbing, water, and electrical systems in good repair. Another promise many jurisdictions imply into residential leases is the Covenant of Quiet Enjoyment, an implied promise that no one claiming superior title will disturb the tenant's possession of the leasehold property.
However, there is one important exception to the Covenant of Quiet Enjoyment: If there is an emergency situation on the leasehold property, the landlord has the right to enter the property--unannounced--to repair the emergency. The examinees will frequently use these somewhat technical terms in test questions rather than the words used in everyday speech. The landlord or property owner is the lessor; or the person giving the lease rights.
The tenant is the lessee; or the person receiving the lease rights. In comparison to the single-family residence being appraised frequently referred to as the "subject property" , the second comparable is missing a bathroom. The value of a bathroom must be added to the sales price of the second comparable so that it more accurately reflects the market value of the subject property.
Although appraisers look for comparables that are as close as possible to the subject property, the comparables do not have to have the exact same number of bedrooms and bathrooms. The appraiser will adjust the sales prices of the comparables to account for differences between a recently-sold comparable and the subject property. It is the job of the appraiser to know, for example, what a bedroom or a bathroom is worth in a particular neighborhood.
Adjustments are made to the recent sales prices of the comparables, not to the subject property. The third comparable has only 3 bedrooms, while the subject property has 4 bedrooms. The value of a bedroom must be added to--not subtracted from--the sales price of the third comparable. Note: The market data approach is also called the "sales comparison approach.
The principle of supply and demand is the oldest principle of economics; and it is also the most predictable principle. When demand for homes increase because of national economic influences such as lower interest rates , values tend to increase.
Also, when demand increases because of local changes, such as a new business coming to the area; or an influx of new residents, values will increase. The Gross Rent Multiplier aka the "Gross Income Multiplier" is a simpler, less accurate alternative to capitalization takes into account the income generated by a parcel of real estate, but not the expenses charged to the property.
This alternative to capitalization is most widely used with single-family residences. Jordan's other properties have a Gross Rent Multiplier of If Jordan's 4 other properties in the neighborhood have a Gross Rent Multiplier of , it is unlikely that the seller will accept this low an offer.
C and D are incorrect. These offers would result in a Gross Rent Multiplier that would be too high for this particular neighborhood and Jordan's 4 other properties e. Investing in real estate is the act of giving up money that could be spent elsewhere in exchange for the potential for profit in the future.
The likelihood of a profit is called the risk. As a rule, the greater the risk, the lower the investment. Investment in vacant land is a low-risk investment because vacant land does not tend to depreciate as much or as fast as improved land; and the cost to purchase vacant land is usually lower than the cost to purchase improved land. With regard to federal lead-based paint disclosure rules, "target housing" includes residential dwellings built before January 1, This is the difference that one day can make.
If construction started on December 31, , then the residential dwelling is target housing, and lead-based paint warnings must be given to prospective buyers and tenants.
If construction started on January 1, , then the dwelling is not target housing, and the lead-based paint disclosure requirements do not apply. However, even if construction of the house commenced on or after January 1, , a seller or landlord with actual knowledge of lead-based paint on the property is under a duty to disclose this to prospective purchasers and tenants. Answer choice "A" misstates the rule. If construction started on January 1, then the house would not be considered target housing, and, absent actual knowledge of lead-based paint on the property, there would be no federal lead-based paint disclosure requirements.
The seller or landlord is responsible for compliance with lead-based paint disclosures: Compliance is not waived if there is no licensee involved in the transaction. A licensee, however, if involved with the transaction is responsible for advising the client as to proper disclosure and compliance.
Sellers and licensees are under no obligation to order an inspection to have the house tested for lead-based paint, or to pay for repairs if lead-based paint is discovered. Prospective buyers must be given a day window to have the property inspected for lead-based paint, but even prospective buyers are free to waive testing. Landfills and the toxins and chemical by-products of the refuse are a major cause of groundwater contamination because rainwater and snowmelt can filter through the refuse and dissolve a wide range of water soluble pollutants, which then seeps into the ground.
The process of capping mitigates this process because the clay-like soil forms a barrier so that most of the water stays above the level of the refuse and less water filters through the refuse. The seller will be reimbursed for the prepaid property taxes for those four months of the remaining tax year when the Buyer will own the property. The other answer choices are all considered debits to the seller.
Test-Taking Tip: A good way to remember this is that, for the Settlement Officer, a "credit" increases what a party can take from the closing, while a "debit" decreases what a party takes from the closing. In this test question, the prepaid property taxes will be a credit to the seller and a debit to the buyer. However, debits and credits on the closing statement are not always balanced equally between the two parties. Here, for example, the seller must pay off the outstanding mortgage lien, the mechanic's lien, and the brokerage fee, but these are not considered credits to the buyer.
The HUD -1 Settlement Statement is a standard form in used to itemize services and fees charged to the borrower by the lender or broker when applying for a loan. A final HUD -1 statement must be given to buyers one day prior to the signing of the documents. In the government survey system aka "rectangular survey system" , an entire section of land is one square mile. One square mile contains acres. Yatida owns a home in the mountains. To compute the loan to value ratio, which is the ratio of the loan balance to the property value, you divide the loan balance by the market value.
In order to purchase a home, Darla needs to take out a mortgage. A mortgage is an example of a n :. An executory contract is a contract that has terms to be completed at a later date.
It is not fully performed until all acts required are completed, such as a mortgage. An executed contract is a fully performed contract. A unilateral contract involves a promise to induce the other party to do some act, such as an open listing contract, where the property owner can cancel the listing at any time prior to an agreed upon deal.
An implied contract is formed based upon the actions of the parties that evidence an intent to enter into a contract, such as where a seller permits a broker to show a property before any formal agreement is entered into. CO is an abbreviation for certificate of occupancy, which is the municipal document verifying that the premises and parts thereof are approved and safe for occupancy.
Building additions usually require a CO. A building inspector performs an inspection before the CO is issued and also checks properties for violations. Halley owns 25 acres of land in a residential area and wants to develop a real estate complex containing 50 single family homes. What type of mortgage can she obtain that will permit her to pay it off as she sells each home?
A blanket mortgage is a commercial mortgage often used by real estate developers to finance a project. At least two parcels of property are pledged as collateral. The release clause allows the lien to be lifted on particular parcels when a certain amount of the loan balance is paid, such as when a new home is sold and the developer uses the proceeds from the sale to pay off a portion of the Blanket mortgage.
PMI is private mortgage insurance, which is not a type of mortgage. An insurance premium is typically added to the monthly mortgage payment. A Pledged Account involves the purchaser placing money in a savings account and using the earned interest to supplement the mortgage payment.
The City of Glass wants to expand a public park. It needs to obtain the necessary land from private landowners. What government power can be used to obtain the land needed to expand the park? Eminent domain is the government power permitting it to obtain private property for public use. Condemnation is the actual taking of the property pursuant to the eminent domain power.
Municipal forfeiture and public seizure are not formal terms. After-tax cash flow is calculated by adding back the tax loss to the income and then multiplying by the tax rate. A tax savings is possible when a tax loss can reduce the taxable income of a separate investment. Wetlands are protected areas that include swamps, marshes, wet meadows and bogs.
They may serve as protection for storm and flood water and help control erosion and pollution. They also serve as sanctuaries for wildlife and the natural landscape. An outlet center with clothing and furniture stores are similar commercial uses, so no mixed use exists. Iowa Professional Licensing Bureau. Kansas Real Estate Commission. Kentucky Real Estate Commission. Louisiana Real Estate Commission. Maine Real Estate Commission. Maryland Real Estate Commission.
Department of Licensing and Regulatory Affairs. Minnesota Department of Commerce. Mississippi Real Estate Commission. Missouri Division of Professional Registration. Montana Board of Realty Regulation.
Nebraska Real Estate Commission. Nevada Real Estate Division. New Hampshire Real Estate Commission. New Jersey Real Estate Commission. New Mexico Real Estate Commission.
North Carolina Real Estate Commission. North Dakota Real Estate Commission. Ohio Department of Commerce. Candidate Bulletin. Oklahoma Real Estate Commission. Oregon Real Estate Agency. Pennsylvania Real Estate Commission. South Carolina Real Estate Commission. South Dakota Real Estate Commission. Tennessee Real Estate Commission. Texas Real Estate Commission. Utah Division of Real Estate.
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