Disclosure &
Seller Duties
Seller Duties
Ethan is selling land in an agricultural district. Which must he disclose?
He must disclose that farming activities occur within the district which may cause noise, dust, and odors.
What term describes the relationship between a principal and a party representing their interests?
Agency
Juan and Kristina are two brokers working at different brokerages in the same city. At a broker's open recently, they discussed how a fellow broker was potentially walking a thin line in how he conducts business. They both agreed to not work with this agent moving forward, and plan to advise others at their brokerage to do the same. This is an example of:
Group boycotting
Do easements create ownership to another's property?
No
A _____ is the actual lawful ownership of real property.
Title
Elijah is selling a parcel of land that has an uncapped natural gas well. According to §242. Disclosure prior to the sale of real property, what must he disclose to potential buyers?
That the home has an uncapped natural gas well.
Listing agent Lorenzo has received written informed consent signed by the seller that he may represent both the buyer and seller in the sale of his home. This is known as:
Advance consent to dual agency
Logan is a developer looking to buy out all current owners in a building he plans to renovate. Angelica places a condition on the sale of her property that would require Logan to agree to give listings of finished units to Angelica exclusively. This is an example of:
A tie-in arrangement
Property owner, Alex, divided his large parcel of land and sold the back half to buyer Emma. Because Emma's lot was landlocked with no access to the main road, an easement was legally established to provide her with ingress and egress rights. This type of easement is referred to as an:
Easement by necessity
Which of the following is an example of a general and involuntary lien?
A) Property tax lien
B) A mechanic's lien
C) A federal tax lien
C) A federal tax lien
When Micha discovers that his home was the site of a violent crime two decades ago, he wants to seek damages from the sellers for withholding this information. Can the sellers be sued?
No! Sellers are not required to disclose such information and cannot be sued.
According to New York State law, can listing agreements automatically extend/renew?
What should a real estate professional do if a client asks for advice regarding easement termination?
Refer the client to a title company or attorney
The arrangement of an easement by one party expressly transferring the easement to another party is known as:
Easement by grant
The legal description of property defines exactly what is insured. The two systems most common in New York are:
Metes and mounds and lot and block
TRUE OR FALSE: Marvin is a broker interested in buying property that is owned by his own client. According to §175 Broker's purchase of property listed with him, he must first make his true position clearly known to the listing owner.
TRUE
If a buyer has a question regarding potential encumbrances on a piece of property they are interested in purchasing, can their licensed salesperson provide legal advice?
No!
True or False? Real property is moveable.
False
Landowner Evander has been prohibited from adding a pool house to his property, as it will prevent the residents of the adjoining property from seeing a view of the golf course. This is called an easement:
In reviewing her settlement statement prior to closing, Francesca notices that her mortgage amount shows up as a _____ to her as the buyer.
Credit
TRUE OR FALSE: In New York, real estate brokers are permitted to file a lien against a property in order to recover unpaid commission.
False
If a property with an easement is destroyed by a natural disaster, the easement must be ________.
Requested again
True or False: Eminent domain, the power of a government entity to take private property for public use, is a type of involuntary alienation.
True
Which type of easement involves adjacent properties/property owners and "runs with the land," regardless of property or ownership transfers?
Easement in Appurtenant
After purchasing her home in 1999, Taylor's deed was recorded at the county clerk's office. In the sale of the same home this year, it was discovered that an incorrect legal description was included on Taylor's 1999 deed. Is Taylor's 1999 deed valid?
No!
Taylor's deed is not valid because the legal description of the property being conveyed must be thorough and complete to be valid.