The Department of State correct answersWho is primarily responsible for issuing real estate licenses, pocket cards, and handing down disciplinary action.
Article 12-A correct answersThis Law outlines the roles/duties of the Department of State
Fiduciary Duties correct answersObedience - Agent...
The Department of State correct answersWho is primarily responsible for issuing real estate licenses,
pocket cards, and handing down disciplinary action.
Article 12-A correct answersThis Law outlines the roles/duties of the Department of State
Fiduciary Duties correct answersObedience - Agent must act in accordance to clients
demands/instructions
Loyalty - Agent must work in the best interest of his client
Disclosure of Information - Agent must communicate with client / must present all offers
Confidentiality - All confidential information as described by client must remain so unless given
permission in writing.
Accountability - One of the more serious fiduciary responsibilities.
Reasonable Care and Duty to Account - Agent may be liable for costly mistakes.
Full Coveyant and Warranty Deed correct answersThis deed contains the broadest form of guarantee of
title of any type of deed and provides the greatest protection to the grantee.
The ________________ deed includes the following covenants:
1) Covenant of seisin - assures the grantee that the grantor holds the title specified in the deed.
2) Covenant of right to convey - assures the grantee that the grantor has the legal capacity to convey the
title and has the title to convey.
3) Covenant against encumbrances - assures the grantee that no encumbrances against the title except
those set forth in the deed itself exist.
4) Covenant of quiet enjoyment - assures the grantee that they will have quiet enjoyment and
possession of the property.
5) Covenant for further assurances
6) Covenant of warranty
,Rules of a contract correct answers- In New York State, an individual must be at least 18 years of age to
enter into a contract.
- Minors (less than 18 years old) CANNOT enter into a contract. The contract is voidable if signed by a
minor.
- In New York State, an individual must be mentally and emotionally capable to enter into a contract.
- The purchaser signs the contract first
Down payment correct answersAnyone who holds a __________ must place it in a separate escrow
account.
The following people generally hold the down payment:
- Listing agent
- Seller's attorney
- Selling broker
Proration correct answersThe division of certain settlement costs between buyer and seller.
These items can include real estate taxes, fuel, a survey, water and sewer charges, rent, and security
deposits.
Proration ensures fair apportionment of expenses between buyer and seller.
Abstract of Title correct answersA summary of all of the recorded instruments and proceedings which
affect the title to property, arranged in the order in which they were recorded.
Legal Discription and the 2 types of property descriptions correct answersThe deed must contain as
adequate formal legal description.
The legal description describes where the property is located and the size of the lot.
There are 3 acceptable types of property descriptions:
1) Metes and bounds
2) Description by reference, lot and block
3) Monuments
, Conveyance correct answersThe transfer of the title of land from one to another. The means or medium
by which title of real estate is transferred.
A deed is a document used to convey title legally to real property. A deed is also called an instrument of
_____________.
Fee Simple Estate correct answersAbsolute 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 distributees.
Most properties in New York have a_______________________ deed, unless specified otherwise!
Specific lien example (1) correct answersA mortgage lien is an example of a _____________ lien.
Mechanics Lien correct answersA security interest in the title to property for the benefit of those who
have supplied labor or materials that improve the property.
Example: You hired a contractor to renovate your home but refused the pay the contractor. The
contractor can file a _____________________ lien against your property as a means to ultimately get
paid.
Easement in Gross correct answersA right of use in the land of another without the requirement that the
holder of the right own adjoining land.
Also known as a commercial easement in gross.
A utility company uses/owns this type of easement.
Historic Preservation / Landmark Commissions correct answersEstablished to review proposed projects
within historic districts for compliance with standards established for new development or alteration or
improvement of historic buildings and landmarks.
The following are functions of the Historic Preservation / Landmark Commission:
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