NEW YORK REAL ESTATE SALESPERSON REEDC

NEW YORK REAL ESTATE SALESPERSON (REEDC)

EXAM -50

QUESTIONS AND CORRECT VERIFIED

SOLUTIONS/LATEST UPDATE /ALREADY GRADED A+

As a real estate sales person, i am practicing

RIGHT ANS:->> special agency

As a property manager i am practicing

RIGHT ANS:->> general agency

In estate planning i am practicing

RIGHT ANS:->> universal agency

If its my intention to protect my client,usually the seller,from the vicarious liability, of another licensee, violating the laws of licensure, i should always give out my listings, to other licenses as brokers agents, or sub agents ?

RIGHT ANS:->> brokers agent

If i share the listing on a property, with your, broker, and give you the opportunity,

to make the sale, your broker just became my RIGHT ANS:->> sub agent

If one broker is representing both the purchaser and the seller in the same transaction, you would call this?

RIGHT ANS:->> dual agency

What is the department of state concerned, when a real estate licensee, also embarks, upon the practice, of writing mortgage applications, as a mortgage rent? they are concerned about? - 1 / 4

>>>possibility of dual agency

i hire you to sell my house, you are my broker and i am your?

RIGHT ANS:->> client or principal

it has been long standing, that my driveway crosses, over my neighbors property, you would call that - >>>easment appuretant

in the above question, which estate is dominant, mine or my neighbors

RIGHT ANS:->> mine because, i benefit from easment

so what would you call, my neighbors estate

RIGHT ANS:->> serviant

if a utility company has an easement over many properties?

RIGHT ANS:->> easement in gross

Utility easement

if someone uses the property of another in a way that is open and notorious, exclusive and adverse to the best interest of the true owner, you would call this?

RIGHT ANS:->> squatter rights

What are two other names in the questions above? RIGHT

ANS:->> adverse posession easement by prescription

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For how many years would you have use of that persons property to make claim of ownership? - >>>10 years

If a person has the right to cross over your property its an?

RIGHT ANS:->> easment

If a thing is crossing over your property line thats an?

RIGHT ANS:->> encroachment

if you buy materials from a supply house, and fail to pay them, they can file a materialmens line, unfortunately this student told materialmens lien isn't one of the

choices RIGHT ANS:->> mechanics lien

we talked about, a formal legal description, of an vld, what is one example, of a formal legal description?

RIGHT ANS:->> section block and lot

meet and bounds

which description would not be formal legal description RIGHT ANS:->> street name and street address

who determines, what the real estate commission, will be on a particular deal?

RIGHT ANS:->> sponsoring broker and client(seller)

if someone dies without having a valid will, he died?

RIGHT ANS:->> intestate

if someone dies w/out having a valid will and the state cannot locate any heirs or 3 / 4

creditors, that persons property reverts to the state through a process called?

RIGHT ANS:->> escheat

what is the name, of the standardized closing statement, on settlement statement, required by respa 1974 called?

RIGHT ANS:->> hud1= settlement statement

what is a synonym for proration?

RIGHT ANS:->> adjustment

whats the name of the deed, which gives the most legal promises, covenants, and warranties to the buyer?

RIGHT ANS:->> full covenant and warantee

what is it called if i track back the successive owners of a piece of real estate, starting w/the current deed and working my way backwards in time?

RIGHT ANS:->> chain of title of real property

a deed is a?

RIGHT ANS:->> instrument that conveys a grantors interest

generally speaking, who creates the real estate contract, of sale

RIGHT ANS:->> sellers attorney

who signs the contract first

RIGHT ANS:->> buyer

what does the buyer attach to the contract, after signing it

RIGHT ANS:->> earnest deposit

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