New York State Real Estate Salesperson Licensing Exam Study Guide:New York State Real Estate Salesperson Licensing Exam: Latest Updated A+ Guide Solution
What is the right to use another's land that falls short of ownership called? (Ans- Easement Joe was not paid for the supplies and labor he provided to homeowner Smith. What kind of lien will he file against Smith? (Ans- Mechanics Lien What serves the same function as a circuit breaker? (Ans- Fuse What type of estate is created when only one person holds title to real property? (Ans- Ownership in severalty How much should the seller reimburse the buyer for refusing to provide a property disclosure form? (Ans- $500Seller tells the listing agent he filed for bankruptcy the previous year. The seller ends up not listing the property with the agent, Still, what fiduciary duty does the agent owe the seller? (Ans- Confidentiality What type of financing is used to purchase a new property when the old property hasn't been sold yet? (Ans- Swing loan or bridge loan Who is the borrower of a mortgage loan? (Ans- Mortgagor What does the Real Estate Settlement Procedures Act (RESPA) require? (Ans- Good faith estimate of the closing costs for federally funded loans What is the right reserved for the condo association that gives them the first opportunity to buy or lease a unit when it becomes available? (Ans- Eight of first refusal
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