Real Estate U Final Exam Study Guide/ 110
Quizzes & Ans/ 2024-2025.
Independent Contractor Relationship - Answer: A person that provides services to
another under
terms specified in a contract or within a verbal agreement. An independent
contractor is not an
employee.
- The agent does not have to work in a specific location
- The broker cannot control the agent's work activities
Bundle of Rights - 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
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,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 - 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 - 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.
This term literally means "riverbank"
Specific Lien - Answer: A lien that only binds to a specific asset or property
(Example: mortgage).
Voluntary Lien - 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).
Tax Lien - Answer: A lien imposed by law upon a property to secure the payment
of taxes
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, Easement - Answer: A right to cross or otherwise use someone else's property for
a specified purpose.
Encumbrance - Answer: Any right to or interest in the land interfering with its use
or transfer, or subjecting it to an obligation.
Affirmative Easement Appurtenant - Answer: Parcels without access to a public
way may have an
easement of access over adjacent land if crossing that land is absolutely necessary
to reach the landlocked parcel and there has been some original intent to provide
the lot with access.
Full Covenant and Warranty Deed - 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.
Article 12-A of the NYS Real Property Law - Answer: 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
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Quizzes & Ans/ 2024-2025.
Independent Contractor Relationship - Answer: A person that provides services to
another under
terms specified in a contract or within a verbal agreement. An independent
contractor is not an
employee.
- The agent does not have to work in a specific location
- The broker cannot control the agent's work activities
Bundle of Rights - 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
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,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 - 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 - 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.
This term literally means "riverbank"
Specific Lien - Answer: A lien that only binds to a specific asset or property
(Example: mortgage).
Voluntary Lien - 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).
Tax Lien - Answer: A lien imposed by law upon a property to secure the payment
of taxes
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, Easement - Answer: A right to cross or otherwise use someone else's property for
a specified purpose.
Encumbrance - Answer: Any right to or interest in the land interfering with its use
or transfer, or subjecting it to an obligation.
Affirmative Easement Appurtenant - Answer: Parcels without access to a public
way may have an
easement of access over adjacent land if crossing that land is absolutely necessary
to reach the landlocked parcel and there has been some original intent to provide
the lot with access.
Full Covenant and Warranty Deed - 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.
Article 12-A of the NYS Real Property Law - Answer: 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
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