NY Real Estate Exam Content 5

Question 1

A homeowner grants an easement to a utility company to run power lines across their land. This is an example of a/an:

Accepted Answer

Easement in gross

Answer

Easement appurtenant

Answer

License

Answer

Encroachment

Question 2

Under RESPA, a lender must provide the borrower with a Loan Estimate within how many business days of receiving a complete loan application?

Accepted Answer

3 business days

Answer

1 business day

Answer

5 business days

Answer

7 business days

Question 3

Which appraisal approach is most appropriate for estimating the value of a special-purpose property like a church or school?

Accepted Answer

Cost approach

Answer

Sales comparison approach

Answer

Income capitalization approach

Answer

Gross rent multiplier approach

Question 4

A New York buyer purchases a property where the previous owner had an unpaid judgment. The buyer later discovers the judgment is still a lien on the property. What should the buyer have done to prevent this?

Accepted Answer

Purchased title insurance

Answer

Obtained a survey

Answer

Requested a property disclosure

Answer

Hired a licensed home inspector

Question 5

In New York, a broker operating as a transaction broker (facilitator) owes which level of representation to the parties?

Accepted Answer

Limited non-agency services without fiduciary duty

Answer

Full fiduciary duties to both parties

Answer

Fiduciary duties only to the seller

Answer

Subagency through the MLS

Question 6

Which form of co-ownership includes the right of survivorship so that a deceased owner's share automatically passes to the surviving co-owners?

Accepted Answer

Tenancy by the entirety

Answer

Tenancy in common

Answer

Tenancy at will

Answer

Tenancy at sufferance

Question 7

A property's gross rent multiplier (GRM) is 120 and the monthly rent is $2,500. What is the estimated market value?

Accepted Answer

$300,000

Answer

$200,000

Answer

$250,000

Answer

$350,000