REAL ESTATE FINAL EXAM STUDY
GUIDE LATEST
1. A document acknowledging the payment of a mortgage debt.
Adjustable rate mortgage (ARM)
2. A mortgage loan with the interest rate on the note
periodically adjusted based on an index which reflects the cost to the lender of
borrowing on the credit markets.
Mortgage Fixed Rate
3. Accounts for the majority of mortgages.
Amortization
4. The process by which a loan principal decreases over the life of a loan.
Condemnation
5. Taking private property for public use, with fair compensation to the owner;
exercising the right of eminent domain.
Police Power
6. The right of any political body to enact laws and enforce them, for the order, safety,
health, morals and general welfare of the public.
7. Variance
8. The authorization to improve or develop a particular property in a manner not
authorized by zoning.
Building Codes
9. Regulations established by state or local governments stating fully that structural
requirements for building.
- Building codes are enforced by the issuance of permits.
10. Air rights
Rights in real property to use the space above the surface of the land.
11. Certificate of Occupancy (CO)
A document issued by a governmental authority that a
building is ready and fit for occupancy.
12. Stud
Vertical framing members found in wall construction. Typically placed 12", 16" or 24" on
center.
Beam
, Article 12-A of the NYS Real Property Law
The section of the New York Real Property Law
pertaining to real estate salespersons and brokers.
- Primary purpose is to "Protect the Public"
- Requires a salesperson to be at least 18 years of age
- Requires a broker to be at least 20 years of age
Sponsor
A licensed real estate broker that holds the license of a salesperson.
"Summary of Your Submission"
Obtained after your register for the New York State
Salesperson exam using eAccessNY. You must bring this with
you when taking the State exam.
Misdemeanor
A crime punishable by up to a year in prison and/or a $1,000 fine.
Listing Agreement
An employment contract between principal and agent, authorizing the
agent to perform services for the principle involving the latter's property.
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.
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.
OLD CAR
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
GUIDE LATEST
1. A document acknowledging the payment of a mortgage debt.
Adjustable rate mortgage (ARM)
2. A mortgage loan with the interest rate on the note
periodically adjusted based on an index which reflects the cost to the lender of
borrowing on the credit markets.
Mortgage Fixed Rate
3. Accounts for the majority of mortgages.
Amortization
4. The process by which a loan principal decreases over the life of a loan.
Condemnation
5. Taking private property for public use, with fair compensation to the owner;
exercising the right of eminent domain.
Police Power
6. The right of any political body to enact laws and enforce them, for the order, safety,
health, morals and general welfare of the public.
7. Variance
8. The authorization to improve or develop a particular property in a manner not
authorized by zoning.
Building Codes
9. Regulations established by state or local governments stating fully that structural
requirements for building.
- Building codes are enforced by the issuance of permits.
10. Air rights
Rights in real property to use the space above the surface of the land.
11. Certificate of Occupancy (CO)
A document issued by a governmental authority that a
building is ready and fit for occupancy.
12. Stud
Vertical framing members found in wall construction. Typically placed 12", 16" or 24" on
center.
Beam
, Article 12-A of the NYS Real Property Law
The section of the New York Real Property Law
pertaining to real estate salespersons and brokers.
- Primary purpose is to "Protect the Public"
- Requires a salesperson to be at least 18 years of age
- Requires a broker to be at least 20 years of age
Sponsor
A licensed real estate broker that holds the license of a salesperson.
"Summary of Your Submission"
Obtained after your register for the New York State
Salesperson exam using eAccessNY. You must bring this with
you when taking the State exam.
Misdemeanor
A crime punishable by up to a year in prison and/or a $1,000 fine.
Listing Agreement
An employment contract between principal and agent, authorizing the
agent to perform services for the principle involving the latter's property.
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.
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.
OLD CAR
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
