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.

31. The NY energy code regulates all of the following except which?

1. Heating and air conditioning systems

2. Setback requirements

3. Electrical and lighting systems

4. Type of fuel used for heating

32. What do we call the idea that money available at the present time is worth more than the same amount in the future?

1. Leverage

2. Liquidity

3. Time value of money

4. Rate of return

33. Arby’s builds a new restaurant on the same street as Burger King and Mcdonalds. What principle of value does this illustrate?

1. Contribution

2. Anticipation

3. Competition

4. Highest and Best use

34. How does a lender determine if a potential borrower’s income is enough to pay the loan?

1. By reviewing the borrower’s employment records

2. By checking the reliability of the borrower’s assets

3. By establishing income and debt ratios

4. By reviewing the credit report

35. Jim Smith wants to purchase a vacation home and have it double as an investment. What is the maximum amount of time per year that Jim and his family can stay in the home and still be able to take the depreciation?

1. 14 days

2. 30 days

3. 45 days

4. 60 days

36. Alex bought a property valued at $850,000 which has an annual net operating income of $102,500. What is the capitalization rate?

1. 9%

2. 10%

3. 11%

4. 12%

37. The listing type that assures a broker that he or she will receive compensation not matter who procures the buyer is what kind of agreement?

1. Net listing

2. Exclusive right to sell

3. Open listing

4. Exclusive agency

38. What determines a property tax bill?

1. The property’s assessed value only?

2. The property’s full value only

3. The tax rate only

4. Both the tax rate and the property’s assessed value

39. A senior citizen who qualifies for the senior citizen’s exemption stands to have his or her property’s assessed value reduced by up to how much?

1. 10%

2. 30%

3. 50%

4. 75%

40. At a community meeting, broker Amanda tells a group of families in an established neighborhood that several Indian families are planning to buy homes in their neighborhood. She tells them that action could decrease their property values. Which statement is true?

1. Amanda is building of blockbusting

2. This action is legal but very unprofessional

3. Amanda is guilty of redlining

4. This action is a deliberate misrepresentation

Answer 1

31. Setback requirements- This is a zoning regulation

32. Time value of money- money in hand today is worth more than an identical sum in the future due to its potential earning capacity.

33. Competition

34. By establishing income and debt ratios

35. 14 days

36. 12%

37. Exclusive right to sell- The broker has the exclusive right to sell the property and he receives the compensation no matter who finds the buyer.

38. Both the tax rate and the property’s assessed value- in addition to these two factors it also depends on any exemptions you qualify for.

39. 50% - reduces your property taxes by 50%

40. Amanda is guilty of blockbusting