Nys Real Estate U Final Exam Latest 2026 Updated Questions
and Verified 100% Solutions (2026/2027) |A+ Graded
|Guaranteed Pass
Pocket Card
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 .
Article 12 A
The section of the New York Real Property Law pertaining to real estate salespersons and
brokers
Sponsor
A licensed real estate broker that holds the license of a salesperson
Listing Agreement
An employment contract between principal and agent , authorizing the agent to perform
services for the principle involving the latter's property
Fiduciary
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
Disclosure Regarding Real Estate Agency Relationships Form
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
Principal
The employer of an agent or broker ; the broker's or agent's client .
Price Fixing
Conspiring to establish fixed fees or prices for services or products
1|Page
,Market Allocation
An agreement between members of a trade to refrain from competition in specific market areas
Independent Contractor Relationship
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
Bundle of Rights
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
Littoral Rights
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 .
Riparian Rights
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
Specific Lien
A lien that only binds to a specific asset or property
Example : mortgage
Voluntary Lien
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 ) .
Encumbrance
Any right to or interest in the land interfering with its use or transfer or subjecting it to an
obligation .
2|Page
,Burden on the property . it is a claim , lein , charge or liability attached to real property .
Title can still be transferred
Affirmative Easement Appurtenant
A forced easment because of the fact that someoen would not be able to get to their property
without it.
Full Covenant and Warranty Deed
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
Quitclaim Deed
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
Habendum Clause
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
Delivery and Acceptance
After deed is deliverd and accepted, it has to be properly recorded
Chain of Title
The sequence of historical transfers of title to a property . It runs from the present owner back
to the original owner of the property . Record of all Prior transfers
Title
Legal term for a bundle of rights in a piece of property in which a party may own either a legal
interest or equitable interest
Closing Statement
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
Essential Element of a Contract
3|Page
, 1 ) Consideration 2 ) Must be in writing 3 ) Must have competent parties
Express Contract
A contract in which all elements of a contract are specifically stated ( offer , acceptance ,
consideration ) .
Attorney Review Clause
A clause found in real estate contracts that may allow buyers to walk away from an agreed upon
sale for any reason
Mortgage Contingency Clause
A clause in a contract that states a mortgage must be obtained in order for the contract to be
binding .
Eviction
A legal proceeding by a lessor landlord to recover possession of real property
Holdover Tenant
A tenant who remains in possession of leased property after the expiration of the lease term
(ex: tenant who continues not to pay)
Triple Net Lease
A lease commonly found in a building with a single , long - term tenant. leasee has the
responsibility to pay taxes insurance and maintenance
Mortgage
Legal agreement by which a bank lends money in exchange for taking title of the debtor's
property , with the condition that the conveyance of title becomes void upon payment of the
debt .
APR
The actual interest rate charged , including loan fees and points
Secondary Mortgage Market
The market where mortgage loans and servicing rights are bought and sold between mortgage
originators , mortgage aggregators ( securitizers ) and investors
Extremely large and liquid
4|Page
and Verified 100% Solutions (2026/2027) |A+ Graded
|Guaranteed Pass
Pocket Card
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 .
Article 12 A
The section of the New York Real Property Law pertaining to real estate salespersons and
brokers
Sponsor
A licensed real estate broker that holds the license of a salesperson
Listing Agreement
An employment contract between principal and agent , authorizing the agent to perform
services for the principle involving the latter's property
Fiduciary
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
Disclosure Regarding Real Estate Agency Relationships Form
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
Principal
The employer of an agent or broker ; the broker's or agent's client .
Price Fixing
Conspiring to establish fixed fees or prices for services or products
1|Page
,Market Allocation
An agreement between members of a trade to refrain from competition in specific market areas
Independent Contractor Relationship
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
Bundle of Rights
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
Littoral Rights
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 .
Riparian Rights
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
Specific Lien
A lien that only binds to a specific asset or property
Example : mortgage
Voluntary Lien
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 ) .
Encumbrance
Any right to or interest in the land interfering with its use or transfer or subjecting it to an
obligation .
2|Page
,Burden on the property . it is a claim , lein , charge or liability attached to real property .
Title can still be transferred
Affirmative Easement Appurtenant
A forced easment because of the fact that someoen would not be able to get to their property
without it.
Full Covenant and Warranty Deed
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
Quitclaim Deed
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
Habendum Clause
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
Delivery and Acceptance
After deed is deliverd and accepted, it has to be properly recorded
Chain of Title
The sequence of historical transfers of title to a property . It runs from the present owner back
to the original owner of the property . Record of all Prior transfers
Title
Legal term for a bundle of rights in a piece of property in which a party may own either a legal
interest or equitable interest
Closing Statement
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
Essential Element of a Contract
3|Page
, 1 ) Consideration 2 ) Must be in writing 3 ) Must have competent parties
Express Contract
A contract in which all elements of a contract are specifically stated ( offer , acceptance ,
consideration ) .
Attorney Review Clause
A clause found in real estate contracts that may allow buyers to walk away from an agreed upon
sale for any reason
Mortgage Contingency Clause
A clause in a contract that states a mortgage must be obtained in order for the contract to be
binding .
Eviction
A legal proceeding by a lessor landlord to recover possession of real property
Holdover Tenant
A tenant who remains in possession of leased property after the expiration of the lease term
(ex: tenant who continues not to pay)
Triple Net Lease
A lease commonly found in a building with a single , long - term tenant. leasee has the
responsibility to pay taxes insurance and maintenance
Mortgage
Legal agreement by which a bank lends money in exchange for taking title of the debtor's
property , with the condition that the conveyance of title becomes void upon payment of the
debt .
APR
The actual interest rate charged , including loan fees and points
Secondary Mortgage Market
The market where mortgage loans and servicing rights are bought and sold between mortgage
originators , mortgage aggregators ( securitizers ) and investors
Extremely large and liquid
4|Page
