Spring 2014 Updates…

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1- Studs in residential single family dwellings are usually …16 inches on center “O.C.”

2- What is an example of physical deterioration in terms of an appraisal…wear & tear from normal use

3- Based on an exclusive agency agreement…an owner can sell the house himself without being liable to the broker for a commission.

4- A package mortgage would likely be used when…encumbering real property and using personal property as additional collateral.

5- Metal used in construction to prevent seepage or to direct water for certain joints in residential construction is referred to as… flashing.

6- An example of economic obsolescence might be…a high rate of taxes for excessive improvements.

7- When personal property is made a part of real property it is considered… a fixture.

8- When the judgment of the court is recorded it becomes a…involuntary lien.

9- A lease that designates that the lessee is to pay the real property taxes is usually referred to as… a net lease.

10- Complaints involving violations of the federal law involving discrimination must be filed within…180 days.

Recent questions that new graduates saw on the NYS Real Estate exam…

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1-A final layer used in reference to roofs or floors? Sheathing
2-In NYS, how old must one be to enter into contracts? 18
3- Two or more parcels of real estate pledged as security for payment of the mortgage debt- blanket mortgage
4- What happens if one of the parties to the contract is a minor? The contract is voidable
5- What does the zoning board of appeals do? –grant variances
6- What can brokers provide their salespeople if they are independent contractors? Office phone
7- What’s water rights of access refer to those from a river or stream called? Riparian
8-An area in which a tenant pays rent for but derives no benefit due to the presence of elevators, stairs, etc? add-on factor
9-Whats the cash-on-cash return on a $3,000,000 property with a down payment of $300,000 and $8,000 monthly rent? 32 percent
10-If a property ad states that the property is near the vicinity of a geographical area, what else must the ad include? It must include the name of the geographical area where the property is actually located