New York Real Estate Salesperson (REEDC) Exam Questions and Answers

New York Real Estate Salesperson (REEDC) Exam Questions and Answers as a real estate sales person, i am practicing - Answer ️️ -special agency as a property manager i am practicing - Answer ️️ -general agency in estate planning i am practicing - Answer ️️ -universal agency if its my intention to protect my client,usually the seller,from the vicarious liability, of another licensee, violating the laws of licensure, i should always give out my listings, to other licenses as brokers agents, or sub agents ? - Answer ️️ -brokers agent if i share the listing on a property, with your, broker, and give you the opportunity, to make the sale, your broker just became my - Answer ️️ -sub agent if one broker is representing both the purchaser and the seller in the same transaction, you would call this? - Answer ️️ -dual agency what is the department of state concerned, when a real estate licensee, also embarks, upon the practice, of writing mortgage applications, as a mortgage rent? they are concerned about? - Answer ️️ -possibility of dual agency i hire you to sell my house, you are my broker and i am your? - Answer ️️ -client or principal it has been long standing, that my driveway crosses, over my neighbors property, you would call that - Answer ️️ -easment appuretant in the above question, which estate is dominant, mine or my neighbors - Answer ️️ -mine because, i benefit from easment so what would you call, my neighbors estate - Answer ️️ -serviant if a utility company has an easement over many properties? - Answer ️️ -easment in gross utility easment if someone uses the property of another in a way that is open and notorious, exclusive and adverse to the best interest of the true owner, you would call this? - Answer ️️ -squatter rights what are two other names in the questions above? - Answer ️️ -adverse posession easement by prescription for how many years would you have use of that persons property to make claim of ownership? - Answer ️️ -10 years if a person has the right to cross over your property its an? - Answer ️️ -easment if a thing is crossing over your property line thats an? - Answer ️️ -encroachment if you buy materials from a supply house, and fail to pay them, they can file a materialmens line, unfortunately this student told materialmens lien isn't one of the choices - Answer ️️ - mechanics lien we talked about, a formal legal description, of an vld, what is one example, of a formal legal description? - Answer ️️ -section block and lot meet and bounds which description would not be formal legal description - Answer ️️ -street name and street address who determines, what the real estate commission, will be on a particular deal? - Answer ️️ - sponsoring broker and client(seller) if someone dies without having a valid will, he died? - Answer ️️ -intestate if someone dies w/out having a valid will and the state cannot locate any heirs or creditors, that persons property reverts to the state through a process called? - Answer ️️ -escheat what is the name, of the standardized closing statement, on settlement statement, required by respa 1974 called? - Answer ️️ -hud1= settlement statement what is a synonym for proration? - Answer ️️ -adjustment whats the name of the deed, which gives the most legal promises, covenants, and warranties to the buyer? - Answer ️️ -full covenant and warantee what is it called if i track back the successive owners of a piece of real estate, starting w/the current deed and working my way backwards in time? - Answer ️️ -chain of title of real property a deed is a? - Answer ️️ -instrument that conveys a grantors interest generally speaking, who creates the real estate contract, of sale - Answer ️️ -sellers attorney who signs the contract first - Answer ️️ -buyer what does the buyer attach to the contract, after signing it - Answer ️️ -earnest deposit who holds the earnest deposit money from the buyer from the signing of the contract until closing? - Answer ️️ -sellers attorney in escrow who signs the contract last - Answer ️️ -the seller the fullest interest i can have in my ownership of real estate is called having a ? - Answer ️️ - fee simple unlike residential leases, where if you add a fixture, such as a celling lamp, it becomes part of the real property, in a commercial environment, its understood, that if you add cabinets, refrigerator units, etc that they are leaving, when the lease is over ,you would call this - Answer ️️ -trade fixtures tenants in common, is characterized by - Answer ️️ -rights of survivorship in new york city, husband and wife, takes ownership as, ? - Answer ️️ -tenants in the entirety what would you call it when one person buys a property, all by himself,herself - Answer ️️ - ownership in severalty what would you call the owed of the government, to acquire, personally held real property for the benefit of the public? - Answer ️️ -eminent domain/condemn