Laws, Licenses, & Agency
What is the primary document you must give to a potential client at your first substantive meeting to explain who you represent?
What defines a "fixture"?
An item that is so closely tied to or associated with real property that it becomes legally part of the real property (ex. a chandelier, custom window blinds, a refrigerator)
What do we call local laws the prevent someone from building a factory in a neighborhood of houses?
Zoning ordinances or zoning laws
What is the final step in a real estate transaction called (where the deed is exchanged for money and keys are handed over)?
The closing
Give an example of a specific goal you might have for a social media post.
To create awareness for your real estate brand, to show off a new property, to demonstrate your success (through something like a client review or a SOLD highlight), to provide useful information to various audiences (first time home buyers, home owners, sellers, etc.)
(Ex. employee, independent contractor, volunteer...)
Independent Contractor
Which of the following would be considered a fixture?
A. A couch
B. A piece of artwork
C. A lamp
D. A ceiling fan
D. A ceiling fan, because it is affixed to the property
What does the EPA Lead Disclosure Rule require?
Disclosure of lead-based paint in homes built before 1978.
Name 2 parties that are typically present at a real estate closing
How should you respond to a client who is upset or has complaints?
Listen to them, stay calm, show empathy, focus on facts & information to help them understand the market realities
What do we call an agent who represents both the seller and buyer in a real estate transaction?
A Dual Agent
A neighbor has the legal right to use your driveway to access their landlocked property. What is this right called?
An easement
The past owner never paid the contractor for a new roof. The contract can file what on the property's title?
A mechanic's lien
At closing, who typically conducts the settlement, ensures the title is clear, and disburses the funds in New York?
A closing attorney or the title company
What is the goal of staging a home?
To create an appealing, move-in ready environment that helps the majority of potential buyers envision themselves living there.
What is one difference between a real estate person who is an independent contractor vs. an employee?
The main difference is control: employees are directed by the employer on what, when, how to work, receive benefits, W-2 forms, and have taxes withheld.
Independent contractors run their own business, work for multiple clients, invoice for payment, are responsible for their own taxes, and don't get benefits.
What is the form of co-ownership for a married couple in New York where, if one spouse dies, the other automatically gets full ownership?
Tenancy by Entirety
What types of information would be included on a survey map of a property?
Legal boundaries, location of structures, easements
A Purchase & Sales Contract/Agreement
Property details (updates, condition, age, lot size, unique features), comparable properties (with similar square footage, bedrooms, bathrooms, style), market conditions (active listings vs. sales vs. expired listings)
If a buyer confides that they can only afford $10,000 above their offer, what fiduciary duty prohibits you from telling the seller?
Hint: Think of OLD CAR!
What is one example of a real property right (or bundle of rights) associated with owning real property?
Right of control, right of disposition, right of exclusion, right of quiet enjoyment, right of possession
What is one example of a deed restriction?
A deed restriction legally spells out things a homeowner can and can't do with their property.
Examples: Architectural guidelines (roof styles, siding, paint color), prohibitions on activities (running a business, parking an RV), requirements for specific use (full-time residence), restrictions on additions or outbuildings
What is an example of a cost that might be prorated (divided) between buyer and seller at closing in New York?
Property taxes, fuel oil (if in tank), and interest (for the month of closing)
What positive words could you use to describe a small property?
Cozy, intimate, efficient, etc.