NYS Salesperson License Exam Study Guide: Questions & Answers: Latest Updated

Property Condition Disclosure Statement (Ansrequires the seller to submit to the buyer, a Property Condition Disclosure Statement, prior to signing the contract of sale If the property condition disclosure statement is not signed, the buyer shall (Ans- receive a $500 credit against the purchase price of the property. Real property (Ans- the land and improvements, and all legal rights, powers, and privileges of real estate ownership. Personal property is also known as (Ans- Chattel Fixtures (Ans- personal property that attaches permanently to the land or improvements and becomes part of the real property.Trade Fixtures (Ans- are items of personal property that a business operator installs in rented building space. Fee Simple (Ans- provides the most complete form of ownership. Absolute ownership of real property (Ans- a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person's life and descending to the person's heirs or distributes. Ownership in Severalty (Ans- When title to real estate is in the name of only one person or entity Joint tenancy (Ans- a form of co-ownership by two or more persons, each of whom has an undivided interest WITH the "right of survivorship". Tenancy in common (Ans- a form of co-ownership by two or more persons, each of whom has an undivided interest, WITHOUT the "right of survivorship".Tenancy by the entirety (Ans- This form of co-ownership is limited to married couples. Life Estates (Ans- ownership, possession, and control of a property for someone's lifetime. form of fee simple estate (Ans- A life estate Leasehold Estates (Ans- a non-freehold of limited duration, providing the right of possession and control but not title. Estate for years (Ans- exists for a fixed period of time Estate at Will (Ans- The duration of an estate at will is for an unknown period of time