NYREI School Exam Latest Version 2024/2025 Expert-Verified Q&As

A _____ has a fiduciary obligation to a _____. - property manager / property owner A building has 28,000 rentable square feet, 22,160 square feet of which are considered useable. What is this building's loss factor? - 20.9% A buyer is considering a house with asbestos insulation coating the water pipes. What should the buyer be most concerned about? - Asbestos can contaminate the house if removed improperly since airborne particles are dangerous. A buyer makes an offer, contingent on selling his house first. What clause can be included in the sales contract that would allow the seller to pursue other buyers in the meantime? - escape clause A contract between a minor and an adult is - voidable by the minor. A homeowner facing foreclosure has a number of liens: The original mortgage, a mechanic's lien from six months ago, a judgment lien from two years ago, and a property tax lien that was just filed. When the property is sold, which lien will be paid first from the proceeds? - property tax lien A homeowner wants to net $140,000 on the sale of his house. If his closing costs will be $12,600, he owes $44,500 on his current mortgage, and he is paying a 6% commission, what is the minimum offer he will accept (rounded up to the nearest dollar)? - $209,681