Nys Realestateu final exam-V1
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 permits .The
primary purpose is to ensure a safe, properly functioning environment for the occupants.
Air rights - correct answer Rights in real property to use the space above the surface of the land
Certificate of Occupancy - correct answer document issued by a governmental authority that a
building is ready and fit for occupancy
Stud - correct answer Vertical framing members found in wall construction . Typically placed 12
" , 16 " or 24 " on center
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 permits .The
primary purpose is to ensure a safe, properly functioning environment for the occupants.
Air rights - correct answer Rights in real property to use the space above the surface of the land
Certificate of Occupancy - correct answer document issued by a governmental authority that a
building is ready and fit for occupancy
Stud - correct answer Vertical framing members found in wall construction . Typically placed 12
" , 16 " or 24 " on center
