Real Estate Salesperson BUNDLE PACKAGE

Real Property CORRECT ANSWER Land and Improvements and the Right to Use Them Fixture CORRECT ANSWER Personal property that has been attached. "Installed" or "Annexation" Trade Fixtures CORRECT ANSWER Required to run a business. They may be removed from the property prior to the termination...

The fact that an individual must go to the land describes what physical characteristics of land? CORRECT ANSWER Immobility John and Mary are co-owners of a property. John has a 60% interest in the property and Mary has 40%. What type of freehold estate do they have? CORRECT ANSWER Tenancy in Comm...

How often must you renew your real estate salesperson/broker license? CORRECT ANSWER Every 2 years What is the purpose of license laws in the real estate industry? CORRECT ANSWER To minimize fraudulent practice and protect the general public The New York regulatory agency that oversees real es...

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 ...

Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air CORRECT ANSWER 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. ow...

6 things a licensee cannot do without a written buyer agency agreement CORRECT ANSWER 1) Ask the buyer to disclose confidential information 2) Express an opinion or give advice about particular real estate 3) Physically show the buyer an in-house listing 4) Physically show the buyer a property li...

Which of the following is most vital or important in planning a subdivision: CORRECT ANSWER Market Analysis When rent is computed on the gross sales of a business occupying real property, the lease is correctly termed: CORRECT ANSWER Percentage Lease What is not an adequate method of transferr...

What are the two requirements of the property if the anti-deficiency statute is to apply? CORRECT ANSWER 2.5 acres or less. Utilized as a family home for a 1 or 2 family dwelling. In a deed of trust, who is the "trustor?" CORRECT ANSWER The person buying the house (the purchaser). Who has pr...

A couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely 1. an exclusive agency listing. 2. an exclusive right to sell listing. 3. a net listing. 4. an a...

The listing broker is the seller's CORRECT ANSWER agent A licensee writes an offer for a buyer on the licensee's listing. The buyer is the licensee's CORRECT ANSWER customer When a firm is representing only one side of the transaction, the firm is practicing what type of agency? CORRECT ANS...

The law which requires that transfers of real property ownership be in writing is known as the... CORRECT ANSWER statute of frauds In a VA loan, there must be... CORRECT ANSWER an approved appraisal When a land contract is entered into... CORRECT ANSWER the buyer acquires equitable title A ...