New York University

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...

In an exclusive right-to-sell listing, an owner lists the property for sale with how many brokers? (Ans- One A prospective buyer made an offer to purchase a property. The owner responded with a counteroffer. While the buyer was reviewing the counteroffer, the owner received a better offer. The owner can accept the second offer if (Ans- the owner withdraws the counteroffer before it is accepted. Antitrust laws prohibit competing brokers from all of the following EXCEPT (Ans- receiving c...

Ownership in severalty (AnsWhen title to real estate is in the name of only one person or entity, it is an estate (ownership) in severalty. Think of it as a single individual owns real estate, therefore, the ownership is 'severed' from all others. Littoral Rights (AnsLittoral Rights = Lake Littoral rights apply to property bordering a stationary body of water. Riparian Rights (AnsRiparian Rights = River (stream) Riparian rights belong to the owner of a property bordering a flowin...

Misrepresentation (Ans- Making an intentionally false statement to induce someone to contract. Positive misrepresentation (AnsMeans the broker concealed a material defect from the buyer. Self-dealing is an example Unintentional misrepresentation (Ans- Occurs when the broker makes a false statement to the buyer about the property and the broker does not know whether the statement is true or false. Property Condition Disclosure Statement (Ans- Requires the seller to submit to the buyer,...

Essential Element of a Contract (Ans- 1) Consideration 2) Must be in writing 3) Must have competent parties Estate for Years (Ans- A leasehold estate for any specific period of time . not automatically renewed Fixed period of time Express Contract (Ans- A contract in which all elements of a contract are specifically stated (offer, acceptance, consideration). Attorney Review Clause (Ans- A clause found in real estate contracts that may allow buyers to walk away from an agreed upon sa...

If you buy materials from a supply house and fail to pay them, they can file a? (Ans- Mechanics Lien How is an example of a formal legal description (FLD)? (Ans- Metes and Bounds, Block and Lot, Section What is not a FLD? (Ans- Street name and Street address 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 credito...

What is the right to use another's land that falls short of ownership called? (Ans- Easement Joe was not paid for the supplies and labor he provided to homeowner Smith. What kind of lien will he file against Smith? (Ans- Mechanics Lien What serves the same function as a circuit breaker? (Ans- Fuse What type of estate is created when only one person holds title to real property? (Ans- Ownership in severalty How much should the seller reimburse the buyer for refusing to provide a pr...