Real Estate U: Pass the NY State Exam with Complete Solutions

Real Estate U: Pass the NY State Exam with Complete SolutionsReal Estate U: Pass the NY State Exam with Complete SolutionsReal Estate U: Pass the NY State Exam with Complete SolutionsReal Estate U: Pass the NY State Exam with Complete Solutions - Must be in-writing (according to the Statute of Frauds). - Include a grantor (the person conveying title to the property) . - Include a grantee (the person receiving title). - Contain a granting clause, which includes words of conveyance. - Provide evidence of consideration (something of value). - Include a legal description of the property. - - Include an habendum clause (this clause begins with the words "to have and to hold") . - Include limitations and subject -to clause (any deed restrictions or easements must be noted). - The signature of the grantor (the grantee is not required to sign the deed). - Acknowledgement/recording (the deed must be notarized and recorded). - Delivery and acceptance (a valid deed must be delivered to the grantee). - ANSWER-What are the Essential Elements of a deed? 11 NYS Department of State - ANSWER-is primarily responsible for issuing real estate licenses, pocket cards, and handing down disciplinary action. Commissions - ANSWER--are paid by the client (buyer or seller depending on the transaction) to the brokers involved in the transaction. - Calculated as a % of the sales price -are always negotiable, and are determined by both the client and broker. Blind Ad - ANSWER-An ad that remains anonymous as to who is advertising. They are Illegal in NYS. section 175.25 of Article 12-A of the NY Real Property Law - ANSWER-- must indicate that the advertiser is a broker or give the name of the broker and his telephone number. - All advertisements must indicate the geographical area where the property is actually located section 175.25 of Article 12-A of the NY Real Property Law say abt advertisments - ANSWER-- All advertisements placed by a broker must indicate that the advertiser is a broker or give the name of the broker and his telephone number. - All advertisements placed by a broker which state that property is in the vicinity of a geographical area or territorial subdivision must indicate as part of such advertisement the name of the geographical area or territorial subdivision in which such property is actually located."