Residential Property Transactions
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Questions and Answers

Who is responsible for drafting the leasing agreement?

  • Broker
  • Tenant
  • Landlord (correct)
  • Property manager

    • What does 'fee simple' ownership entail?

  • No encumbrances on the property (correct)
  • Limited rights to the property
  • Shared ownership with tenants
  • Rights only to the building, not the land

    • How are real estate brokers compensated for leasing in NY?

  • Paid by the landlord
  • Paid by the tenant (correct)
  • Paid by the property manager
  • Paid by the seller

    • What triggers the broker's performance in real estate transactions?

    <p>Broker procures a ready, willing, and able buyer</p> Signup and view all the answers

    What is an easement in real estate terminology?

    <p>Having the right to use a portion of the property for their benefit</p> Signup and view all the answers

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