Nys Realestateu final exam UPDATED ACTUAL
QUESTIONS AND CORRECT Answers
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
Disclosure Regarding Real Estate Agency Relationships A written explanation , to be signed by a prospective buyer or seller of real estate
Form , 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
Includes the right to quiet enjoyment
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 .
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
Specific Lien A lien that only binds to a specific asset or property
Example : mortgage
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 ) .
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
Affirmative Easement Appurtenant 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 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
QUESTIONS AND CORRECT Answers
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
Disclosure Regarding Real Estate Agency Relationships A written explanation , to be signed by a prospective buyer or seller of real estate
Form , 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
Includes the right to quiet enjoyment
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 .
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
Specific Lien A lien that only binds to a specific asset or property
Example : mortgage
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 ) .
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
Affirmative Easement Appurtenant 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 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
