Nys Realestateu final exam 2024
1. 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
.
2. Article 12 A The section of the New York Real Property Law pertaining to real estate
salespersons and brokers
3. Sponsor A licensed real estate broker that holds the license of a salesperson
4. Listing Agreement An employment contract between principal and agent , authorizing the
agent to perform services for the principle involving the latter's property
5. 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
6. Disclosure Regarding A written explanation , to be signed by a prospective buyer or seller of
Real Estate Agency Re- real estate , explaining to the client the role that the broker plays in the
lationships Form transaction . First document to be submitted to all prospective clients
7. Principal The employer of an agent or broker ; the broker's or agent's client .
8. Price Fixing Conspiring to establish fixed fees or prices for services or products
9. Market Allocation An agreement between members of a trade to refrain from competition
in specific market areas
10.
, Nys Realestateu final exam 2024
Independent Contrac- A person that provides services to another under terms specified in a
tor Relationship 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 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
12. 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 .
13. 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
14. Specific Lien A lien that only binds to a specific asset or property
Example : mortgage
15. 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
).
16. 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
, Nys Realestateu final exam 2024
17. Affirmative Easement A forced easment because of the fact that someoen would not be able
Appurtenant to get to their property without it.
18. Full Covenant and War- A type of deed where the grantor guarantees that he or she holds clear
ranty Deed 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 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 A clause in a deed or lease that defines the type of interest and rights to
be enjoyed by the grantee or lessee . Also known as the " to have and
to hold " clause
21. Delivery and Accep- After deed is deliverd and accepted, it has to be properly recorded
tance
22. Chain of Title The sequence of historical transfers of title to a property . It runs from
the present owner back to the original owner of the property . Record
of all Prior transfers
23. Title Legal term for a bundle of rights in a piece of property in which a party
may own either a legal interest or equitable interest
24. Closing Statement A document commonly used in real estate transactions , detailing the
fees , commissions , insurance , etc. that must be transacted for a
successful transfer of ownership to take place
25. Essential Element of a 1 ) Consideration 2 ) Must be in writing 3 ) Must have competent parties
Contract
, Nys Realestateu final exam 2024
26. Express Contract A contract in which all elements of a contract are specifically stated ( offer
, acceptance , consideration ) .
27. Attorney Review Clause A clause found in real estate contracts that may allow buyers to walk
away from an agreed upon sale for any reason
28. Mortgage Contingency A clause in a contract that states a mortgage must be obtained in order
Clause for the contract to be binding .
29. Eviction A legal proceeding by a lessor landlord to recover possession of real
property
30. Holdover Tenant A tenant who remains in possession of leased property after the expi-
ration of the lease term (ex: tenant who continues not to pay)
31. Triple Net Lease A lease commonly found in a building with a single , long - term tenant.
leasee has the responsibility to pay taxes insurance and maintenance
32. Mortgage 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 .
33. APR The actual interest rate charged , including loan fees and points
34. Secondary Mortgage The market where mortgage loans and servicing rights are bought and
Market sold between mortgage originators , mortgage aggregators ( securitiz-
ers ) and investors
Extremely large and liquid
35. Satisfaction of Mort- A document acknowledging the payment of a mortgage debt .
gage
36. Fixed Rate Mortgage
1. 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
.
2. Article 12 A The section of the New York Real Property Law pertaining to real estate
salespersons and brokers
3. Sponsor A licensed real estate broker that holds the license of a salesperson
4. Listing Agreement An employment contract between principal and agent , authorizing the
agent to perform services for the principle involving the latter's property
5. 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
6. Disclosure Regarding A written explanation , to be signed by a prospective buyer or seller of
Real Estate Agency Re- real estate , explaining to the client the role that the broker plays in the
lationships Form transaction . First document to be submitted to all prospective clients
7. Principal The employer of an agent or broker ; the broker's or agent's client .
8. Price Fixing Conspiring to establish fixed fees or prices for services or products
9. Market Allocation An agreement between members of a trade to refrain from competition
in specific market areas
10.
, Nys Realestateu final exam 2024
Independent Contrac- A person that provides services to another under terms specified in a
tor Relationship 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 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
12. 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 .
13. 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
14. Specific Lien A lien that only binds to a specific asset or property
Example : mortgage
15. 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
).
16. 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
, Nys Realestateu final exam 2024
17. Affirmative Easement A forced easment because of the fact that someoen would not be able
Appurtenant to get to their property without it.
18. Full Covenant and War- A type of deed where the grantor guarantees that he or she holds clear
ranty Deed 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 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 A clause in a deed or lease that defines the type of interest and rights to
be enjoyed by the grantee or lessee . Also known as the " to have and
to hold " clause
21. Delivery and Accep- After deed is deliverd and accepted, it has to be properly recorded
tance
22. Chain of Title The sequence of historical transfers of title to a property . It runs from
the present owner back to the original owner of the property . Record
of all Prior transfers
23. Title Legal term for a bundle of rights in a piece of property in which a party
may own either a legal interest or equitable interest
24. Closing Statement A document commonly used in real estate transactions , detailing the
fees , commissions , insurance , etc. that must be transacted for a
successful transfer of ownership to take place
25. Essential Element of a 1 ) Consideration 2 ) Must be in writing 3 ) Must have competent parties
Contract
, Nys Realestateu final exam 2024
26. Express Contract A contract in which all elements of a contract are specifically stated ( offer
, acceptance , consideration ) .
27. Attorney Review Clause A clause found in real estate contracts that may allow buyers to walk
away from an agreed upon sale for any reason
28. Mortgage Contingency A clause in a contract that states a mortgage must be obtained in order
Clause for the contract to be binding .
29. Eviction A legal proceeding by a lessor landlord to recover possession of real
property
30. Holdover Tenant A tenant who remains in possession of leased property after the expi-
ration of the lease term (ex: tenant who continues not to pay)
31. Triple Net Lease A lease commonly found in a building with a single , long - term tenant.
leasee has the responsibility to pay taxes insurance and maintenance
32. Mortgage 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 .
33. APR The actual interest rate charged , including loan fees and points
34. Secondary Mortgage The market where mortgage loans and servicing rights are bought and
Market sold between mortgage originators , mortgage aggregators ( securitiz-
ers ) and investors
Extremely large and liquid
35. Satisfaction of Mort- A document acknowledging the payment of a mortgage debt .
gage
36. Fixed Rate Mortgage
