Nyc Real Estate Exam Questions With Math Paper Questions And Answers (Verified Answers) Best For 2024 Exam

A coop is what type of ownership? (prob means co-op) {Ans: Leasehold}8. Who is usually exempt from property taxes? {Ans: Disabled, veterans, farmers, elderly, gold star parents and star program home owners.}4.What does the zoning board of appeals do? {Ans: Grant Variances}What is another name for transfer of title to real property? {Ans: Conveyance}7. If a property ad states that the property is near the vicinity of a geographical area, what else must the ad include? {Ans: It must include the name of the geographical area where the property is actually located}6. What does municipal engineers office do? {Ans: Oversees planning and construction of major highways, sewer systems and water connections.}39. What are property taxes based on? {Ans: Assessed Value}How much profit can a single person claim from the sale of a personal residence that's tax free? {Ans: $250,000}Joe was not paid for the supplies and labor he provided to homeowner Smith. What kind of lien will he file against Smith? {Ans: Mechanics Lien}When should the Agency disclosure form be submitted? {Ans: At the first substantive contact}What does the Real Estate Settlement Procedures Act (RESPA) require? {Ans: Good faith