NYS REALESTATEU FINAL EXAM CHECKED AND
VERYFIED NEWEST
1. A lease commonly found in a building with a single , long - term tenant. leasee has
the responsibility to pay taxes insurance and maintenance
Mortgage
2. 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 .
APR
3. 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 .
4. Article 12 A
The section of the New York Real Property Law pertaining to real estate salespersons and
brokers
5. Sponsor
A licensed real estate broker that holds the license of a salesperson
6. Listing Agreement
An employment contract between principal and agent , authorizing the agent to perform
services for the principle involving the latter's property
Fiduciary
7. 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
8. 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
9. 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
11. Market Allocation
12. 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
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
VERYFIED NEWEST
1. A lease commonly found in a building with a single , long - term tenant. leasee has
the responsibility to pay taxes insurance and maintenance
Mortgage
2. 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 .
APR
3. 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 .
4. Article 12 A
The section of the New York Real Property Law pertaining to real estate salespersons and
brokers
5. Sponsor
A licensed real estate broker that holds the license of a salesperson
6. Listing Agreement
An employment contract between principal and agent , authorizing the agent to perform
services for the principle involving the latter's property
Fiduciary
7. 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
8. 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
9. 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
11. Market Allocation
12. 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
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
