Contracts
In New York, a 'counterpart' in a real estate contract means:
AThe opposing party in a contract negotiation
BA duplicate original of the contract signed by one party — both counterparts together constitute one binding agreement✓ Correct
CA counteroffer made in response to an original offer
DAn addendum to an existing contract
Explanation
In New York real estate practice, contracts are often executed in counterparts — separate signature pages or copies that, when combined, constitute a single binding agreement. For example, the seller may sign one copy in New York and the buyer may sign another copy in California, and both counterparts together form the complete, executed contract.
People Also Study
Related New York Questions
- In New York real estate practice, the contract of sale is typically prepared by:Contracts
- New York's Real Property Law requires the agency disclosure form to be acknowledged in writing. If a buyer refuses to sign, the licensee should:New York License Law
- In New York, a 'time is of the essence' clause in a real estate contract means:Contracts
- The New York Agency Disclosure Form must be provided at 'first substantive contact.' This means:Agency
- A 'time is of the essence' clause in a New York real estate contract means:Contracts
- In New York, an agent's duty of 'confidentiality' survives the termination of the agency agreement, which means:Agency
- In New York, a real estate purchase contract can be rescinded by mutual agreement of the parties, which is called:Contracts
- Under New York Real Property Law § 443, what happens if a buyer refuses to sign the agency disclosure form?Agency
Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Study This Topic
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →