NYS REALESTATE U FINAL EXAM
Questions and Answers
1. Pocket Card
ANS 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.
2. Article 12 A
ANS The section of the New York Real Property Law pertaining to real estate salespersons and brokers
3. Sponsor
ANS A licensed real estate broker that holds the license of a salesperson
4. Listing Agreement
ANS An employment contract between principal and agent, authorizing the agent to perform services for
the principle involving the latter's property
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,5. Fiduciary
ANS 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
6. Disclosure Regarding Real Estate Agency Relationships Form
ANS 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
7. Principal
ANS The employer of an agent or broker; the broker's or agent's client.
8. Price Fixing
ANS Conspiring to establish fixed fees or prices for services or products
9. Market Allocation
ANS An agreement between members of a trade to refrain from competition in specific market areas
10. Independent Contractor Relationship
ANS 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
11. Bundle of Rights
ANS The premise that the ownership of real estate consists of the ownership of various rights
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,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
12. Littoral Rights
ANS 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 .
13. Riparian Rights
ANS 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
14. Specific Lien
ANS A lien that only binds to a specific asset or property
Example
mortgage
15. Voluntary Lien
ANS 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 ) .
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, 16. Encumbrance
ANS 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
17. Affirmative Easement Appurtenant
ANS A forced easment because of the fact that someoene would not be able to get to their property without
it.
18. Full Covenant and Warranty Deed
ANS 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
19. Quitclaim Deed
ANS 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
20. Habendum Clause
ANS A clause in a deed or lease that defines the type of interest and rights to be enjoyed
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Questions and Answers
1. Pocket Card
ANS 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.
2. Article 12 A
ANS The section of the New York Real Property Law pertaining to real estate salespersons and brokers
3. Sponsor
ANS A licensed real estate broker that holds the license of a salesperson
4. Listing Agreement
ANS An employment contract between principal and agent, authorizing the agent to perform services for
the principle involving the latter's property
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67
,5. Fiduciary
ANS 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
6. Disclosure Regarding Real Estate Agency Relationships Form
ANS 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
7. Principal
ANS The employer of an agent or broker; the broker's or agent's client.
8. Price Fixing
ANS Conspiring to establish fixed fees or prices for services or products
9. Market Allocation
ANS An agreement between members of a trade to refrain from competition in specific market areas
10. Independent Contractor Relationship
ANS 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
11. Bundle of Rights
ANS The premise that the ownership of real estate consists of the ownership of various rights
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,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
12. Littoral Rights
ANS 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 .
13. Riparian Rights
ANS 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
14. Specific Lien
ANS A lien that only binds to a specific asset or property
Example
mortgage
15. Voluntary Lien
ANS 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 ) .
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67
, 16. Encumbrance
ANS 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
17. Affirmative Easement Appurtenant
ANS A forced easment because of the fact that someoene would not be able to get to their property without
it.
18. Full Covenant and Warranty Deed
ANS 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
19. Quitclaim Deed
ANS 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
20. Habendum Clause
ANS A clause in a deed or lease that defines the type of interest and rights to be enjoyed
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