Question

Real Estate

11) In order to complete the Due diligence for a rental property in NYC, you as the buyer may ask for the registered rent roll from the following NYC AGENCY:

A) DHCR B) OSHA C) HPD D) DOB

12) When a title is passed from the seller to the buyer, the form used in the conveyance is the:

(A) sales contract. (B) agreement of sale. (C) deed. (D) habendum clause in the title.

13) Christopher Jones has been hired in January to do an appraisal on a single-family home. Which approach will probably provide the most accurate valuation?

(A) Income approach (B) Cost approach (C) Replacement approach (D) Sales comparison approach

14) Christopher Jones has been hired in February to do an appraisal on a 22-year old apartment building, with 16 units. Which approach will probably provide the most accurate valuation? (

A) Income approach (B) Cost approach (C) Replacement approach (D) Sales comparison approach

15) The broker on the LaSalle-Fuentes transaction received a $5,500 commission. How much did the house sell for, if the commission rate is 5%?

(A) $11,000,000 (B) $55,000 (C) $1.1 million (D) $110,000

16) If a comparable, contemporary 3,200 SqFt house just sold for $298,000, what is the value of a similar house of 2,952 square feet? (A) $274,890 (B) $320,000 (C) $298,000 (D) $93,120

17) The purchase price is which component of a real estate sales contract?

(A) Acknowledgement (B) Consideration (C) Earnest money (D) Lawful Basis

18) The Langoon Family is taking over the mortgages on a condo that they are buying from the Hudsons because the mortgage rate is lower than they could otherwise get. What the Langoons are doing is: (

A) converting their mortgage (B) assuming their mortgage (C) voiding their mortgage. (D) assigning their mortgage.

19) A standard deed which indicates that the current holder is the current owner and has the right to convey the property through a typical conveyance is often referred to as a:

(A) Bargain & Sale deed. (B) quitclaim deed (C) general warranty deed (D) deed of trust.

20) An unusual, but sometimes required, deed in which the current signatory states that he/she no longer has any current or future rights to the property is referred to as a:

(A) Bargain & Sale deed. (B) quitclaim deed (C) general warranty deed (D) deed of trust.

Answer 1

Answer:

11.A.DHCR

Explanation:

Division of Housing and Community Renewal has jurisdiction over matters relating to rent stabilization and it maintains some records.The buyer may ask for registered rent roll toDHCR agents because it contains information that is largely self supported by landlords.

12.c.Deed

Explanation:

Deed or lease is the written instrument that transfers the title property from the seller to the buyer.The term is associated with a written contract in a real estate where the seller and buyer state the agreed upon purchase price and date of actual transfer

13.a.Income approach

Explanation:

Income approach is used to calculate the value of real estate .Here single family home is appraised to calculate the value of the property.This approach is used to calculate value properties based on their profitability

14.b.Cost approach

Explanation:

As it is an apartment with 16 units,cost approach is used to valuate the cost of a building effectively.The buyer should pay the price for each piece of property and this should be equivalent to the cost to build an equivalent building.Here there are 16 units in an apartment ,so the buyers should pay for each units