I encountered a book explaining the meaning reify followed by examples but it did not mentioned its a verb. I had to lookup dictionary for that. My question is when this type of strange/new word pops out from someone in conversation what should I ask if I want to know what type of word is it as in parts of speech? Instead of asking like "Is reify a verb, adjective, noun?"
Although part of speech is the correct term (see Wikipedia), it might be too vague if you don't include some context.
More specific terms might be word class, lexical class, or lexical category (according to the same Wikipedia article).
Yes, you could ask someone "what part of speech" is some word, although it would be best to ask of an English teacher because otherwise they might not know what you mean. If they look puzzled, then you can clarify by asking, "It it a noun, a verb, an adjective ..?"
However on a related note, it's not a bad idea to get familiar with common suffixes for different parts of speech. The -fy (or -ify) suffix is generally associated with verbs: clarify, edify, deify, magnify, etc. You can turn some of these into nouns by removing the y and adding ication: clarification, edification, deification, magnification, etc. You can also turn some into adjectives by adding ied after the f: clarified, edified, deified, magnified.
Unfortunately there are exceptions like the adjectives "stuffy" and "leafy" which follow a similar-looking (but completely different) pattern. And there are some -fy verbs that are turned into nouns in a different way, like "testify" -> "testifier" (someone who testifies), "testimony" (what is said while testifying) or "testimonial" (a written declaration of trust or admiration)
But for the most part it can be helpful to recognize these patterns. See this list of words that end in -fy and note most are verbs.