Nys Real-estate final exam 2024
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
Misdemeanor - answer A crime punishable by up to a year in prison and / or a $ 1,000
fine .
Listing Agreement - answer An employment contract between principal and agent,
authorizing the agent to perform services for the principle involving the latter's property
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.
Fiduciary - answerA 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 - answerA 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
Exclusive Agency - answerAn agreement of employment of a broker to the exclusion of
all other exclusive agency is entitled to commissions in addition to the commissions
payable to the brokers ; if sale is made by any other broker during term of employment ,
broker holding broker who effected the transaction
Principal - answerThe employer of an agent or broker ; the broker's or agent's client .
Price Fixing - answerConspiring to establish fixed fees or prices for services or products
Market Allocation - answerAn agreement between members of a trade to refrain from
competition in specific market areas
Independent Contractor Relationship - answerA 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 - answerThe 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 - answerThe 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 - answerThe 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 - answerA lien that only binds to a specific asset or property Example :
mortgage
Voluntary Lien - answerA 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 )
.
Tax Lien - answerA lien imposed by law upon a property to secure the payment of taxes
Encumbrance - answerAny 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 aclaim , lein ,
charge or liability attached to real property . Title can still be transferred
Affirmative Easement Appurtenant - answerParcels without access to a public way may
have an easement of access over adjacent land if crossing that land is absolutely
necessary to reach the landlocked parcel and there has been some original intent to
provide the lot with access
Full Covenant and Warranty Deed - answerA 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 - answerA 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 - answerA 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
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
Misdemeanor - answer A crime punishable by up to a year in prison and / or a $ 1,000
fine .
Listing Agreement - answer An employment contract between principal and agent,
authorizing the agent to perform services for the principle involving the latter's property
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.
Fiduciary - answerA 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 - answerA 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
Exclusive Agency - answerAn agreement of employment of a broker to the exclusion of
all other exclusive agency is entitled to commissions in addition to the commissions
payable to the brokers ; if sale is made by any other broker during term of employment ,
broker holding broker who effected the transaction
Principal - answerThe employer of an agent or broker ; the broker's or agent's client .
Price Fixing - answerConspiring to establish fixed fees or prices for services or products
Market Allocation - answerAn agreement between members of a trade to refrain from
competition in specific market areas
Independent Contractor Relationship - answerA 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 - answerThe 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 - answerThe 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 - answerThe 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 - answerA lien that only binds to a specific asset or property Example :
mortgage
Voluntary Lien - answerA 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 )
.
Tax Lien - answerA lien imposed by law upon a property to secure the payment of taxes
Encumbrance - answerAny 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 aclaim , lein ,
charge or liability attached to real property . Title can still be transferred
Affirmative Easement Appurtenant - answerParcels without access to a public way may
have an easement of access over adjacent land if crossing that land is absolutely
necessary to reach the landlocked parcel and there has been some original intent to
provide the lot with access
Full Covenant and Warranty Deed - answerA 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 - answerA 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 - answerA 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
