Nys Real Estate U Final Exam: Guaranteed A+
Score Guide
Solution
Misrepresentation
(Ans- Making an intentionally false statement to induce
someone to contract.
Positive misrepresentation
(Ans-
Means the broker concealed a material defect from the
buyer.
Self-dealing is an example
Unintentional misrepresentation
(Ans- Occurs when the broker makes a false statement to
the buyer about the property and the broker does not
know whether the statement is true or false.
Property Condition Disclosure Statement
(Ans- Requires the seller to submit to the buyer, prior to
signing the contract of sale. If the statement is not
signed, the buyer shall receive a $500 credit against the
purchase price of the property.
Nys Real Estate U Final Exam: Guaranteed A+ Score Guide Solution
,Most seller attorneys advise their clients NOT to sign the
statement, as it opens them up to a vast amount of
liability.
Renewing Real Estate License
(Ans- Before renewing a license, the salesperson must
complete 22.5hours of Continuing Education.
If a real estate salesperson fails to renew their license
within 2 years, their license is considered expired.
The salesperson must retake the State exam and reapply
for their license.
Fixtures
(Ans- Personal property that attaches permanently to the
land or improvements and becomes part of the real
property.
Trade Fixtures
(Ans- Items of personal property that a business operator
installs in rented building space.
,Unlike a typical fixture, it is considered personal property
of the business owner. It is assumed the business owner
will take the trade fixtures with them when moving out of
the rented space.
A display case is a common example of a trade fixture.
Fee Simple
(Ans- Provides the most complete form of ownership.
Absolute ownership of real property; a person has this
type of estate where the person is entitled to the entire
property with unconditional power of disposition during
the person's life and descending to the person's heirs or
distributes.
Most properties in New York have a Fee Simple Absolute
deed, unless specified otherwise!
Ownership in Severalty
(Ans- When title to real estate is in the name of only one
person or entity
Think of it as a single individual owns real estate,
therefore, the ownership is 'severed' from all others.
Nys Real Estate U Final Exam: Guaranteed A+ Score Guide Solution
, Tenancy by the entirety:
(Ans- This form of co-ownership is limited to married
couples.
4 Unities of Co-ownership
(Ans-
1)
Time
2)Title
3)Interest
4)Possession
Life Estates
(Ans- Ownership, possession, and control of a property for
someone's lifetime. CANNOT BE SOLD
Leasehold Estates
(Ans- Non-freehold of limited duration, providing the right
of possession and control but not title.
Periodic Estate:
Score Guide
Solution
Misrepresentation
(Ans- Making an intentionally false statement to induce
someone to contract.
Positive misrepresentation
(Ans-
Means the broker concealed a material defect from the
buyer.
Self-dealing is an example
Unintentional misrepresentation
(Ans- Occurs when the broker makes a false statement to
the buyer about the property and the broker does not
know whether the statement is true or false.
Property Condition Disclosure Statement
(Ans- Requires the seller to submit to the buyer, prior to
signing the contract of sale. If the statement is not
signed, the buyer shall receive a $500 credit against the
purchase price of the property.
Nys Real Estate U Final Exam: Guaranteed A+ Score Guide Solution
,Most seller attorneys advise their clients NOT to sign the
statement, as it opens them up to a vast amount of
liability.
Renewing Real Estate License
(Ans- Before renewing a license, the salesperson must
complete 22.5hours of Continuing Education.
If a real estate salesperson fails to renew their license
within 2 years, their license is considered expired.
The salesperson must retake the State exam and reapply
for their license.
Fixtures
(Ans- Personal property that attaches permanently to the
land or improvements and becomes part of the real
property.
Trade Fixtures
(Ans- Items of personal property that a business operator
installs in rented building space.
,Unlike a typical fixture, it is considered personal property
of the business owner. It is assumed the business owner
will take the trade fixtures with them when moving out of
the rented space.
A display case is a common example of a trade fixture.
Fee Simple
(Ans- Provides the most complete form of ownership.
Absolute ownership of real property; a person has this
type of estate where the person is entitled to the entire
property with unconditional power of disposition during
the person's life and descending to the person's heirs or
distributes.
Most properties in New York have a Fee Simple Absolute
deed, unless specified otherwise!
Ownership in Severalty
(Ans- When title to real estate is in the name of only one
person or entity
Think of it as a single individual owns real estate,
therefore, the ownership is 'severed' from all others.
Nys Real Estate U Final Exam: Guaranteed A+ Score Guide Solution
, Tenancy by the entirety:
(Ans- This form of co-ownership is limited to married
couples.
4 Unities of Co-ownership
(Ans-
1)
Time
2)Title
3)Interest
4)Possession
Life Estates
(Ans- Ownership, possession, and control of a property for
someone's lifetime. CANNOT BE SOLD
Leasehold Estates
(Ans- Non-freehold of limited duration, providing the right
of possession and control but not title.
Periodic Estate:
