NYS Realestateu final exam 2025
Study online at https://quizlet.com/_hktvsp
1. Article 12 A The section of the New York Real Property Law pertaining to real estate salesper-
sons and brokers
2. Sponsor A licensed real estate broker that holds the license of a salesperson
3. Misdemeanor A crime punishable by up to a year in prison and / or a $ 1,000 fine .
4. Listing Agree- An employment contract between principal and agent , authorizing the agent to
ment perform services for the principle involving the latter's property
5. 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 .
6. 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
7. Disclosure Re- A written explanation , to be signed by a prospective buyer or seller of real estate
garding Real Es- , explaining to the client the role that the broker plays in the transaction . First
tate Agency Rela- document to be submitted to all prospective clients
tionships Form
8. Exclusive Agency An 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
9. Principal The employer of an agent or broker ; the broker's or agent's client .
10. Price Fixing Conspiring to establish fixed fees or prices for services or products
, NYS Realestateu final exam 2025
Study online at https://quizlet.com/_hktvsp
11. Market Alloca- An agreement between members of a trade to refrain from competition in specific
tion market areas
12. Independent A person that provides services to another under terms specified in a contract or
Contractor within a verbal agreement . The agent does not have to work in a specific location
Relationship The broker cannot control the agent's work activities
13. 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
14. 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 .
15. 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
16. Specific Lien A lien that only binds to a specific asset or property Example : mortgage
17. Voluntary Lien 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 ) .
18. Tax Lien A lien imposed by law upon a property to secure the payment of taxes
19. 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 aclaim , lein , charge or liability
attached to real property . Title can still be transferred
20.
Study online at https://quizlet.com/_hktvsp
1. Article 12 A The section of the New York Real Property Law pertaining to real estate salesper-
sons and brokers
2. Sponsor A licensed real estate broker that holds the license of a salesperson
3. Misdemeanor A crime punishable by up to a year in prison and / or a $ 1,000 fine .
4. Listing Agree- An employment contract between principal and agent , authorizing the agent to
ment perform services for the principle involving the latter's property
5. 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 .
6. 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
7. Disclosure Re- A written explanation , to be signed by a prospective buyer or seller of real estate
garding Real Es- , explaining to the client the role that the broker plays in the transaction . First
tate Agency Rela- document to be submitted to all prospective clients
tionships Form
8. Exclusive Agency An 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
9. Principal The employer of an agent or broker ; the broker's or agent's client .
10. Price Fixing Conspiring to establish fixed fees or prices for services or products
, NYS Realestateu final exam 2025
Study online at https://quizlet.com/_hktvsp
11. Market Alloca- An agreement between members of a trade to refrain from competition in specific
tion market areas
12. Independent A person that provides services to another under terms specified in a contract or
Contractor within a verbal agreement . The agent does not have to work in a specific location
Relationship The broker cannot control the agent's work activities
13. 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
14. 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 .
15. 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
16. Specific Lien A lien that only binds to a specific asset or property Example : mortgage
17. Voluntary Lien 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 ) .
18. Tax Lien A lien imposed by law upon a property to secure the payment of taxes
19. 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 aclaim , lein , charge or liability
attached to real property . Title can still be transferred
20.
