NY STATE EXAM QUESTIONS AND ANSWERS

NY STATE EXAM QUESTIONS AND
ANSWERS

ThemDepartmentmofmStatem-
mans✔✔Whomismprimarilymresponsiblemformissuingmrealmestatemlicenses,mpocketmcards,man

dmhandingmdownmdisciplinarymaction.

Articlem12-Am-mans✔✔ThismLawmoutlinesmthemroles/dutiesmofmthemDepartmentmofmState

FiduciarymDutiesm-mans✔✔Obediencem-
mAgentmmustmactminmaccordancemtomclientsmdemands/instructions

Loyaltym-mAgentmmustmworkminmthembestminterestmofmhismclient
DisclosuremofmInformationm-
mAgentmmustmcommunicatemwithmclientm/mmustmpresentmallmoffers

Confidentialitym-
mAllmconfidentialminformationmasmdescribedmbymclientmmustmremainmsomunlessmgivenmpermis

sionminmwriting.
Accountabilitym-mOnemofmthemmoremseriousmfiduciarymresponsibilities.
ReasonablemCaremandmDutymtomAccountm-mAgentmmaymbemliablemformcostlymmistakes.

FullmCoveyantmandmWarrantymDeedm-
mans✔✔Thismdeedmcontainsmthembroadestmformmofmguaranteemofmtitlemofmanymtypemofmdeed

mandmprovidesmthemgreatestmprotectionmtomthemgrantee.




Them________________mdeedmincludesmthemfollowingmcovenants:
1)mCovenantmofmseisinm-
massuresmthemgranteemthatmthemgrantormholdsmthemtitlemspecifiedminmthemdeed.

2)mCovenantmofmrightmtomconveym-
massuresmthemgranteemthatmthemgrantormhasmthemlegalmcapacity mtomconveymthemtitlemandmha

smthemtitlemtomconvey.
3)mCovenantmagainstmencumbrancesm-
massuresmthemgranteemthatmnomencumbrancesmagainstmthemtitlemexceptmthosemsetmforthminmt

hemdeedmitselfmexist.
4)mCovenantmofmquietmenjoymentm-
massuresmthemgranteemthatmtheymwillmhavemquietmenjoyment mandmpossessionmofmthemproper

ty.
5)mCovenantmformfurthermassurances

,6)mCovenantmofmwarranty

Rulesmofmamcontractm-mans✔✔-
mInmNewmYorkmState,manmindividualmmustmbematmleastm18myearsmofmagemtomentermintomamcont

ract.
-
mMinorsm(lessmthanm18myearsmold)mCANNOTmentermintomamcontract.mThemcontractmismvoidab

lemifmsignedmbymamminor.
-
mInmNewmYorkmState,manmindividualmmustmbemmentallymandmemotionallymcapablemtomentermi

ntomamcontract.
-mThempurchasermsignsmthemcontractmfirst

Downmpaymentm-
mans✔✔Anyonemwhomholdsmam__________mmustmplacemitminmamseparatemescrowmaccount.

Themfollowingmpeoplemgenerallymholdmthemdownmpayment:
-mListingmagent
-mSeller'smattorney
-mSellingmbroker

Prorationm-mans✔✔Themdivisionmofmcertainmsettlementmcostsmbetweenmbuyermandmseller.
Thesemitemsmcanmincludemrealmestatemtaxes,mfuel,mamsurvey,mwatermandmsewermcharges,mr
ent,mandmsecuritymdeposits.
Prorationmensuresmfairmapportionmentmofmexpensesmbetweenmbuyermandmseller.

AbstractmofmTitlem-
mans✔✔Amsummarymofmallmofmthemrecordedminstruments mandmproceedingsmwhichmaffectmth

emtitlemtomproperty,marrangedminmthemorderminmwhichmtheymweremrecorded.

LegalmDiscriptionmandmthem2mtypesmofmpropertymdescriptionsm-
mans✔✔Themdeedmmustmcontainmasmadequatemformalmlegalmdescription.




Themlegalmdescriptionmdescribesmwheremthempropertymismlocatedmandmthemsizemofmthemlot.

Theremarem3macceptablemtypesmofmpropertymdescriptions:
1)mMetesmandmbounds
2)mDescriptionmbymreference,mlotmandmblock
3)mMonuments

Conveyancem-
mans✔✔Themtransfermofmthemtitlemofmlandmfrommonemtomanother.mThemmeansmormmediummby

mwhichmtitlemofmrealmestatemismtransferred.




Amdeedmismamdocumentmusedmtomconveymtitlemlegallymtomrealmproperty.mAmdeedmismalsomcalle
dmanminstrumentmofm_____________.

, FeemSimplemEstatem-
mans✔✔Absolutemownershipmofmrealmproperty;mampersonmhasmthismtypemofmestatemwheremth

empersonmismentitledmtomthementirempropertymwithmunconditionalmpowermofmdispositionmdurin
gmthemperson'smlifemandmdescendingmtomthemperson'smheirsmormdistributees.

MostmpropertiesminmNewmYorkmhavema_______________________mdeed,munlessmspecifie
dmotherwise!

Specificmlienmexamplem(1)m-
mans✔✔Ammortgagemlienmismanmexamplemofmam_____________ mlien.




MechanicsmLienm-
mans✔✔Amsecurityminterestminmthemtitlemtomproperty mformthembenefitmofmthosemwhomhavemsup

pliedmlabormormmaterialsmthatmimprovemthemproperty.

Example:mYoumhiredmamcontractormtomrenovatemyourmhomembutmrefusedmthempaymthemcontr
actor.mThemcontractormcanmfilemam_____________________mlienmagainstmyourmpropertyma
smammeansmtomultimatelymgetmpaid.

EasementminmGrossm-
mans✔✔Amrightmofmuseminmthemlandmofmanothermwithoutmthemrequirementmthatmthemholdermof

mthemrightmownmadjoiningmland.

Alsomknownmasmamcommercialmeasementminmgross.
Amutilitymcompanymuses/ownsmthismtypemofmeasement.

HistoricmPreservationm/mLandmarkmCommissionsm-
mans✔✔Establishedmtomreviewmproposedmprojectsmwithinmhistoricmdistrictsmformcompliance

mwithmstandardsmestablishedmformnewmdevelopmentmormalterationmormimprovementmofmhisto

ricmbuildingsmandmlandmarks.

ThemfollowingmaremfunctionsmofmthemHistoricmPreservationm/mLandmarkmCommission:
-
mrecommendmtomthemmunicipalitymthemadoptionmofmordinancesmpreservingmhistoricmdistricts,

mlandmarks,mandmhistoricmsites.

-
mreviewmandmapprovemapplicationmformconstruction,malteration,mdemolition, mandmrelocationm

ofmamhistoricalmproperty.
-mrecognizemsub-
districtsmwithinmampreservationmdistrict.mAllowsmthemcommissionmtomadoptmguidelinesmregul
atingmpropertiesminmthemsub-district.

PlanningmBoardmandmtheirm4mfunctionsm-
mans✔✔Amlocalmelectedmormappointedmgovernmentmboardmchargedmwithmrecommendingmt

omthemlocalmtownmormcitymcouncilmthemboundariesmofmthemvariousmzoningmdistrictsmandmappr
opriatemregulationsmtombemenforcedmtherein.