Real Estate U Final Exam Questions And
Answers 202
Article 12 A - answers:NYS Real Estate Property Law (1) Protect the public (2) Salesperson at
least 18 (3) broker at least 20 years .
Sponsor - answers:Broker that holds salesperson license
Summary of Submission - answers:Paper you get after registering for NYS test. Bring to tes with
you
Misedemanor - answers:Crime with no more than 1 year prison or $1,000 fine
Listing Agreement - answers:Agreement between salesperson and property owner, allowing
salesperson to provide services to the owner involving their porperty
Pocket Card - answers:Has salesperson photo, name, and business address of broker. Carry at all
times
Fiduciary - answers:Person responsible for other people's property and/or funds
OLD CAR - answers:Obedience, Loyalty, Diclosure, Confidentiality, Accountability, and
Reasonable Care
Disclosure Regarding Real Estate Agency Relationship Form - answers:First form given to clien
that establishes the business relationship and understandings
Exclsive Agency - answers: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 - answers:Client / Propert owner or buyer
Price Fixing - answers: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 - answers:Anti-competition. Illegal
Independent Contractor - answers: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 - answers:Ownership comes with an array of rights including livign, leasing,
selling (in part or whole). Includes quiet enjoyment
Littoral Rights - answers:Rights to water along a property
Riparian Rights - answers:Rights to running water along a property
Specifc Lien - answers:Lient against a specific asset, like a mortgage
Voluntary lien - answers:Voluntary lien against an asset, like a mortgage
tax Lien - answers:Involuntary lien against asset so that the asset owner has to pay taxes
Easment - answers:A right to cross someone elses propoerty to get to yours
Encumberance - answers:Something that is in the way of clear title to a propoerty
Affirmtive Easment Appurtenant - answers:A forced easment because of the fact that someoen
would not be able to get to their property without it.
Answers 202
Article 12 A - answers:NYS Real Estate Property Law (1) Protect the public (2) Salesperson at
least 18 (3) broker at least 20 years .
Sponsor - answers:Broker that holds salesperson license
Summary of Submission - answers:Paper you get after registering for NYS test. Bring to tes with
you
Misedemanor - answers:Crime with no more than 1 year prison or $1,000 fine
Listing Agreement - answers:Agreement between salesperson and property owner, allowing
salesperson to provide services to the owner involving their porperty
Pocket Card - answers:Has salesperson photo, name, and business address of broker. Carry at all
times
Fiduciary - answers:Person responsible for other people's property and/or funds
OLD CAR - answers:Obedience, Loyalty, Diclosure, Confidentiality, Accountability, and
Reasonable Care
Disclosure Regarding Real Estate Agency Relationship Form - answers:First form given to clien
that establishes the business relationship and understandings
Exclsive Agency - answers: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 - answers:Client / Propert owner or buyer
Price Fixing - answers: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 - answers:Anti-competition. Illegal
Independent Contractor - answers: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 - answers:Ownership comes with an array of rights including livign, leasing,
selling (in part or whole). Includes quiet enjoyment
Littoral Rights - answers:Rights to water along a property
Riparian Rights - answers:Rights to running water along a property
Specifc Lien - answers:Lient against a specific asset, like a mortgage
Voluntary lien - answers:Voluntary lien against an asset, like a mortgage
tax Lien - answers:Involuntary lien against asset so that the asset owner has to pay taxes
Easment - answers:A right to cross someone elses propoerty to get to yours
Encumberance - answers:Something that is in the way of clear title to a propoerty
Affirmtive Easment Appurtenant - answers:A forced easment because of the fact that someoen
would not be able to get to their property without it.
