4.Chapter 3D Quiz 1st Attempt

1. If the final sales price of a property is $720,000, how much does the seller have to pay for the State transfer tax...?

$7,200 (Dollars)

The NY transfer tax equals 1% of the purchase price. For that reason, the transfer tax will equal $720,000 x 0.01 = $7,200

2. A cooperative owner sold his apartment for $650,000. How much was the flip tax on the transaction...?

$13,000 (Dollars

A flip tax is typically equal to 2% of the sales price. For that reason, the flip tax will equal $650,000 x 0.02 = $13,000.

3. Which of the following is an example of a conflict of rights that may negatively affect a property...?

A previously granted option to purchase the property

4. Which of the following is NOT recorded in the public record...?

Purchase and Sales Contracts

5. Which of the following representatives attends the closing of real property to ensure that the title is transferred properly...?

Title insurance representative

6. Which of the following taxes is the buyer required to pay at closing if he/she is obtaining a mortgage to buy real property...?

Mortgage Recording Tax

The buyer is typically responsible for paying the mortgage recording tax. The remaining answer choices are typically paid for by the seller.

7. Notice delivered in such a way as to give legally sufficient assurance that actual knowledge of the matter has been conveyed to the recipient is known as what...?

Actual Notice

8. Which of the following may NOT negatively affect the title of a property...?

A leaky roof

9. Many of the documents required to be signed at a closing are required as a result of this Act...?

RESPA

The documents are required under RESPA.

10. A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer is known as what...?

Assessment

11. Information or knowledge of a fact imputed by law to a person because the person could have discovered the fact by proper diligence and inquiry is known as what...?

Constructive Notice

12. In most transactions, the buyer is accepting the condition of the property at what point in time...?

At the signing of the contract

The buyer is accepting the condition of the property from the date both parties sign the purchase contract.

13. A summary of all of the recorded instruments and proceedings which the title to property, arranged in the order in which they were recorded, is known as what...?

Abstract of Title

14. Which of the following closing costs are NOT paid by the buyer...?

Flip tax

15. A title search conducted on a property may reveal which of the following...?

Outstanding building violations

16. What percentage of the sales price is the seller typically required to pay for a flip tax in the sale of the cooperative or condominium apartment...?

2 (Percent %)

A flip tax is typically equal to 2% of the sales price.

17. Who may be responsible for reviewing a title report to determine if there are any conflicting rights that may negatively affect the property...?

The buyer's attorney

18. A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. that must be transacted for a successful transfer of ownership to take place is known as what...?

Closing Statement

19. The 'A' in the acronym 'CATTL' refers to what...?

ACRIS

20. RESPA is an acronym for this Act...?

Real Estate Settlement Procedures Act.

RESPA stands for: Real Estate Settlement Procedures Act.