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Real Estate U Final Exam
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Real Estate U Final Exam
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Real Estate U Final ExamArticle 12 A - ANS-NYS Real Estate Property Law (1) Protect the public (2) Salesperson
at least 18 (3) broker at least 20 years .
Sponsor - ANS-Broker that holds salesperson license
Summary of Submission - ANS-Paper you get after registering for NYS test. Bring to tes
with you
Misedemanor - ANS-Crime with no more than 1 year prison or $1,000 fine
Listing Agreement - ANS-Agreement between salesperson and property owner, allowing
salesperson to provide services to the owner involving their porperty
Pocket Card - ANS-Has salesperson photo, name, and business address of broker.
Carry at all times
Fiduciary - ANS-Person responsible for other people's property and/or funds
OLD CAR - ANS-Obedience, Loyalty, Diclosure, Confidentiality, Accountability, and
Reasonable Care
Disclosure Regarding Real Estate Agency Relationship Form - ANS-First form given to
clien that establishes the business relationship and understandings
Exclsive Agency - ANS-When client agees that only one broker is going to sell a
property. Even if someone else sells, the exclusive agent is entitled to commisions.
Principal - ANS-Client / Propert owner or buyer
Price Fixing - ANS-When multiple agents/brokers work together to determine the price
of a service so that noone can get a better of worse deal. Illegal
Market Allocation - ANS-Anti-competition. Illegal
Independent Contractor - ANS-Not an employee. Agrees to do something for someon
else based on a contract. Does not have to work anywhere specifically and broker
, cannot control the person's activities
Bundle of Rights - ANS-Ownership comes with an array of rights including livign,
leasing, selling (in part or whole). Includes quiet enjoyment
Littoral Rights - ANS-Rights to water along a property
Riparian Rights - ANS-Rights to running water along a property
Specifc Lien - ANS-Lient against a specific asset, like a mortgage
Voluntary lien - ANS-Voluntary lien against an asset, like a mortgage tax Lien -
ANS-Involuntary lien against asset so that the asset owner has to pay taxes Easment
- ANS-A right to cross someone elses propoerty to get to yours Encumberance -
ANS-Something that is in the way of clear title to a propoerty
Affirmtive Easment Appurtenant - ANS-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 - ANS-Best kind. States that seller has clear title
Quitclaim Deed - ANS-Deed that states what the owner owns and what he/she has thr
right to.
Habednum Clause - ANS-To have and to hold . Descirbes what a person has if the
person hold the deed
Deliver and Acceptance - ANS-After deed is deliverd and accepted, it has to be properly
recorded
Chain of Title - ANS-History of who has owned a speciifc title
Title - ANS-Legal Term for ownership f the budle of rights in real estate
Closing Statement - ANS-Document detailing fees, commisions, insurance, etc tha
makes a transaction vaid
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