Real Estate Pt 3

90 Questions | Total Attempts: 149

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Real Estate Quizzes & Trivia

Questions and Answers
  • 1. 
    Who is person in a town who collects taxes?
    • A. 

      Tax assessor

    • B. 

      Receiver of taxes

    • C. 

      Circuit clerk

    • D. 

      Town officer

  • 2. 
    Which of these groups is made up of persons who are elected to their positions
    • A. 

      City council

    • B. 

      Town board of health

    • C. 

      Planning board

    • D. 

      Historic preservation commission

  • 3. 
    Who provides the guidelines for septic system installation?
    • A. 

      Building department

    • B. 

      Planning department

    • C. 

      Dep of health

    • D. 

      Wetlands commission

  • 4. 
    What is an important function of a city engineer?
    • A. 

      Inspect buildings

    • B. 

      Test wells

    • C. 

      Oversee compliance to building codes

    • D. 

      Estimate costs of road and sidewalk construction

  • 5. 
    Your buyers want to purchase one of your listings and add a second story to it.  Who should they consult?
    • A. 

      City engineer

    • B. 

      Treasurer

    • C. 

      Building department

    • D. 

      Architectural review board

  • 6. 
    What is one of the most important docs for a planning board?
    • A. 

      Master plan

    • B. 

      Assessment roll

    • C. 

      Conditional use permit

    • D. 

      List of historic landmarks

  • 7. 
    What does a town assessor do?
    • A. 

      Collects taxes

    • B. 

      Implements the town's budget

    • C. 

      Testifies in property tax cases

    • D. 

      Determines a property's tax value

  • 8. 
    What does the conservation advisory council oversee
    • A. 

      Restoration of historic landmarks

    • B. 

      Environemntal projects

    • C. 

      Cosntruction inspections

    • D. 

      Tap water quality

  • 9. 
    Which statement about a town board is not true?
    • A. 

      The members are elected

    • B. 

      The town supervisor is a board member

    • C. 

      The town council must create a planning board

    • D. 

      Every town must have a town board

  • 10. 
    What is the main purpose of the zoning board of appeals?
    • A. 

      To create zoning ordinances

    • B. 

      To interpret zoning ordinances

    • C. 

      To prosecute ordinance violators

    • D. 

      To maintain the status quo

  • 11. 
    Which of these describes a policy that has several types of coverage in one policy?
    • A. 

      Comprehensive liability

    • B. 

      Monoline

    • C. 

      Package

    • D. 

      Umbrella

  • 12. 
    In what areas does the C-MAP program help homeowners find insurance
    • A. 

      Flood-prone

    • B. 

      Low-income

    • C. 

      Tornado alley

    • D. 

      Coastal

  • 13. 
    Who must pay the deductible
    • A. 

      Insurance company

    • B. 

      Policyholder

    • C. 

      Person responsible for damage

    • D. 

      Insurance agent

  • 14. 
    Under current NY state law, an insurance company may cancel a homeowner's or tenant's policy by issuing a cancellation notice within how many days after it is in effect?
    • A. 

      30

    • B. 

      45

    • C. 

      60

    • D. 

      90

  • 15. 
    Which of these policies is the most common for a residential property
    • A. 

      HO-1

    • B. 

      HO-3

    • C. 

      HO-5

    • D. 

      HO-8

  • 16. 
    What kind of policy is a Business Owner's Policy BOP?
    • A. 

      Package

    • B. 

      Umbrella

    • C. 

      Monoline

    • D. 

      Limited liability

  • 17. 
    What does a liability policy cover?
    • A. 

      Fire

    • B. 

      Hail

    • C. 

      Windstorm

    • D. 

      Bodily injury

  • 18. 
    Insurers are required to offer premium discounts if a policyholder has installed which of these?
    • A. 

      Dead bolts

    • B. 

      Smoke alarm

    • C. 

      Hurricane/storm shutters

    • D. 

      Security system

  • 19. 
    What type of coverage is always excluded from homeowners and tenants policies?
    • A. 

      Flood

    • B. 

      Windstorm

    • C. 

      Smoke damage

    • D. 

      Personal property theft

  • 20. 
    Which of these policies is a modified version of the basic policy, providing actual cash value coverage in place of replacement cost coverage for a building
    • A. 

      HO-2

    • B. 

      HO-3

    • C. 

      HO-5

    • D. 

      HO-8

  • 21. 
    What does a tax certificate do?
    • A. 

      Certifies to tax collectors that a property owner has paid all ad valorem taxes on the property for the calendar year

    • B. 

      Entitles its holder to apply for a tax deed after a certain period

    • C. 

      Exempts its holder from paying taxes on the particular property referenced by the certificate

    • D. 

      Waives a property owner's rights of redemption in a foreclosure

  • 22. 
    What can a homeowner do who receives a tax bill that she feels is outrageous?
    • A. 

      File an appeal to adjust millage rate

    • B. 

      Ask for an adjustment to district's budget

    • C. 

      File a complaint with the local board of assessment review

    • D. 

      Live with it

  • 23. 
    What is the role of local tax districts?
    • A. 

      To levy income, sales and property taxes to meet their budget requirements

    • B. 

      To manage their budgeted portion of real estate tax revenues levied and distributed by the state

    • C. 

      To impose property taxes for specific municipal services

    • D. 

      To place tax liens on its facilities

  • 24. 
    What is a unique characteristic of a special assessment tax?
    • A. 

      It only applies to properties which will benefit from the public improvement

    • B. 

      The equalization board discounts levies for properties not affected by the public improvement

    • C. 

      More valuable properties which stand to benefit will pay proportionately more taxes

    • D. 

      It creates an involuntary junior lien on the property

  • 25. 
    What is the purpose of a homestead tax exemption?
    • A. 

      To exempt qualified property owners from ad valorem taxation

    • B. 

      To offer some amount of tax relief on an owner's principal residence

    • C. 

      To encourage multiple property investment

    • D. 

      To exempt owners of principal residences who rent their properties

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