New York Real Estate Salesperson

Under the Statute of Frauds, a contract for the sale of real estate generally must be:

1. AOral and witnessed
2. BNotarized by a judge
3. CIn writing and signed to be enforceableCorrect
4. DRecorded before it is valid

Why: The Statute of Frauds requires contracts for the sale of an interest in real property to be in writing and signed by the party to be charged. An oral real estate sales contract is generally unenforceable. Recording and notarization affect other steps but are not what makes the contract enforceable.

In a mortgage transaction, the borrower who pledges the property as security is called the:

1. AGrantee
2. BMortgagorCorrect
3. CTrustee
4. DMortgagee

Why: The mortgagor is the borrower who pledges the property as collateral for the loan. The mortgagee is the lender that holds the security interest. Remember that the party whose title ends in '-or' gives the security to the '-ee'.