York Real Estate Exam Questions Correctly Answered |100% Verified

What are the essential elements of a deed? {Ans: Competent grantor (sound mind), identifiable grantee, habendum clause (to have and to hold), consideration (payment) and words of conveyance, legal description, signatures of all grantors, delivery and acceptance.}Why would a salesperson fill out a Schedule C? {Ans: To deduct expenses}What is a condop? {Ans: A building that is part condo, part co-op. It's split into two condos, the downstairs condo becomes a store, the upstairs is split into apartments for co-op.}What might a worker do to collect money when he is not paid for working on a house? {Ans: Get a mechanic's lien.}What is the word for the difference between rentable and usable SF? {Ans: Rentable is the total square feet, usable is what the tenant is actually able to use.}How long is the Statute of Limitations for contracts in NYS? {Ans: 6 years}