Below is a list of questions that appeared on the salesperson licensing exam I took last week. I was surprised at how much I was able to remember. Feel free to send me questions and/or feedback. Good luck! Oh, and I passed!

1)       In NYS, how old must one be to enter into contracts? -18

2)       What other capability should they possess? –Mental and emotional capability

3)       What happens if one of the parties to the contract is a minor? –The contract is voidable by the minor

4)       What does the zoning board of appeals do? –Grants variances

5)       What regulates construction standards in NYS? –Building codes

6)       What does municipal engineer’s office do? –Oversees planning and construction of major highways, sewer systems and water connections

7)       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

8)       Who is usually exempt from property taxes? –Disabled, veterans, farmers, elderly, gold star parents (whose kids dies in war) and star program homeowners

9)       Who is not usually exempt from property taxes? –Second home owners

10)    What covers fully for personal property lost in a fire? –Replacement cost

11)    Find the square footage of a rectangular shaped floor plan. Note: learn how to find the area of squares and rectangles

12)    What’s the cash on cash return on a $2,000,000 property with a down payment of 500,000 and $15000 monthly rental income?-36 percent

13)    Who hires the agent? –Principal or client

14)    What is not a CMA(comparative market analysis)? –An appraisal

15)    What cannot a salesperson do? –Collect money directly from the client or customer

16)    When should the Agency disclosure form be submitted? –At the first substantive contact

17)    Which document describes the agency(who he or she represents) of the salesperson? –Agency disclosure form

18)    What’s another name for the slope of the roof? –Pitch

19)    What carcinogenic component was used as insulation in electric transformers that contaminated soil and ground water? –PCBs or polychlorinated biphenyls

20)    What can brokers provide their salespeople if they are independent contractors? –Office phone

21)    What’s right to access water from a river or stream called? –Riparian

22)    What did the Civil Rights Act of 1866 protect, without exception? –Race

23)    What did the 1988 amendment to the civil rights act protect? –Disability and familial status

24)    What is convincing owners to sell/lease property by telling them a particular group of people are moving into the area called? –Blockbusting

25)    What is it called when lenders/insurance agents refuse to do business in a certain area based on the characteristics of the people living there? –Redlining

26)    Unless specified a lesser estate, transfer of title to real property in NYS creates what type of interest? -Fee Simple

27)    What is another name for transfer of title to real property? –Conveyance

28)    What is it called when the government dictates how a property can be used? –Zoning

29)    Who issues real estate licenses? –NY Department of State

30)    Who oversees licensing and registration of mortgage bankers and brokers? –NYS banking department

31)    Which department oversees drinking water safety? –NYS department of health

32)    Who determines the commission? –Principal/client and the broker

33)    What occurs when the agent represents the seller but also works in the best interests of the buyer? –Undisclosed dual agency

34)    A real estate salesperson is what type of agent? –Special

35)    What clause in the deed describes the property? –Legal descriptions

36)    What type of income is partnerships/investments? –Portfolio

37)    What’s the name of the policy that provides additional liability coverage beyond the primary policy? –Umbrella policy

38)    What type of maintenance is fixing a leaking faucet? –Corrective maintenance

39)    What are property taxes based on? –Assessed value

40)    What is the market value? –What the property will sell for in a competitive marketplace

41)    What is a loft lease? –It’s a lease for space that is not divided into rooms

42)    Which types of commercial properties use percentage lease? –Retail stores / shopping malls

43)    Who is responsible for the terms in the lease if the unit has been subleased? –Lessee

44)    What is the taking of private property by the government for public use called? –Eminent domain

45)    How many years is a residential investment property depreciable for? -27.5 years

46)    How much profit can a single person claim from the sale of a personal residence that’s tax free? -$250,000

47)    What is the right to use another’s land that falls short of ownership called? –Easement

48)    Joe was not paid for the supplies and labor he provided to homeowner Smith. What kind of lien will he file against Smith? –Mechanics lien

49)    What serves the same function as a circuit breaker? –Fuse

50)    What type of estate is created when only one person holds title to real property? –Ownership in severalty

51)    How much should the seller reimburse the buyer for refusing to provide a property disclosure form? -$500

52)    Seller tells the listing agent he filed for bankruptcy the previous year. The seller ends up not listing the property with the agent. Still, what fiduciary duty does the agent owe the seller? -Confidentiality

53)    What type of financing is used to purchase a new property when the old property hasn't been sold yet? –Swing loan or bridge loan

54)    Who is the borrower of a mortgage loan? -Mortgagor

55)    What does the Real Estate Settlement Procedures Act (RESPA) require? –Good faith estimate of the closing costs for federally funded loans

56)    What is the right reserved for the condo association that gives them the first opportunity to buy or lease a unit when it becomes available? –Right of first refusal

57)    A coop is what type of ownership? –Leasehold

58)    What is the summary of the chronological history of title and related documents to that called? -Abstract of Title

59)    What type of mortgage is when a new mortgage that is higher in amount wraps around an existing first mortgage that’s smaller in amount? –Wraparound mortgage

60)    What document provides detailed information on a condo or coop project? –Offering plan

61)    What is the process called that calculates the value of an asset in the past, present and future? –Time value of money

62)    What is it called when a building loses its desirability because of an outdated design feature? –Obsolescence

63)    What types of investment properties are warehouses and distribution centers? –Manufacturing

64)    What governs issues such as noises, pets in a condo or coop? –House rules

65)    What are homestead properties? –Residential condos, 1-4 family homes, mobile homes & farm dwellings

66)    What’s the area the tenant actually occupies and uses? –Usable square footage or net square footage

67)    Who signs the contract first? –Purchaser

68)    What is the budget that is set aside for repairs and large improvements? –Capital reserve budget or replacement reserve budget

69)    What’s another name for land lease? –Ground lease

70)    What allows landlords to raise rents during the term of the lease? –Escalation clause

71)    What are tax advantages on investment properties called? –Tax shelters

72)    What type of listing agreement is it where the listing broker gets commission for the sale of the property even if the owners themselves sell the property? –Exclusive right to sell

73)    What’s an implied clause in a deed? –Grantor owns the property and has a right to convey it or right of quiet enjoyment

74)    What does Regulation Z (TILA) require beside the disclosure of interest rates? –Down payment

75)    What does the secondary mortgage market do? –Buys and sells mortgages