REE Ch. 14 Q'S EXAMINATION
QUESTIONS WITH REVISED
ANSWERS
Agency disclosure forms were first required for cooperatives in
- 2008
- 2009
- 2010
- 2011 - Answer-
An attorney review clause
- tells all parties that the preprinted forms have been approved by an attorney
- states that the contract is subject to the approval of each of the client's attorneys
- allows for contract approval by a third party lawyer hired by the broker
- states that a lawyer can rescind the contract terms within 10 days of contract approval
- Answer-states that the contract is subject to the approval of each of the client's
attorneys
In what area of New York does the seller's attorney typically hold the down payment?
- Upstate New York
- Western New York
- Downstate New York
- New York City - Answer-Downstate New York
Any modifications or additions to a contract must be
- Typed onto the preprinted contract form
- Handwritten on the preprinted contract form
- Initialed by all parties
- Made by the buyer - Answer-Initialed by all parties
, Who will be first to sign the contract?
- The buyer's agent
- The seller's agent
- The buyer
- The seller - Answer-The buyer
Which of the following documents is not one that will be needed at closing?
- Prior deed
- Copy of proprietary tax bill
- Prior title insurance policy
- Seller's credit report - Answer-Seller's credit report
After a legal client discovers a loss resulting from an attorney's dishonest conduct, how
long does the client have to file a claim for reimbursement from the Lawyer's Fund for
Client Protection?
- 30 days
- 60 days
- 1 year
- 2 years - Answer-2 years
A seller's agent completes a preprinted sales contract and collects earnest money as a
down payment on the property. Which of the following statements is FALSE?
- The agent may turn the money over to his or her broker
- The agent may turn the money over to the seller's attorney
- Who the agent turns the money over to will depend on the area of New York where the
agent is located
- The agent should hang onto the money until he or she sees if the seller accepts the
offer - Answer-The agent should hang onto the money until he or she sees if the seller
accepts the offer
Which of the following documents may a broker legally complete?
QUESTIONS WITH REVISED
ANSWERS
Agency disclosure forms were first required for cooperatives in
- 2008
- 2009
- 2010
- 2011 - Answer-
An attorney review clause
- tells all parties that the preprinted forms have been approved by an attorney
- states that the contract is subject to the approval of each of the client's attorneys
- allows for contract approval by a third party lawyer hired by the broker
- states that a lawyer can rescind the contract terms within 10 days of contract approval
- Answer-states that the contract is subject to the approval of each of the client's
attorneys
In what area of New York does the seller's attorney typically hold the down payment?
- Upstate New York
- Western New York
- Downstate New York
- New York City - Answer-Downstate New York
Any modifications or additions to a contract must be
- Typed onto the preprinted contract form
- Handwritten on the preprinted contract form
- Initialed by all parties
- Made by the buyer - Answer-Initialed by all parties
, Who will be first to sign the contract?
- The buyer's agent
- The seller's agent
- The buyer
- The seller - Answer-The buyer
Which of the following documents is not one that will be needed at closing?
- Prior deed
- Copy of proprietary tax bill
- Prior title insurance policy
- Seller's credit report - Answer-Seller's credit report
After a legal client discovers a loss resulting from an attorney's dishonest conduct, how
long does the client have to file a claim for reimbursement from the Lawyer's Fund for
Client Protection?
- 30 days
- 60 days
- 1 year
- 2 years - Answer-2 years
A seller's agent completes a preprinted sales contract and collects earnest money as a
down payment on the property. Which of the following statements is FALSE?
- The agent may turn the money over to his or her broker
- The agent may turn the money over to the seller's attorney
- Who the agent turns the money over to will depend on the area of New York where the
agent is located
- The agent should hang onto the money until he or she sees if the seller accepts the
offer - Answer-The agent should hang onto the money until he or she sees if the seller
accepts the offer
Which of the following documents may a broker legally complete?
