chapter 14 review Flashcards
A seller’s agent completes a preprinted sales contract and collects earnest money as a down payment on the property. Which of the following statements is FALSE?
The agent should hang onto the money until he or she sees if the seller accepts the offer.
Which one of the following documents is least like a binder?
Property disclosure statement
Broker Norm prints and completes lease agreements to which he is not a party. What can be said about Norm’s actions?
Brokers may not complete leases to which they are not a party.
Before a buyer signs a purchase offer, he or she should be given all of the following documents EXCEPT
The title search report.
All new construction requires
A certificate of occupancy
In New York, an earnest money deposit can equal up to ________
10% of the property purchase price.
What is the typical method for delivering copies of sales contracts to the involved parties in downstate New York?
U.S. mail
A binder might be called any of the following EXCEPT
A closing statement
What is the customary down payment amount on residential property in New York?
10 percent
Who typically holds the down payment?
The broker
Who will be first to sign the contract?
The buyer
A broker may NOT complete which of the following contracts?
A lease
What is the purpose of the Lawyers’ Fund?
Designed for law clients who are unable to get reimbursement from their lawyer who has caused them loss
Which statement best defines a Certificate of Occupancy?
A certificate issued by a local building department that indicates that the building is in proper condition to be occupied.
After a legal client discovers a loss resulting from an attorney’s dishonest conduct, how long does the client have to file a claim for reimbursement from the Lawyer’s Fund for Client Protection?
2 years
