Questions For Ny Real Estate Exam With Correct Answers

The most complete type of ownership in real estate is a. Fee on condition. b. Life estate. c. Qualified fee. d. Fee simple {Ans: D: Fee Simple Absolute-provides the most complete form of ownership and bundle of rights in real property}What type of mortgage loan has an interest rate That may become higher or lower at specified Intervals, keyed to an economic indicator? a. pledged account b. shared equity c. growing equity d. ARM {Ans: D: An adjustable rate mortgage permits a lender to adjust the interest rate periodically so it reflects the economy.}The Flintstones sold their house to the Simpsons and are to close on July 1. The Flintstones paid their annual town taxes in January. At the closing, the Simpsons will Reimburse the Flintstones for a. the tax for the balance of the year. b. The tax due n November. c. Nothing. d. The tax paid last January. {Ans: A: Property taxes are paid in advance so the buyer will pay the seller for the balance of the year.}The Sherman Antitrust Law is intended to Promote a. a uniform commission rate schedule in any given area. b. cooperation among brokers for the benefit of consumers.