Which homes should an appraiser consider when finding comps? (homes currently
listed for sale in the market, homes where the listing agreements have expired, homes
that have sold recently in the subject's area, homes that were taken off the market)
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Homes that have recently sold in the subject's area
Which statement about NY's Property Condition Disclosure Statement is true? (A
buyer must receive a copy of the disclosure before signing a sales contract, only
visible structural defects need to be disclosed, the seller has a duty to disclose death
by natural causes, sellers of condominiums must provide the disclosure to a buyer)
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, A buyer must receive a copy of the disclosure before signing a sales
contract
Melissa went to the dry cleaners and dropped off her good wool coat to be cleaned.
When the clerk accepted the coat, Melissa and the dry cleaning operation had just
entered into what type of contract? (complete, express, implied, unilateral)
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implied
In NY, which property listing would require presentation of the 443 Disclosure Form?
the lease of one condo in a four unit building, the sale of a free standing building in
an industrial park, the sale of a lot in a subdivision, the sale of a one unit in a two unit
office
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The sale, lease, or transfer of residential property requires the presentation
of the 443 Disclosure form
Which type of legal description references a plat map to find the exact location of a
property
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, Lot and block. A plat map is the detailed survey map of the subdivision. The
lot and block system uses subdivision lot and block numbers
Top Cuts Lawn Service has an agreement to mow all of Lots of Wealth Realty
properties for sale. Top Cuts is now concentrating their efforts on the east side of
town, and so they have assigned the properties on the west side of town to another
lawn service. Who is liable under an assignment?
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Top Cuts remains secondarily liable. The original party remains secondarily
liable under an assignment
What is the term of office for an appointed member of the State Board of Real Estate
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Two years
Dr. Gitwell pays his landlord rent for his office and also pays all of the utilities bills for
the office. His landlord pays the property taxes, mortgage, and insurance. What type
of lease is this?
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a gross lease
, Who will not always work on behalf of the seller?
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A selling agent is the one who procures the buyer. It could be a buyer's
agent, in which case, the seller would not be the client
Which type of legal description used in the US is the oldest and most complex?
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Metes and bounds. It is primarily used in the original 13 states, less so
throughout the rest of the country
The purchase of contract normally has three purposes. Which is not a purpose of the
purchase contract (authorization to run a credit report on the buyer, buyer's offer,
contract between the buyer and the seller, receipt for the earnest money deposit)
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authorization to run a credit report on the buyer
Adam and Jenny enter into an agreement wherein Adam will buy Jenny's house at th
e asking price if Jenny will install a new roof and if Adam can qualify for a loan
sufficient to cover the purchase. Until the roof is installed and the financing obtained,
the contract is said to be (executed, executory, rescinded, voidable)
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listed for sale in the market, homes where the listing agreements have expired, homes
that have sold recently in the subject's area, homes that were taken off the market)
Give this one a try later!
Homes that have recently sold in the subject's area
Which statement about NY's Property Condition Disclosure Statement is true? (A
buyer must receive a copy of the disclosure before signing a sales contract, only
visible structural defects need to be disclosed, the seller has a duty to disclose death
by natural causes, sellers of condominiums must provide the disclosure to a buyer)
Give this one a try later!
, A buyer must receive a copy of the disclosure before signing a sales
contract
Melissa went to the dry cleaners and dropped off her good wool coat to be cleaned.
When the clerk accepted the coat, Melissa and the dry cleaning operation had just
entered into what type of contract? (complete, express, implied, unilateral)
Give this one a try later!
implied
In NY, which property listing would require presentation of the 443 Disclosure Form?
the lease of one condo in a four unit building, the sale of a free standing building in
an industrial park, the sale of a lot in a subdivision, the sale of a one unit in a two unit
office
Give this one a try later!
The sale, lease, or transfer of residential property requires the presentation
of the 443 Disclosure form
Which type of legal description references a plat map to find the exact location of a
property
Give this one a try later!
, Lot and block. A plat map is the detailed survey map of the subdivision. The
lot and block system uses subdivision lot and block numbers
Top Cuts Lawn Service has an agreement to mow all of Lots of Wealth Realty
properties for sale. Top Cuts is now concentrating their efforts on the east side of
town, and so they have assigned the properties on the west side of town to another
lawn service. Who is liable under an assignment?
Give this one a try later!
Top Cuts remains secondarily liable. The original party remains secondarily
liable under an assignment
What is the term of office for an appointed member of the State Board of Real Estate
Give this one a try later!
Two years
Dr. Gitwell pays his landlord rent for his office and also pays all of the utilities bills for
the office. His landlord pays the property taxes, mortgage, and insurance. What type
of lease is this?
Give this one a try later!
a gross lease
, Who will not always work on behalf of the seller?
Give this one a try later!
A selling agent is the one who procures the buyer. It could be a buyer's
agent, in which case, the seller would not be the client
Which type of legal description used in the US is the oldest and most complex?
Give this one a try later!
Metes and bounds. It is primarily used in the original 13 states, less so
throughout the rest of the country
The purchase of contract normally has three purposes. Which is not a purpose of the
purchase contract (authorization to run a credit report on the buyer, buyer's offer,
contract between the buyer and the seller, receipt for the earnest money deposit)
Give this one a try later!
authorization to run a credit report on the buyer
Adam and Jenny enter into an agreement wherein Adam will buy Jenny's house at th
e asking price if Jenny will install a new roof and if Adam can qualify for a loan
sufficient to cover the purchase. Until the roof is installed and the financing obtained,
the contract is said to be (executed, executory, rescinded, voidable)
Give this one a try later!
