Real Estate Principles Practice Question
Question
A buyer and seller disagree about a closing issue in a New York real estate transaction involving estates in land. Which statement is the best answer? (Item 1)
Answer choices
- A. Classify ownership interests such as fee simple, life estate, leasehold estate, and future interests.
- B. The client’s preference eliminates the need to disclose known material facts.
- C. The party who complains first automatically receives the legal remedy requested.
- D. Escrow automatically assumes all brokerage disclosure and agency duties.
Correct Answer
A. Classify ownership interests such as fee simple, life estate, leasehold estate, and future interests.
Explanation
The correct answer is A because estates in land requires candidates to classify ownership interests such as fee simple, life estate, leasehold estate, and future interests. The other options rely on unsafe assumptions about custom, oral agreement, escrow, client preference, or independent salesperson authority and do not reflect sound New York exam practice.
Question details
- Difficulty: easy
- Domain: Real Estate Principles
- Objective: estates in land