New York Real Estate Flash Cards

Our Flash Cards will help you prepare to ace the New York State Real Estate Exam. Study a variety of 100 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.

  • Who licenses mortgage brokers?
    The license is issued by the Department of Finance.
  • When is registration with the Banking Department Necessary?
    To negotiate a mortgage loan on residential property (one to four family building).
  • Does a real estate management company need a real estate broker's license?
    If you collect rent or place tenants in vacant spaces on behalf of your landlord client, the answer is yes .
  • What happens if I do not renew my license?
    You cannot conduct any real estate activities that require a New York State real estate license.
  • To obtain a salesperson license, how old must an individual be?
    18
  • How many years of experience as a salesperson do you need to be a licensed broker?
    Two years
  • John is a broker and he accepts a $4,000 depost. What should he do with it?
    Place it in his escrow account immediately.
  • Is a net listing legal in NYS?
    No
  • The listing salesperson must accept compensation directly from the...
    Employing broker
  • Can a unlicensed assistant make a listing presentation?
    No
  • Agency created by written or oral agreement between the principal and the agent
    Express agency
  • Can a salesperson accept compensation from their sponsoring broker?
    Yes
  • Minimum age to obtain a New York real estate broker license?
    20
  • Is a real estate license needed in NY to sell land at an auction?
    Yes
  • Violation of the license law is a misdemeanor with a fine up to?
    $1000
  • When salesperson Henry Forbes left 123 Realty and went to work with ABC REALTORS, What happened to his listings?
    Remained with 123 Realty.
  • An apartment information vendor is licensed by...
    Department of State
  • If your license is revoked, how long must you wait before applying to have the license reinstated?
    1 Year
  • A listing whereby an owner lists the property for sale with a number of brokers.
    Open listing
  • An agent who is authorized by the principal to perform any and all acts associated with the on-going operation of the job or business.
    General agent
  • John Banks gave Star Realty an exclusive agency listing on her property. If he sells the Property himself without involving Star Realty, he will owe Star Realty how much?
    No commission
  • If a property lies in an agricultural district, is the licensee required to disclose such information to a potential buyer?
    Yes
  • When selling a house in NY is it necessary to disclose that there is a utility charge?
    Yes
  • To create an agency relationship, it is necessary that...
    The parties act as principal and agent.
  • The type of listing illegal in New York State is?
    Net listing
  • Sky Realty is worried that its Commission on a sale will not be paid. Sky realty may...
    File an affidavit of entitlement.
  • A real estate salesperson's compensation is set by...
    Agreement between broker and salesperson .
  • A buyer should be cautious not to reveal the top asking price they are willing to pay to a ...
    Seller's agent
  • What is blind ads?
    When the real estate broker fails to indicate that they are brokers.
  • Are blind ads legal?
    No
  • In order for a licensee to become partners at a real estate firm, what license must he or she have?
    Brokers license
  • In a buyer/agency relationship, the broker owes the seller...
    Fair and honest dealing.
  • Highest form of legal estate in freehold land denoting complete ownership
    Fee simple
  • If you purchase land or property on a stream, then you have rights to the stream known as?
    Riparian rights
  • Is a "barn" considered chattel?
    No
  • Deed restrictions could only be established by the “Grantor”. (T/F)
    True
  • An encumbrance is a right to, interest in, or legal liability on real property that does not prohibit passing title to the property but that diminishes its value.(T/F)
    True
  • When is a deed valid?
    Once its delivered and accepted.
  • The document used to convey title legally to real property
    Deed
  • What kind of lease allows the lessee to pay for all or some of the expenses of a property?
    Net lease
  • If a lessee transfers all the remaining interest of his lease to another party, who then must pay the owner is called an...?
    Assignment
  • Contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.
    Lease
  • Under the New York General Obligations Law, where must security deposits paid by a tenant be held?
    Escrow account
  • A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.
    Contract
  • An exchange of promises in which the terms by which the parties agree to be bound are declared either orally or in writing, or a combination of both, at the time it is made.
    Express contract
  • An agreement created by actions of the parties involved, but it is not written or spoken.
    Implied contract
  • The act of either: replacing an obligation to perform with a new obligation; or; adding an obligation to perform or replacing a party to an agreement with a new party.
    Novation
  • Can a flip tax be imposed on a cooperative property?
    Yes
  • The Jacksons sold their house to the Andersons and are to close on August 1. The Jacksons paid their annual town taxes in January. At the closing, the Andersons will reimburse the Jacksons for...
    The tax for the balance of the year.
  • RESPA prohibits the payment of?
    Kickbacks
  • A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.
    Mortgage
  • Is the Department of Veterans Affairs mortgage a guaranteed loan program?
    Yes
  • A mortgage which covers two or more pieces of real estate.
    Blanket Mortgage
  • The borrower in a mortgage?
    Mortgagor
  • Insures loans protect lenders against financial loss.
    FHA
  • If a real estate broker earned a commission of $6,000 at a commission rate of 6%, at what price was the property sold?
    $100,000
  • The type of mortgage loan that has an interest rate that may increase or decrease at different times in accordance to an economic indicator.
    ARM (Adjustable Rate Mortage)
  • What is Usury?
    Charging more than the legal interest rate.
  • Zoning board of appeals issues what kind of permits?
    Variances and special use permits.
  • A type of zoning variance where a parcel of land may be given an exception from current zoning ordinances due to improvements made by a prior owner.
    Nonconforming use
  • Land use is regulated by?
    Subdivision regulations
  • The right of a government or its agent to expropriate private property for public use, with payment of compensation.
    Eminent domain
  • Does a new construction need a certificate of occupancy when the building permit has already issued?
    Yes
  • A reproduction of a technical drawing, documenting an architecture or an engineering design.
    Blueprint
  • Electrical systems are routed through a...
    Circuit box
  • A home sold for $400,000. The Broker received $32,000. What rate of Commission did this broker charge?
    8.00%
  • An examination of the prices at which similar properties in the same area recently sold.
    Comparative market analysis
  • Is the “lawful occupation” class protected under the New York City, state, and federal law?
    No, only under the New York city law.
  • What is the civil rights act of 1866?
    Prohibits any type of discrimination based on race.
  • The practice of denying, or charging more for a loan in certain locations.
    Redlining
  • Guiding prospective home buyers towards or away from certain neighborhoods based on their race.
    Racial steering
  • Business practice of U.S. real estate agents and building developers meant to encourage white property owners to sell their houses at a loss,
    Blockbusting
  • A law passed by Congress in 1890. It prohibits certain business activities that federal government regulators deem to be anti-competitive.
    The Sherman Antitrust Law
  • Is a salesperson that is also an independent contractor paid commission based on sales results?
    Yes
  • If asbestos is in area that is not disturbed is it sometimes best to leave it alone?
    Yes
  • The Department that oversees the safety of drinking water in New York is?
    New York State Department of Health
  • Who can obtain a VA loan?
    Veterans or spouses of deceased veterans.
  • A lists of all the legal actions that have been performed or used in conjunction with a piece of property.
    Abstract of title
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