New York University

Property Condition Disclosure Statement (Ansrequires the seller to submit to the buyer, a Property Condition Disclosure Statement, prior to signing the contract of sale If the property condition disclosure statement is not signed, the buyer shall (Ans- receive a $500 credit against the purchase price of the property. Real property (Ans- the land and improvements, and all legal rights, powers, and privileges of real estate ownership. Personal property is also known as (Ans- Chattel Fix...

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 th...

A lease that provides for the lessee to pay all or part of the expenses of the property in addition to rent is called a(n): a. estate at sufferance b. net lease c. sale and leaseback d. gross lease (Ans- B: In a net lease, the tenant pays some or all of the expenses. When a lessee transfers the entire remaining interest of his lease to another party who then must pay the owner, is called a(n): a. novation b. sublease c. assignment d. lis pendens (Ans- C: The assignment of the lease ...

A buyer wanted to use a promissory note for consideration on the purchase of a property. Can he do this? (Ans- Yes. This is acceptable as long as the seller agrees. If advertised alone, which would be in violation of Truth in Lending? (Ans- "No down payment required." Why would a mortgagee have an appraisal on the property? (Ans- To assure the property value is sufficient to cover the loan Seller Jolita lists her house with Broker Fred. Fred then buys Jolita's house and collects...

What happens if any of the principals in a transaction refuse to grant consent to dual agency...? A. The buyer must find a new agent B. The parties cannot proceed with dual agency C. The seller must find a new agent D. The transaction can close nonetheless (Ans- B. The parties cannot proceed with dual agency According to an Exclusive Right to Sell agreement, what price is listed in the agreement...? A. The Sale Price B. The Listing Price C. The Fair Market Value Price D. The price as...

Which of the following building components is primarily used to prevent water from entering a structure at a joint, corner, or bend? (Ans- Flashing Which of the following structural members is set in the soil and supports the building's foundation wall? (Ans- Footing Building contractors use which of the following detailed building plans to build a house? (Ans- Blueprints Which of the following is a chemical compound used in refrigerants? (Ans- CFC's Which of the following build...

A property was sold for $845,000. The total commission for the transaction was 6%. The listing broker and buyer's broker agreed to split the commission 50/50. What is the amount of commission paid to the buyer's broker...? A. 25350 B. 20350 C. 50700 D. 30350 (Ans- A. 25350 A general agent is typically granted more power than what other type of agent...? A. Universal Agent B. Legal Agent C. Special Agent D. Trust Agent (Ans- C. Special AgentThe broker, as a franchisee of a na...

Pocket Card (Ans- A card issued by the Department of State to each licensee which contains the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom he or she is associated and shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson Real Estate Appraiser (Ans- A practitioner who has the knowledge and expertise necessary to estimate the value...

Affirmative Easement Appurtenant (Ans- Parcels without access to a public way may have an easement of access over adjacent land if crossing that land is absolutely necessary to reach the landlocked parcel and there has been some original intent to provide the lot with access. Full Covenant and Warranty Deed (Ans- A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. This type of deed contains the ...

A married couple who meets the ownership and occupancy requirements may sell a principal residence with no federal capital gains tax on profit of up to: A. $125,000 B. $250,000 C. $500,000 D. any amount (Ans- C. $500,000 The amount of commission due a salesperson is determined by A. agreement between broker and seller B. agreement between broker and salesperson C. the local association of REALTORS D. state law (Ans- B. agreement between broker and salespersonIn a real estate sale, t...