Real Estate U Final Exam 2024 With Answers

Article 12 A - NYS Real Estate Property Law (1) Protect the public (2) Salesperson at least 18 (3) broker at least 20 years . Sponsor - Broker that holds salesperson license Summary of Submission - Paper you get after registering for NYS test. Bring to tes with you Misedemanor - Crime with no more than 1 year prison or $1,000 fine Listing Agreement - Agreement between salesperson and property owner, allowing salesperson to provide services to the owner involving their porperty Pocket Card - Has salesperson photo, name, and business address of broker. Carry at all times Fiduciary - Person responsible for other people's property and/or funds OLD CAR - Obedience, Loyalty, Diclosure, Confidentiality, Accountability, and Reasonable Care Disclosure Regarding Real Estate Agency Relationship Form - First form given to clien that establishes the business relationship and understandings Exclsive Agency - When client agees that only one broker is going to sell a property. Even if someone else sells, the exclusive agent is entitled to commisions. Principal - Client / Propert owner or buyer Price Fixing - When multiple agents/brokers work together to determine the price of a service so that noone can get a better of worse deal. Illegal Market Allocation - Anti-competition. Illegal Independent Contractor - Not an employee. Agrees to do something for someon else based on a contract. Does not have to work anywhere specifically and broker cannot control the person's activities Bundle of Rights - Ownership comes with an array of rights including livign, leasing, selling (in part or whole). Includes quiet enjoyment Littoral Rights - Rights to water along a property Riparian Rights - Rights to running water along a property Specifc Lien - Lient against a specific asset, like a mortgage Voluntary lien - Voluntary lien against an asset, like a mortgage tax Lien - Involuntary lien against asset so that the asset owner has to pay taxes Easment - A right to cross someone elses propoerty to get to yours Encumberance - Something that is in the way of clear title to a propoerty Affirmtive Easment 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 - Best kind. States that seller has clear title Quitclaim Deed - Deed that states what the owner owns and what he/she has thr right to. Habednum Clause - To have and to hold . Descirbes what a person has if the person hold the deed