NYS Real Estate U Final Exam Latest Update Questions
and 100% Verified Correct Answers Guaranteed A+
1. Pocket Card
Answer: A card issued by the Department of State to each licensee which contains the photo , name and business
address of the licensee , and , in the case of a real estate salesperson , the name and business address of the broker with
whom he or she is associated and shall certify that the person whose name appears thereon is a licensed real estate
broker or salesperson
Must be carried by the agent at all times when serving as a salesperson .
2. Article 12 A
Answer: The section of the New York Real Property Law pertaining to real estate salespersons and brokers
3. Sponsor
Answer: A licensed real estate broker that holds the license of a salesperson
4. Listing Agreement
Answer: An employment contract between principal and agent , authorizing the agent to perform
services for the principle involving the latter's property
,5. Fiduciary
Answer: A person who on behalf of or for the benefit of another transacts business or handles money or
property not the person's own ; such relationship implies great confidence and trust
6. Disclosure Regarding Real Estate Agency Relationships Form
Answer: A written explanation , to be signed by a prospective buyer or seller of real estate , explaining to the
client the role that the broker plays in the transaction . First document to be submitted to all prospective clients
7. Principal
Answer: The employer of an agent or broker ; the broker's or agent's client .
8. Price Fixing
Answer: Conspiring to establish fixed fees or prices for services or products
9. Market Allocation
Answer: An agreement between members of a trade to refrain from competition in specific market areas
10. Independent Contractor Relationship
Answer: A person that provides services to another under terms specified in a contract or within a verbal
agreement . The agent does not have to work in a specific location The broker cannot control the agent's work activities
11. Bundle of Rights
Answer: The premise that the ownership of real estate consists of the ownership of various rights
associated with it . These rights include the right to use and / or occupy , the right to sell in whole or in part , the right to
,lease , the right to bequeath and the right to do none of the foregoing
Includes the right to quiet enjoyment
12. Littoral Rights
Answer: The right of a property owner whose land borders on a body of water , such as a lake , ocean or sea to
reasonable use and enjoyment of the shore and water the property borders on .
13. Riparian Rights
Answer: The right of a property owner whose land borders a natural water course such as a river , to reasonable
use and enjoyment of the water that flows past the property . Riparian literally means " riverbank
14. Specific Lien
Answer: A lien that only binds to a specific asset or property
Example mortgage
15. Voluntary Lien
Answer: A contractual or consensual lien that is created by an action taken by the debtor , such as a mortgage
loan to buy real estate ( Example mortgage ) .
16. Encumbrance
Answer: Any right to or interest in the land interfering with its use or transfer or subjecting it to an obligation
.
, Burden on the property . it is a claim , lein , charge or liability attached to real property .
Title can still be transferred
17. Affirmative Easement Appurtenant
Answer: A forced easment because of the fact that someoen would not be able to get to their property
without it.
18. Full Covenant and Warranty Deed
Answer: A type of deed where the grantor guarantees that he or she holds clear title to a piece of real
estate and has a right to sell it to the grantee . This type of deed contains the strongest guarantee of title
19. Quitclaim Deed
Answer: A deed which conveys simply the grantor's rights or interest in real estate without any
agreement or covenant as to the nature or extent of that interest , or any other covenants ; usually used to remove a
cloud from the title
20. Habendum Clause
Answer: A clause in a deed or lease that defines the type of interest and rights to be enjoyed
by the grantee or lessee . Also known as the " to have and to hold " clause
21. Delivery and Acceptance
Answer: After deed is deliverd and accepted, it has to be properly recorded
and 100% Verified Correct Answers Guaranteed A+
1. Pocket Card
Answer: A card issued by the Department of State to each licensee which contains the photo , name and business
address of the licensee , and , in the case of a real estate salesperson , the name and business address of the broker with
whom he or she is associated and shall certify that the person whose name appears thereon is a licensed real estate
broker or salesperson
Must be carried by the agent at all times when serving as a salesperson .
2. Article 12 A
Answer: The section of the New York Real Property Law pertaining to real estate salespersons and brokers
3. Sponsor
Answer: A licensed real estate broker that holds the license of a salesperson
4. Listing Agreement
Answer: An employment contract between principal and agent , authorizing the agent to perform
services for the principle involving the latter's property
,5. Fiduciary
Answer: A person who on behalf of or for the benefit of another transacts business or handles money or
property not the person's own ; such relationship implies great confidence and trust
6. Disclosure Regarding Real Estate Agency Relationships Form
Answer: A written explanation , to be signed by a prospective buyer or seller of real estate , explaining to the
client the role that the broker plays in the transaction . First document to be submitted to all prospective clients
7. Principal
Answer: The employer of an agent or broker ; the broker's or agent's client .
8. Price Fixing
Answer: Conspiring to establish fixed fees or prices for services or products
9. Market Allocation
Answer: An agreement between members of a trade to refrain from competition in specific market areas
10. Independent Contractor Relationship
Answer: A person that provides services to another under terms specified in a contract or within a verbal
agreement . The agent does not have to work in a specific location The broker cannot control the agent's work activities
11. Bundle of Rights
Answer: The premise that the ownership of real estate consists of the ownership of various rights
associated with it . These rights include the right to use and / or occupy , the right to sell in whole or in part , the right to
,lease , the right to bequeath and the right to do none of the foregoing
Includes the right to quiet enjoyment
12. Littoral Rights
Answer: The right of a property owner whose land borders on a body of water , such as a lake , ocean or sea to
reasonable use and enjoyment of the shore and water the property borders on .
13. Riparian Rights
Answer: The right of a property owner whose land borders a natural water course such as a river , to reasonable
use and enjoyment of the water that flows past the property . Riparian literally means " riverbank
14. Specific Lien
Answer: A lien that only binds to a specific asset or property
Example mortgage
15. Voluntary Lien
Answer: A contractual or consensual lien that is created by an action taken by the debtor , such as a mortgage
loan to buy real estate ( Example mortgage ) .
16. Encumbrance
Answer: Any right to or interest in the land interfering with its use or transfer or subjecting it to an obligation
.
, Burden on the property . it is a claim , lein , charge or liability attached to real property .
Title can still be transferred
17. Affirmative Easement Appurtenant
Answer: A forced easment because of the fact that someoen would not be able to get to their property
without it.
18. Full Covenant and Warranty Deed
Answer: A type of deed where the grantor guarantees that he or she holds clear title to a piece of real
estate and has a right to sell it to the grantee . This type of deed contains the strongest guarantee of title
19. Quitclaim Deed
Answer: A deed which conveys simply the grantor's rights or interest in real estate without any
agreement or covenant as to the nature or extent of that interest , or any other covenants ; usually used to remove a
cloud from the title
20. Habendum Clause
Answer: A clause in a deed or lease that defines the type of interest and rights to be enjoyed
by the grantee or lessee . Also known as the " to have and to hold " clause
21. Delivery and Acceptance
Answer: After deed is deliverd and accepted, it has to be properly recorded
