Nys Realestateu
Final Exam 2024
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
,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 .
Article 12 A - Answer: The section of the New York Real Property Law pertaining to real estate
salespersons and brokers
Sponsor - Answer: A licensed real estate broker that holds the license of a salesperson
Listing Agreement - Answer: An employment contract between principal and agent , authorizing the
agent to perform services for the principle involving the latter's property
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
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
Principal - Answer: The employer of an agent or broker ; the broker's or agent's client .
Price Fixing - Answer: Conspiring to establish fixed fees or prices for services or products
Market Allocation - Answer: An agreement between members of a trade to refrain from competition in
specific market areas
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
,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
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 .
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
Specific Lien - Answer: A lien that only binds to a specific asset or property
Example : mortgage
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 ) .
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
Affirmative Easement Appurtenant - Answer: 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 - 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
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
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
Delivery and Acceptance - Answer: After deed is deliverd and accepted, it has to be properly recorded
Chain of Title - Answer: 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 - Answer: 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 - Answer: 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 - Answer: 1 ) Consideration 2 ) Must be in writing 3 ) Must have
competent parties
Express Contract - Answer: A contract in which all elements of a contract are specifically stated ( offer ,
acceptance , consideration ) .
Attorney Review Clause - Answer: A clause found in real estate contracts that may allow buyers to walk
away from an agreed upon sale for any reason
Final Exam 2024
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
,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 .
Article 12 A - Answer: The section of the New York Real Property Law pertaining to real estate
salespersons and brokers
Sponsor - Answer: A licensed real estate broker that holds the license of a salesperson
Listing Agreement - Answer: An employment contract between principal and agent , authorizing the
agent to perform services for the principle involving the latter's property
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
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
Principal - Answer: The employer of an agent or broker ; the broker's or agent's client .
Price Fixing - Answer: Conspiring to establish fixed fees or prices for services or products
Market Allocation - Answer: An agreement between members of a trade to refrain from competition in
specific market areas
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
,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
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 .
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
Specific Lien - Answer: A lien that only binds to a specific asset or property
Example : mortgage
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 ) .
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
Affirmative Easement Appurtenant - Answer: 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 - 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
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
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
Delivery and Acceptance - Answer: After deed is deliverd and accepted, it has to be properly recorded
Chain of Title - Answer: 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 - Answer: 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 - Answer: 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 - Answer: 1 ) Consideration 2 ) Must be in writing 3 ) Must have
competent parties
Express Contract - Answer: A contract in which all elements of a contract are specifically stated ( offer ,
acceptance , consideration ) .
Attorney Review Clause - Answer: A clause found in real estate contracts that may allow buyers to walk
away from an agreed upon sale for any reason
