NYS Real Estate Practice Exam: Questions & Answers: Latest Updated A+ Score Guide
Who determines what the commission will be on a real estate sale? (Ans- Client and Broker If someone dies without having a valid will, this is called? (Ans- Intestate If someone dies without having a valid will or heirs or creditors, that persons property reverts to the state through a process called? (Ans- Escheat What is the name of the standardized closing statement or settlement statement, required by RESPA? (Ans- HUD-1 What is a synonym for proration? (Ans- Adjustment What is the name of the deed that give the most legal promises to the buyer? (Ans- Covenants and Warranty DeedWhat is it called to track back the successive owners of a piece of real estate, starting with the current deed and working my way back? (Ans- Abstract of title(Chain of Title) the instrument that conveys a grantors interest in real property? (Ans- A deed Who creates the real estate "Contract of Sale"? (Ans- Sellers Attorney Who signs the contract first? (Ans- Buyer What does the buyer attach to the contract after signing it? (Ans- Down payment Who holds the earnest deposit money from the buyer from the signing of the contract until closing? (Ans- The Sellers Attorney Who signs the contract last? (Ans- The SellerThe fullest interest I can have in my ownership of real estate is? (Ans- Fee Simple Absolute
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