Real Estate U NYS - Chapter 2 EXAM COVERAGE
Exam 1
Real Estate U NYS - Chapter 2 Exam 1
Definition of real estate vs. personal property
Fixtures and methods for determining them
(MARIA test: Method, Adaptability, Relationship,
Intention, Agreement)
Bundle of rights: possession, control, enjoyment,
exclusion, disposition
Land characteristics:
Physical: immobility, indestructibility, uniqueness
Economic: scarcity, improvements, permanence
of investment, area preference
Types of property: residential, commercial,
industrial, agricultural, special purpose
Legal descriptions overview: metes & bounds,
lot & block, government survey
Encumbrances introduction: liens, easements,
deed restrictions, encroachments
Public vs. private land use controls basics
,A situation in which one party is D. Vicarious Liability
held partly responsible for the
unlawful actions of a third party is
known as...?
A. Dual Agency
B. Principal Arrangement
C. Undivided Loyalty
D. Vicarious Liability
,John, a real estate salesperson, was B. Informed consent of the client
referred a client from another
agent. After successfully closing on
the deal, John would like to offer a
referral fee to the agent who
referred the client. What must John
obtain first before offering a
referral fee...?
A.Written agreement with the
referring agent
B. Informed consent of the client
C. Written agreement with the
agent's sponsoring broker
D. None of the above
, David's house was listed at A. 29100
$465,000. The property eventually
sold for $485,000. The agreed
upon commission was 6%. How
much did David pay as a
commission at the closing of the
property...?
A. 29100
B. 27000
C. 27100
D. 14550
Exam 1
Real Estate U NYS - Chapter 2 Exam 1
Definition of real estate vs. personal property
Fixtures and methods for determining them
(MARIA test: Method, Adaptability, Relationship,
Intention, Agreement)
Bundle of rights: possession, control, enjoyment,
exclusion, disposition
Land characteristics:
Physical: immobility, indestructibility, uniqueness
Economic: scarcity, improvements, permanence
of investment, area preference
Types of property: residential, commercial,
industrial, agricultural, special purpose
Legal descriptions overview: metes & bounds,
lot & block, government survey
Encumbrances introduction: liens, easements,
deed restrictions, encroachments
Public vs. private land use controls basics
,A situation in which one party is D. Vicarious Liability
held partly responsible for the
unlawful actions of a third party is
known as...?
A. Dual Agency
B. Principal Arrangement
C. Undivided Loyalty
D. Vicarious Liability
,John, a real estate salesperson, was B. Informed consent of the client
referred a client from another
agent. After successfully closing on
the deal, John would like to offer a
referral fee to the agent who
referred the client. What must John
obtain first before offering a
referral fee...?
A.Written agreement with the
referring agent
B. Informed consent of the client
C. Written agreement with the
agent's sponsoring broker
D. None of the above
, David's house was listed at A. 29100
$465,000. The property eventually
sold for $485,000. The agreed
upon commission was 6%. How
much did David pay as a
commission at the closing of the
property...?
A. 29100
B. 27000
C. 27100
D. 14550
