Nys Realestateu final exam 2024
Questions and Answers.
Pocket ‘.Card ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-The ‘.section ‘.of ‘.the ‘.New ‘.York ‘.Real ‘.Property ‘.Law
‘.pertaining ‘.to ‘.real ‘.estate ‘.salespersons ‘.and ‘.brokers
Sponsor ‘.- ‘.(correct ‘.answer) ‘.-A ‘.licensed ‘.real ‘.estate ‘.broker ‘.that ‘.holds ‘.the ‘.license ‘.of ‘.a
‘.salesperson
Listing ‘.Agreement ‘.- ‘.(correct ‘.answer) ‘.-An ‘.employment ‘.contract ‘.between ‘.principal ‘.and ‘.agent
‘., ‘.authorizing ‘.the ‘.agent ‘.to ‘.perform ‘.services ‘.for ‘.the ‘.principle ‘.involving ‘.the ‘.latter's
‘.property
Fiduciary ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-The ‘.employer ‘.of ‘.an ‘.agent ‘.or ‘.broker ‘.; ‘.the ‘.broker's ‘.or
‘.agent's ‘.client ‘..
Price ‘.Fixing ‘.- ‘.(correct ‘.answer) ‘.-Conspiring ‘.to ‘.establish ‘.fixed ‘.fees ‘.or ‘.prices ‘.for ‘.services ‘.or
‘.products
Market ‘.Allocation ‘.- ‘.(correct ‘.answer) ‘.-An ‘.agreement ‘.between ‘.members ‘.of ‘.a ‘.trade ‘.to
‘.refrain ‘.from ‘.competition ‘.in ‘.specific ‘.market ‘.areas
,Independent ‘.Contractor ‘.Relationship ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-A ‘.lien ‘.that ‘.only ‘.binds ‘.to ‘.a ‘.specific ‘.asset ‘.or ‘.property ‘.
Example ‘.: ‘.mortgage
Voluntary ‘.Lien ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-A ‘.forced ‘.easment ‘.because ‘.of ‘.the
‘.fact ‘.that ‘.someoen ‘.would ‘.not ‘.be ‘.able ‘.to ‘.get ‘.to ‘.their ‘.property ‘.without ‘.it.
,Full ‘.Covenant ‘.and ‘.Warranty ‘.Deed ‘.- ‘.(correct ‘.answer) ‘.-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
Quitclaim ‘.Deed ‘.- ‘.(correct ‘.answer) ‘.-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
Habendum ‘.Clause ‘.- ‘.(correct ‘.answer) ‘.-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
Delivery ‘.and ‘.Acceptance ‘.- ‘.(correct ‘.answer) ‘.-After ‘.deed ‘.is ‘.deliverd ‘.and ‘.accepted, ‘.it ‘.has
‘.to ‘.be ‘.properly ‘.recorded
Chain ‘.of ‘.Title ‘.- ‘.(correct ‘.answer) ‘.-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
Title ‘.- ‘.(correct ‘.answer) ‘.-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
Closing ‘.Statement ‘.- ‘.(correct ‘.answer) ‘.-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
Essential ‘.Element ‘.of ‘.a ‘.Contract ‘.- ‘.(correct ‘.answer) ‘.-1 ‘.) ‘.Consideration ‘.2 ‘.) ‘.Must ‘.be ‘.in
‘.writing ‘.3 ‘.) ‘.Must ‘.have ‘.competent ‘.parties
Express ‘.Contract ‘.- ‘.(correct ‘.answer) ‘.-A ‘.contract ‘.in ‘.which ‘.all ‘.elements ‘.of ‘.a ‘.contract ‘.are
‘.specifically ‘.stated ‘.( ‘.offer ‘., ‘.acceptance ‘., ‘.consideration ‘.) ‘..
Attorney ‘.Review ‘.Clause ‘.- ‘.(correct ‘.answer) ‘.-A ‘.clause ‘.found ‘.in ‘.real ‘.estate ‘.contracts ‘.that
‘.may ‘.allow ‘.buyers ‘.to ‘.walk ‘.away ‘.from ‘.an ‘.agreed ‘.upon ‘.sale ‘.for ‘.any ‘.reason
Mortgage ‘.Contingency ‘.Clause ‘.- ‘.(correct ‘.answer) ‘.-A ‘.clause ‘.in ‘.a ‘.contract ‘.that ‘.states ‘.a
‘.mortgage ‘.must ‘.be ‘.obtained ‘.in ‘.order ‘.for ‘.the ‘.contract ‘.to ‘.be ‘.binding ‘..
Eviction ‘.- ‘.(correct ‘.answer) ‘.-A ‘.legal ‘.proceeding ‘.by ‘.a ‘.lessor ‘.landlord ‘.to ‘.recover ‘.possession
‘.of ‘.real ‘.property
Holdover ‘.Tenant ‘.- ‘.(correct ‘.answer) ‘.-A ‘.tenant ‘.who ‘.remains ‘.in ‘.possession ‘.of ‘.leased
‘.property ‘.after ‘.the ‘.expiration ‘.of ‘.the ‘.lease ‘.term ‘.(ex: ‘.tenant ‘.who ‘.continues ‘.not ‘.to ‘.pay)
, Triple ‘.Net ‘.Lease ‘.- ‘.(correct ‘.answer) ‘.-A ‘.lease ‘.commonly ‘.found ‘.in ‘.a ‘.building ‘.with ‘.a ‘.single
‘., ‘.long ‘.- ‘.term ‘.tenant. ‘.leasee ‘.has ‘.the ‘.responsibility ‘.to ‘.pay ‘.taxes ‘.insurance ‘.and
‘.maintenance
Mortgage ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-The ‘.actual ‘.interest ‘.rate ‘.charged ‘., ‘.including ‘.loan ‘.fees ‘.and ‘.points
Secondary ‘.Mortgage ‘.Market ‘.- ‘.(correct ‘.answer) ‘.-The ‘.market ‘.where ‘.mortgage ‘.loans ‘.and
‘.servicing ‘.rights ‘.are ‘.bought ‘.and ‘.sold ‘.between ‘.mortgage ‘.originators ‘., ‘.mortgage ‘.aggregators
‘.( ‘.securitizers ‘.) ‘.and ‘.investors
Extremely ‘.large ‘.and ‘.liquid
Satisfaction ‘.of ‘.Mortgage ‘.- ‘.(correct ‘.answer) ‘.-A ‘.document ‘.acknowledging ‘.the ‘.payment ‘.of ‘.a
‘.mortgage ‘.debt ‘..
Fixed ‘.Rate ‘.Mortgage ‘.- ‘.(correct ‘.answer) ‘.-Accounts ‘.for ‘.the ‘.majority ‘.of ‘.mortgages. ‘.The
‘.borrower ‘.makes ‘.installment ‘.payments ‘.(usually ‘.once ‘.a ‘.month). ‘.Over ‘.time ‘.the ‘.balance ‘.on
‘.the ‘.loan ‘.decreases. ‘.At ‘.the ‘.end ‘.of ‘.the ‘.term ‘.of ‘.the ‘.loan ‘.(30 ‘.years ‘.for ‘.examples), ‘.the
‘.loan ‘.balance ‘.reaches ‘.$0 ‘.and ‘.the ‘.loan ‘.is ‘.paid ‘.in ‘.full.
In ‘.a ‘.fixed-rate ‘.mortgage, ‘.the ‘.borrower ‘.pays ‘.both ‘.principal ‘.and ‘.interest ‘.with ‘.each
‘.mortgage ‘.payment.
Amortization ‘.- ‘.(correct ‘.answer) ‘.-The ‘.process ‘.by ‘.which ‘.a ‘.loan ‘.principal ‘.decreases ‘.over ‘.the
‘.life ‘.of ‘.a ‘.loan ‘..
Condemnation ‘.- ‘.(correct ‘.answer) ‘.-Taking ‘.private ‘.property ‘.for ‘.public ‘.use ‘., ‘.with ‘.fair
‘.compensation ‘.owner ‘., ‘.exercising ‘.the ‘.right ‘.of ‘.eminent ‘.domain
Police ‘.Power ‘.- ‘.(correct ‘.answer) ‘.-The ‘.right ‘.of ‘.any ‘.political ‘.body ‘.to ‘.enact ‘.laws ‘.and
‘.enforce ‘.them ‘., ‘.for ‘.the ‘.order ‘.safety ‘., ‘.health ‘., ‘.morals ‘.and ‘.general ‘.welfare ‘.of ‘.the ‘.public
‘..
Variance ‘.- ‘.(correct ‘.answer) ‘.-The ‘.authorization ‘.to ‘.improve ‘.or ‘.develop ‘.a ‘.particular ‘.property
‘.in ‘.a ‘.manner ‘.not ‘.authorized ‘.by ‘.zoning ‘..
Building ‘.Codes ‘.- ‘.(correct ‘.answer) ‘.-Regulations ‘.established ‘.by ‘.state ‘.or ‘.local ‘.governments
‘.stating ‘.fully ‘.that ‘.structural ‘.requirements ‘.for ‘.building ‘.. ‘.enforced ‘.by ‘.the ‘.issuance ‘.of
Questions and Answers.
Pocket ‘.Card ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-The ‘.section ‘.of ‘.the ‘.New ‘.York ‘.Real ‘.Property ‘.Law
‘.pertaining ‘.to ‘.real ‘.estate ‘.salespersons ‘.and ‘.brokers
Sponsor ‘.- ‘.(correct ‘.answer) ‘.-A ‘.licensed ‘.real ‘.estate ‘.broker ‘.that ‘.holds ‘.the ‘.license ‘.of ‘.a
‘.salesperson
Listing ‘.Agreement ‘.- ‘.(correct ‘.answer) ‘.-An ‘.employment ‘.contract ‘.between ‘.principal ‘.and ‘.agent
‘., ‘.authorizing ‘.the ‘.agent ‘.to ‘.perform ‘.services ‘.for ‘.the ‘.principle ‘.involving ‘.the ‘.latter's
‘.property
Fiduciary ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-The ‘.employer ‘.of ‘.an ‘.agent ‘.or ‘.broker ‘.; ‘.the ‘.broker's ‘.or
‘.agent's ‘.client ‘..
Price ‘.Fixing ‘.- ‘.(correct ‘.answer) ‘.-Conspiring ‘.to ‘.establish ‘.fixed ‘.fees ‘.or ‘.prices ‘.for ‘.services ‘.or
‘.products
Market ‘.Allocation ‘.- ‘.(correct ‘.answer) ‘.-An ‘.agreement ‘.between ‘.members ‘.of ‘.a ‘.trade ‘.to
‘.refrain ‘.from ‘.competition ‘.in ‘.specific ‘.market ‘.areas
,Independent ‘.Contractor ‘.Relationship ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-A ‘.lien ‘.that ‘.only ‘.binds ‘.to ‘.a ‘.specific ‘.asset ‘.or ‘.property ‘.
Example ‘.: ‘.mortgage
Voluntary ‘.Lien ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-A ‘.forced ‘.easment ‘.because ‘.of ‘.the
‘.fact ‘.that ‘.someoen ‘.would ‘.not ‘.be ‘.able ‘.to ‘.get ‘.to ‘.their ‘.property ‘.without ‘.it.
,Full ‘.Covenant ‘.and ‘.Warranty ‘.Deed ‘.- ‘.(correct ‘.answer) ‘.-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
Quitclaim ‘.Deed ‘.- ‘.(correct ‘.answer) ‘.-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
Habendum ‘.Clause ‘.- ‘.(correct ‘.answer) ‘.-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
Delivery ‘.and ‘.Acceptance ‘.- ‘.(correct ‘.answer) ‘.-After ‘.deed ‘.is ‘.deliverd ‘.and ‘.accepted, ‘.it ‘.has
‘.to ‘.be ‘.properly ‘.recorded
Chain ‘.of ‘.Title ‘.- ‘.(correct ‘.answer) ‘.-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
Title ‘.- ‘.(correct ‘.answer) ‘.-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
Closing ‘.Statement ‘.- ‘.(correct ‘.answer) ‘.-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
Essential ‘.Element ‘.of ‘.a ‘.Contract ‘.- ‘.(correct ‘.answer) ‘.-1 ‘.) ‘.Consideration ‘.2 ‘.) ‘.Must ‘.be ‘.in
‘.writing ‘.3 ‘.) ‘.Must ‘.have ‘.competent ‘.parties
Express ‘.Contract ‘.- ‘.(correct ‘.answer) ‘.-A ‘.contract ‘.in ‘.which ‘.all ‘.elements ‘.of ‘.a ‘.contract ‘.are
‘.specifically ‘.stated ‘.( ‘.offer ‘., ‘.acceptance ‘., ‘.consideration ‘.) ‘..
Attorney ‘.Review ‘.Clause ‘.- ‘.(correct ‘.answer) ‘.-A ‘.clause ‘.found ‘.in ‘.real ‘.estate ‘.contracts ‘.that
‘.may ‘.allow ‘.buyers ‘.to ‘.walk ‘.away ‘.from ‘.an ‘.agreed ‘.upon ‘.sale ‘.for ‘.any ‘.reason
Mortgage ‘.Contingency ‘.Clause ‘.- ‘.(correct ‘.answer) ‘.-A ‘.clause ‘.in ‘.a ‘.contract ‘.that ‘.states ‘.a
‘.mortgage ‘.must ‘.be ‘.obtained ‘.in ‘.order ‘.for ‘.the ‘.contract ‘.to ‘.be ‘.binding ‘..
Eviction ‘.- ‘.(correct ‘.answer) ‘.-A ‘.legal ‘.proceeding ‘.by ‘.a ‘.lessor ‘.landlord ‘.to ‘.recover ‘.possession
‘.of ‘.real ‘.property
Holdover ‘.Tenant ‘.- ‘.(correct ‘.answer) ‘.-A ‘.tenant ‘.who ‘.remains ‘.in ‘.possession ‘.of ‘.leased
‘.property ‘.after ‘.the ‘.expiration ‘.of ‘.the ‘.lease ‘.term ‘.(ex: ‘.tenant ‘.who ‘.continues ‘.not ‘.to ‘.pay)
, Triple ‘.Net ‘.Lease ‘.- ‘.(correct ‘.answer) ‘.-A ‘.lease ‘.commonly ‘.found ‘.in ‘.a ‘.building ‘.with ‘.a ‘.single
‘., ‘.long ‘.- ‘.term ‘.tenant. ‘.leasee ‘.has ‘.the ‘.responsibility ‘.to ‘.pay ‘.taxes ‘.insurance ‘.and
‘.maintenance
Mortgage ‘.- ‘.(correct ‘.answer) ‘.-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 ‘.- ‘.(correct ‘.answer) ‘.-The ‘.actual ‘.interest ‘.rate ‘.charged ‘., ‘.including ‘.loan ‘.fees ‘.and ‘.points
Secondary ‘.Mortgage ‘.Market ‘.- ‘.(correct ‘.answer) ‘.-The ‘.market ‘.where ‘.mortgage ‘.loans ‘.and
‘.servicing ‘.rights ‘.are ‘.bought ‘.and ‘.sold ‘.between ‘.mortgage ‘.originators ‘., ‘.mortgage ‘.aggregators
‘.( ‘.securitizers ‘.) ‘.and ‘.investors
Extremely ‘.large ‘.and ‘.liquid
Satisfaction ‘.of ‘.Mortgage ‘.- ‘.(correct ‘.answer) ‘.-A ‘.document ‘.acknowledging ‘.the ‘.payment ‘.of ‘.a
‘.mortgage ‘.debt ‘..
Fixed ‘.Rate ‘.Mortgage ‘.- ‘.(correct ‘.answer) ‘.-Accounts ‘.for ‘.the ‘.majority ‘.of ‘.mortgages. ‘.The
‘.borrower ‘.makes ‘.installment ‘.payments ‘.(usually ‘.once ‘.a ‘.month). ‘.Over ‘.time ‘.the ‘.balance ‘.on
‘.the ‘.loan ‘.decreases. ‘.At ‘.the ‘.end ‘.of ‘.the ‘.term ‘.of ‘.the ‘.loan ‘.(30 ‘.years ‘.for ‘.examples), ‘.the
‘.loan ‘.balance ‘.reaches ‘.$0 ‘.and ‘.the ‘.loan ‘.is ‘.paid ‘.in ‘.full.
In ‘.a ‘.fixed-rate ‘.mortgage, ‘.the ‘.borrower ‘.pays ‘.both ‘.principal ‘.and ‘.interest ‘.with ‘.each
‘.mortgage ‘.payment.
Amortization ‘.- ‘.(correct ‘.answer) ‘.-The ‘.process ‘.by ‘.which ‘.a ‘.loan ‘.principal ‘.decreases ‘.over ‘.the
‘.life ‘.of ‘.a ‘.loan ‘..
Condemnation ‘.- ‘.(correct ‘.answer) ‘.-Taking ‘.private ‘.property ‘.for ‘.public ‘.use ‘., ‘.with ‘.fair
‘.compensation ‘.owner ‘., ‘.exercising ‘.the ‘.right ‘.of ‘.eminent ‘.domain
Police ‘.Power ‘.- ‘.(correct ‘.answer) ‘.-The ‘.right ‘.of ‘.any ‘.political ‘.body ‘.to ‘.enact ‘.laws ‘.and
‘.enforce ‘.them ‘., ‘.for ‘.the ‘.order ‘.safety ‘., ‘.health ‘., ‘.morals ‘.and ‘.general ‘.welfare ‘.of ‘.the ‘.public
‘..
Variance ‘.- ‘.(correct ‘.answer) ‘.-The ‘.authorization ‘.to ‘.improve ‘.or ‘.develop ‘.a ‘.particular ‘.property
‘.in ‘.a ‘.manner ‘.not ‘.authorized ‘.by ‘.zoning ‘..
Building ‘.Codes ‘.- ‘.(correct ‘.answer) ‘.-Regulations ‘.established ‘.by ‘.state ‘.or ‘.local ‘.governments
‘.stating ‘.fully ‘.that ‘.structural ‘.requirements ‘.for ‘.building ‘.. ‘.enforced ‘.by ‘.the ‘.issuance ‘.of
