REAL ESTATE U
Nys Real Estate u final exam questions
and answers 2025
Pocket Card
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
The section of the New York Real Property Law pertaining to real estate salespersons
and brokers
Sponsor
A licensed real estate broker that holds the license of a salesperson
Listing Agreement
An employment contract between principal and agent , authorizing the agent to perform
services for the principle involving the latter's property
Fiduciary
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
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
The employer of an agent or broker ; the broker's or agent's client .
REAL ESTATE U
,REAL ESTATE U
Price Fixing
Conspiring to establish fixed fees or prices for services or products
Market Allocation
An agreement between members of a trade to refrain from competition in specific
market areas
Independent Contractor Relationship
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
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
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
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
A lien that only binds to a specific asset or property
Example : mortgage
Voluntary Lien
REAL ESTATE U
,REAL ESTATE U
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
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
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
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
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
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
After deed is deliverd and accepted, it has to be properly recorded
Chain of Title
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
REAL ESTATE U
, REAL ESTATE U
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
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
1 ) Consideration 2 ) Must be in writing 3 ) Must have competent parties
Express Contract
A contract in which all elements of a contract are specifically stated ( offer , acceptance ,
consideration ) .
Attorney Review Clause
A clause found in real estate contracts that may allow buyers to walk away from an
agreed upon sale for any reason
Mortgage Contingency Clause
A clause in a contract that states a mortgage must be obtained in order for the contract
to be binding .
Eviction
A legal proceeding by a lessor landlord to recover possession of real property
Holdover Tenant
A tenant who remains in possession of leased property after the expiration of the lease
term (ex: tenant who continues not to pay)
Triple Net Lease
A lease commonly found in a building with a single , long - term tenant. leasee has the
responsibility to pay taxes insurance and maintenance
Mortgage
Legal agreement by which a bank lends money in exchange for taking title of the
debtor's property , with the condition that the conveyance of title becomes void upon
payment of the debt .
REAL ESTATE U
Nys Real Estate u final exam questions
and answers 2025
Pocket Card
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
The section of the New York Real Property Law pertaining to real estate salespersons
and brokers
Sponsor
A licensed real estate broker that holds the license of a salesperson
Listing Agreement
An employment contract between principal and agent , authorizing the agent to perform
services for the principle involving the latter's property
Fiduciary
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
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
The employer of an agent or broker ; the broker's or agent's client .
REAL ESTATE U
,REAL ESTATE U
Price Fixing
Conspiring to establish fixed fees or prices for services or products
Market Allocation
An agreement between members of a trade to refrain from competition in specific
market areas
Independent Contractor Relationship
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
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
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
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
A lien that only binds to a specific asset or property
Example : mortgage
Voluntary Lien
REAL ESTATE U
,REAL ESTATE U
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
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
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
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
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
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
After deed is deliverd and accepted, it has to be properly recorded
Chain of Title
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
REAL ESTATE U
, REAL ESTATE U
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
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
1 ) Consideration 2 ) Must be in writing 3 ) Must have competent parties
Express Contract
A contract in which all elements of a contract are specifically stated ( offer , acceptance ,
consideration ) .
Attorney Review Clause
A clause found in real estate contracts that may allow buyers to walk away from an
agreed upon sale for any reason
Mortgage Contingency Clause
A clause in a contract that states a mortgage must be obtained in order for the contract
to be binding .
Eviction
A legal proceeding by a lessor landlord to recover possession of real property
Holdover Tenant
A tenant who remains in possession of leased property after the expiration of the lease
term (ex: tenant who continues not to pay)
Triple Net Lease
A lease commonly found in a building with a single , long - term tenant. leasee has the
responsibility to pay taxes insurance and maintenance
Mortgage
Legal agreement by which a bank lends money in exchange for taking title of the
debtor's property , with the condition that the conveyance of title becomes void upon
payment of the debt .
REAL ESTATE U
