NYS REALESTATEU LATEST
FINAL EXAM
In the administration of an estate, who typically selects the
administrator?
The court
Intestate
not having made a will before one dies.
defeasible estate
A defeasible estate is created when a grantor transfers land
conditionally. Upon the happening of the event or condition stated by
the grantor, the transfer may be void or at least subject to annulment
Real Property
Land and everything permanently attached to it
Dedication
A dedication is the conveyance of private land, either in fee simple or
as an easement, for public use. The landowner can convey the property
according to dedication procedures defined by statute or as a common
law dedication through deed or implied conduct.
Avulsion
The sudden tearing away of land, as by earthquake, flood, volcanic
action, or the sudden change in the course of a stream.
Appurtenance
END OF
PAGE
1
, NYS REALESTATEU LATEST
FINAL EXAM
A right, privilege, or improvement belonging to, and passing with, the
land.
Testator
a person who makes a will
Devisee
one who inherits real estate under a will
Probate
Legal process by which a court determines who will inherit a deceased
person's property and what the assets of the estate are
Devise
the act of leaving property to someone in a will
Acceleration Clause
The clause in a mortgage or deed of trust that can be enforced to make
the entire debt due immediately if the borrower defaults on an
installment payment or other covenant.
Executor
a person appointed by a testator to carry out the terms of the will
END OF
PAGE
2
, NYS REALESTATEU LATEST
FINAL EXAM
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
END OF
PAGE
3
, NYS REALESTATEU LATEST
FINAL EXAM
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 .
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
END OF
PAGE
4
FINAL EXAM
In the administration of an estate, who typically selects the
administrator?
The court
Intestate
not having made a will before one dies.
defeasible estate
A defeasible estate is created when a grantor transfers land
conditionally. Upon the happening of the event or condition stated by
the grantor, the transfer may be void or at least subject to annulment
Real Property
Land and everything permanently attached to it
Dedication
A dedication is the conveyance of private land, either in fee simple or
as an easement, for public use. The landowner can convey the property
according to dedication procedures defined by statute or as a common
law dedication through deed or implied conduct.
Avulsion
The sudden tearing away of land, as by earthquake, flood, volcanic
action, or the sudden change in the course of a stream.
Appurtenance
END OF
PAGE
1
, NYS REALESTATEU LATEST
FINAL EXAM
A right, privilege, or improvement belonging to, and passing with, the
land.
Testator
a person who makes a will
Devisee
one who inherits real estate under a will
Probate
Legal process by which a court determines who will inherit a deceased
person's property and what the assets of the estate are
Devise
the act of leaving property to someone in a will
Acceleration Clause
The clause in a mortgage or deed of trust that can be enforced to make
the entire debt due immediately if the borrower defaults on an
installment payment or other covenant.
Executor
a person appointed by a testator to carry out the terms of the will
END OF
PAGE
2
, NYS REALESTATEU LATEST
FINAL EXAM
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
END OF
PAGE
3
, NYS REALESTATEU LATEST
FINAL EXAM
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 .
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
END OF
PAGE
4
