Nys Real Estate U Final Exam : 100% Verified Questions & Answers: Latest Updated
Essential Element of a Contract (Ans- 1) Consideration 2) Must be in writing 3) Must have competent parties Estate for Years (Ans- A leasehold estate for any specific period of time . not automatically renewed Fixed period of time Express Contract (Ans- A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). Attorney Review Clause (Ans- A clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason Mortgage Contingency Clause (Ans- A clause in a contract that states a mortgage must be obtained in order for the contract to be binding .Eviction (Ans- A legal proceeding by a lessor landlord to recover possession of real property Holdover Tenant (Ans- A tenant who remains in possession of leased property after the expiration of the lease term. I.e. tenant who continuer not to pay. Triple Net Lease (Ans- A lease commonly found in a building with a single , long - term tenant lease has the responsibility to pay taxes insurance and maintenance
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