Real Estate Salesperson

Real Estate Mathematics

100

A real estate broker earns a $12,500 commission in the sale of a condominium. His commission rate is 7%. What is the price of the condo?

What is $178,571?

200

A property sells for $120,000. The buyer obtains an 80% loan. If the bank charges 3 points at closing, how much in points must the buyer pay?

what is $2,880?

300

A property closes on November 15. The yearly property taxes are $2,500. What is the credit to the seller on the closing statement?

What is $312.50

400

If the annual net income for a property is $670,000 and the capitalization rate is 9%, which of the following is the estimate of the property value (rounded)?

What is 7,444,444?

500

A broker earns a commission of $8,250. His commission rate is 7.5%. What is the selling price of the property?

What is $110,000?

Environmental Issues & Construction

100

A fibrous mineral used in many construction applications such as ceiling tiles and roof shingles is called:

A. Lead

B. Asbestos

C. radon

D. UFFI

B. Asbestos

200

Which department remediates drinking water?

A. Department of Environmental Conservation

B.Local Department of Health

C. Department of Agriculture

D. Department of State

B. Local Department of Health

300

What is the wooden skeleton of a residental property called?

a. frame

b. walls

c.sheetrock

D. Foundation

A. Frame

400

If the indoor air quality if a commercial building causes large numbers of people to fall ill

What is Sick Building Syndrome?

500

The first wooden member of the house is used as the nailing surface for the floor system

What is the sill plate?

Property Insurance

100

A type of  insurance policy that includes different types of coverage in one policy is

What is a Package Policy?

200

Monica files a claim against Jesse because she tripped and fell on Jesse’s property while visiting him. Which type of insurance should Jesse have to best cover this claim?

What is Liability?

300

Accoridng to New York Law, a deductible that must be disclosed to the insured 

What is windstorm?

400

A clause in an insurance policy that modifies or changes the insurance policy in some way

a. endorsement

b. peril

c.deductible

d. umbrella

a. endorsement

500

An excess liability policy, providing additional coverage above that offered by primary policies

What is umbrella policy?

Human Rights & Fair Housing

100

Homeowners being told by real estate salesperson that a member of a protected class is moving into their neighborhood, causing them to panic and place their homes for sale

What is blockbusting?

200

Denying or restricting loans in a certain area by a  lending institution

What is redlining?

300

Leading prospective homeowners toward or away from certain ares

What is steering?

400

An area designated by NYS Departmet of State where salesperson and brokers may not solicit listings

What is a cease and desist zone?

500

This Act prohibits all discrimination based on race

What is Civil Rights Act of 1866?

Valuation Process & Pricing Properties

100

An analysis of the competition in the market place that a property that a will face upon sale attempts 

What is an comparative market analysis?

200

An owner who uses a residential property for vacation purposes only may attribute which type of value to this property.

What is Value in Use?

300

In contruction of a property, the costs of architectural engineering fees 

What are indirect costs?

400

Which of the following is NOT an appropriate comparable for a comparative market anaylsis?

A. Expired listings

B. Current competing properties

C. Properties yet to be built

D. Sold Properties

C. Properties yet to be built

500

Which of the following methods are NOT used for appraisal purposes?

A. Income approach

B. Sales comparison approach

C. Cost approach

D. Comparative market analysis

D. Comparative market analysis