Question

Please do not attempt if you're not going to answer everything. If you don't answer everything I will report you. Just put the number and the choice. Thanks.

XI. What is the class life for non residential buildings purchased after may 12, 1993?

1. 15 years

2. 25 years

3. 27 years

4. 39 years

XII. What is meant by excessive assessment?

1. Assessed value of a property is greater than its full value

2. Assessed value of a property is less than its full value

3. Too many properties in the assessing unit were assessed

4. The uniform percentage was too low

XIII. What is the wooden support member that is laid on top and bolted to the foundation wall?

1. Joist

2. Sill plate

3. Header

4. Lintel

XIV. Jim lives in a cooperative and usually wears shorts and no shoes when he waits for his friends in the lobby. The cooperative does not allow residents to wear shorts and go shoeless in the lobby. What is this an example of?

1. NY building code

2. House rules

3. Bylaws

4. Alteration agreements

XV. What statement is true about a comparative market analysis?

1. A CMA is the same as appraisal

2. It can help a seller decide what to ask for the property

3. An agent is obligated to complete a CMA on each listing he or she takes.

4. It is not a valid way to arrive at market value

XVI. Bill and Jane took out a homeowner’s policy that covers 70 percent of their home’s replacement value. If they claim, which of the following statements would be true?

1. Their insurance will be canceled

2. The insurance company can choose not to pay the claim

3. Bill and Jane will receive the full replacement cost

4. Their loss will be prorated

XVII. Broker Jim has clients who will be holding a small purchase money mortgage from their buyers in addition to the financing the buyers will be getting from a traditional lender. Jim is also a mortgage broker. Jim offers to draft the mortgage for his clients when he does the contract for sale? Which statement is true?

1. Jim can draft the purchase money mortgage

2. If Jim drafts the mortgage, he is engaging in the illegal practice of law

3. Jim’s mortgage broker’s license allows him to draft mortgages

4. He can draft the mortgage as long as he tells his clients he is not an attorney

XVIII. What is the preferred form of buyer agency called?

1. Exclusive right to sell

2. Exclusive right to represent

3. Implied afency

4. Open agreement

XIV. According to income tax law, John could adjust the cost basis of his personal residence or which of the following items?

1. Broker’s commission

2. Cost of adding a new garage

3. Cost of cleaning the carpet

4. Cost of the monthly utility bill

XX. Sally and Dan must pay 2 points on their new $65,000 loan. What will they have to pay at closing for the points?

1. $650

2. $1,300

3. $1,950

4. $2,600

Just mention number and choice please thanks. No explanation needed.

Answer 1

11. Answer-39 Years

12-Answer-assessed value of a property is greater than its full value

The excessive assessment means that a tax assessment that is grossly disproportionate with other assessment.

13. Answer-Sill plate

It is the bottom horizontal member of a wall where vertical members are attached.

14. Answer- Alteration agreement

It is the agreement between contractors and shareholder for do’s and does not do’s.

15.Answer- It can help a seller decide what to ask for the property.

It usually determines the current value of a property to list it for the seller.

16.Answer- Their loss will be prorated

17. Answer- If Jim drafts the mortgages, he is engaging in the illegal practices of law.

18. Answer-Exclusive right to represent

The buyer agency means that the agent represents only the buyer of the property in the real estate.

19.Answer- Brokers commission

20.Answer-$1,300