New York Real Estate Institute

The ______ refers to the rights given to the title holder of a particular property. These rights may be limited in certain instances, such as when a title holder fails to pay required property taxes, but in most regards, the title holder is considered the owner of the property. Correct Answer: Right of Possession The _______ allows the title holder the ability to manage the use of the property in any means deemed legal within the jurisdiction in which the property exists. Entry into an area ...

Article 12A: NYS Real Property Law Correct Answer: "Real Estate License Law" - violation is a misdemeanor punishable by loss of license, $1000 fine, revoking of license - all salespersons have license suspended - after 1 year broker can apply to get license back Capital Gains Tax Exemption Correct Answer: -profit from sale that is taxed - single person has first $250,000 tax free - married couple $500,000 tax free Property Condition Disclosure Statement Correct Answer: - 6 page...

In NYS, how old must one be to enter into contracts? Correct Answer: 18 What other capability should they possess? Correct Answer: Mental and emotional capability What happens if one of the parties to the contract is a minor? Correct Answer: The contract is voidable by the minor What does the zoning board of appeals do? Correct Answer: Grants variances What regulates construction standards in NYS? Correct Answer: Building codes What does municipal engineer's office do? Corre...

An agency relationship is determined by: a) the source of compensation b) how well the parties know each other c) agreement between the principal and the agent d) first substantive contract - c) agreement between the principal and the agent Heat from outside air is utilized through a: se conditioner ve solar system pump air return - c) heat pump An automatic renewal clause in a lease is. not allowed on rent-stabilized apartments granted every tenant in a building with four or more units illegal ...

An agency relationship is determined by: a) the source of compensation b) how well the parties know each other c) agreement between the principal and the agent d) first substantive contract - c) agreement between the principal and the agent Heat from outside air is utilized through a: se conditioner ve solar system pump air return - c) heat pump An automatic renewal clause in a lease is. not allowed on rent-stabilized apartments granted every tenant in a building with four or mor...

In NYS, how old must one be to enter into contracts? - 18 What other capability should they possess? - Mental and emotional capability What happens if one of the parties to the contract is a minor? - The contract is voidable by the minor What does the zoning board of appeals do? - Grants variances What regulates construction standards in NYS? - Building codes What does municipal engineer's office do? - Oversees planning and construction of major highways, sweet systems and water connecti...