Nys Real Estate U Final Exam: Guaranteed A+ Score Guide Solution: Latest Updated

Misrepresentation (Ans- Making an intentionally false statement to induce someone to contract. Positive misrepresentation (AnsMeans the broker concealed a material defect from the buyer. Self-dealing is an example Unintentional misrepresentation (Ans- Occurs when the broker makes a false statement to the buyer about the property and the broker does not know whether the statement is true or false. Property Condition Disclosure Statement (Ans- Requires the seller to submit to the buyer, prior to signing the contract of sale. If the statement is not signed, the buyer shall receive a $500 credit against the purchase price of the property. Most seller attorneys advise their clients NOT to sign the statement, as it opens them up to a vast amount of liability.Renewing Real Estate License (Ans- Before renewing a license, the salesperson must complete 22.5- hours of Continuing Education