Forms & Disclosures
What is the name of the NYS form a seller must complete to disclose known defects about the property's condition?
Property Condition Disclosure Statement (PCDS)
A lease that automatically renews for successive periods unless terminated is called a _____ tenancy.
Fill in the blank
Periodic Tenancy (or Month-to-Month)
A house is listed for $500,000 and sells for 96% of the list price. What is the sale price?
$480,000
What type of estate do most homeowners possess?
Fee Simple Estate
The final step in a real estate transaction where title is transferred is called the _____.
Fill in the blank
Closing (or Settlement)
What is the primary purpose of the New York State Housing and Anti-Discrimination Disclosure form?
To inform buyers/tenants about fair housing laws and their rights
In New York City, an apartment whose rent exceeds a certain threshold and is vacant becomes exempt from rent stabilization. What is this process called?
High-Rent Vacancy Deregulation
A seller wants to net $200,000 after paying a 6% commission. What must the gross sale price be (rounded to nearest dollar)?
$212,766.
($200,000 รท 0.94)
A form of ownership where you own a unit in a building and a share of common areas is called a _____.
Fill in the blank
Condominium (Condo)
Who typically conducts the closing, holds the escrow funds, and ensures the deed is recorded in New York?
The Attorney (or Title Company)
Before showing an apartment to a prospective tenant, an agent must provide them with what specific disclosure form?
The NYS Disclosure Form for Buyer and Seller (Tenant version)
A tenant's security deposit in New York must be returned within how many days after the tenant vacates?
14 days
One acre of land is equal to how many square feet?
43,560 square feet
A pre-existing, non-conforming use of a property that is allowed to continue despite new zoning laws is said to be _____.
Fill in the blank
Grandfathered (or a Legal Non-Conforming Use)
The document that provides a final accounting of all debits and credits for the buyer and seller is called the _____.
Fill in the blank
Settlement Statement (or Closing Disclosure for buyer's loan)
In a transaction involving property built before 1978, federal law requires the seller to provide the buyer with what specific pamphlet?
"Protect Your Family From Lead In Your Home."
In a residential lease, the landlord's promise to provide a habitable apartment is called the Implied Warranty of _____.
Fill in the blank
Habitability
A rectangular lot measures 200 feet by 450 feet. What is the area in square feet?
90,000 square feet
An owner gives another party the right to use their land for a specific purpose, such as a driveway. This is an _____.
Fill in the blank
Easement
At closing, the buyer's lender will require a policy of _____ insurance to protect against defects in the title.
Fill in the blank
Title Insurance (specifically, a Lender's Title Insurance Policy)
What must a seller provide to a prospective buyer if the property is located in a 100-year floodplain?
A Flood Hazard Notice / Disclosure
What is the legal term for a tenant's right to remain in possession of a property after the lease expires, until the landlord takes legal action?
Holdover Tenancy
The annual property taxes on a home are $7,200. If taxes are paid in advance, and the sale closes on July 15, what is the seller's credit for the unused taxes? (Use a 360-day year, 30-day months).
$3,300
Taxes are $600/month
Seller owns Jan 1 - July 15 = 6.5 months
6.5 x $600 = $3,900 paid
Credit is for July 16 - Dec 31 = 5.5 months
5.5 x $600 = $3,300
A government restriction that prevents building on a portion of a lot to preserve open space is called a _____ restriction.
Fill in the blank
Setback
The prorated expense for fuel oil left in a tank at closing is typically a credit to the _____.
Fill in the blank
Seller