Agency & Relationships
What is the name of the form that must be presented to a prospective buyer or seller at the first substantive discussion in NY?
The NYS Disclosure Form for Buyer and Seller
What is the most complete form of property ownership called?
Fee Simple Absolute
What is the name of the agreement between a property owner and a broker authorizing the broker to sell the property?
A Listing Agreement
A mortgage where the interest rate remains the same for the entire life of the loan is called what?
A Fixed-Rate Mortgage
The federal law that prohibits discrimination in housing is known as what?
The Fair Housing Act
An agent who represents only the buyer in a transaction is known as what type of agent?
A Buyer's Agent
Items permanently attached to the land or structure, like a built-in oven, are considered what type of property?
Real Property/Fixtures
Money deposited by a buyer with an offer to show good faith is called what?
Earnest Money Deposit
If a property sells for $400,000 with a 5% total commission, what is the total commission amount?
$20,000
A legal claim against a property to secure payment of a debt, like unpaid property taxes, is called what?
A Lien
When a brokerage represents both the seller and the buyer in the same transaction with informed consent, what is it called?
Dual Agency
What is the common form of ownership for a married couple in New York where the surviving spouse automatically inherits the other's share?
Tenancy by the Entirety
A listing that gives the broker the right to collect a commission if the property is sold by anyone, including the owner, during the term is called what type of listing?
An Exclusive Right to Sell listing
What is the name of the up-front, percentage-based payment a buyer makes when purchasing a home with a mortgage?
The Down Payment
In New York, what is the required written notice a landlord must give to terminate a month-to-month tenancy?
A 30-Day Notice
What is the fiduciary duty that requires an agent to keep the client's personal information secret?
Confidentiality
A right granted to a utility company to run power lines across private land is an example of what?
An Easement
A clause in a contract that makes the agreement dependent on a specific event, like a satisfactory home inspection, is called what?
A Contingency
The federal form that provides a standardized summary of loan terms and closing costs within 3 days of application is called what?
The Loan Estimate
Lead-based paint disclosures are federally required for residential properties built before what year?
1978
Who does a real estate salesperson's license legally belong to and work under?
Their sponsoring broker
What do we call a government regulation that divides a city into areas for residential, commercial, or industrial use?
Zoning
What is the primary document that transfers title from a seller to a buyer at closing?
The Deed
What is the term for the increase in a property's value over time, often due to market forces?
Appreciation
What is the government's right to take private property for public use, with just compensation, called?
Eminent Domain