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Real Estate U Final Exam (Actual / ) 109 Questions And 100% Verified Answers
NYS Real Estate Property Law (1) Protect the public (2) Salesperson at least 18 (3) broker at least 20 years .
Sponsor Broker that holds salesperson license
Summary of Submission Paper you get after registering for NYS test. Bring to tes with you
Chain of Title History of who has owned a speciifc title
Title Legal Term for ownership f the budle of rights in real estate 1 / 3
Closing Statement Document detailing fees, commisions, insurance, etc tha makes a transaction vaid
Essential Elements of a Contract (1) in writing (2) consideration (3) competant parties
Estate for years Non automaticlly reneable lease for a specific period of time
Express Contract Contract the expresses all essential elements of a contract.Sponsor Developer or owner organizing COOP or Condo offering
Leverage Used of borowed money to invest
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Prro Form Statement Looking forward estimate of expenses
Cap Rate NOI/Purchase Price
Liquid Able to onver to cash
Gross iNCome Total amount of money made
Capital Gain Difference between purchase price and amount sold for property
Boot Cash received back in a tax deferred exchange
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