Real Estate U Final Exam Questions And Answers. Verified And Updated
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Course
Real Estate U
Institution
Real Estate U
Real Estate U Final Exam Questions And
Answers. Verified And Updated.
Article 12 A - answerNYS Real Estate Property Law (1) Protect the public (2) Salesperson at
least 18 (3) broker at least 20 years .
Sponsor - answerBroker that holds salesperson license
Summary of Submission - answerPaper yo...
Real Estate U Final Exam Questions And
Answers. Verified And Updated.
Article 12 A - answer✔✔NYS Real Estate Property Law (1) Protect the public (2) Salesperson at
least 18 (3) broker at least 20 years .
Sponsor - answer✔✔Broker that holds salesperson license
Summary of Submission - answer✔✔Paper you get after registering for NYS test. Bring to tes
with you
Misedemanor - answer✔✔Crime with no more than 1 year prison or $1,000 fine
Listing Agreement - answer✔✔Agreement between salesperson and property owner, allowing
salesperson to provide services to the owner involving their porperty
Pocket Card - answer✔✔Has salesperson photo, name, and business address of broker. Carry at
all times
Fiduciary - answer✔✔Person responsible for other people's property and/or funds
OLD CAR - answer✔✔Obedience, Loyalty, Diclosure, Confidentiality, Accountability, and
Reasonable Care
Disclosure Regarding Real Estate Agency Relationship Form - answer✔✔First form given to
clien that establishes the business relationship and understandings
Exclsive Agency - answer✔✔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 - answer✔✔Client / Propert owner or buyer
Price Fixing - answer✔✔When multiple agents/brokers work together to determine the price of a
service so that noone can get a better of worse deal. Illegal
Independent Contractor - answer✔✔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
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
, Bundle of Rights - answer✔✔Ownership comes with an array of rights including livign, leasing,
selling (in part or whole). Includes quiet enjoyment
Littoral Rights - answer✔✔Rights to water along a property
Riparian Rights - answer✔✔Rights to running water along a property
Specifc Lien - answer✔✔Lient against a specific asset, like a mortgage
Voluntary lien - answer✔✔Voluntary lien against an asset, like a mortgage
tax Lien - answer✔✔Involuntary lien against asset so that the asset owner has to pay taxes
Easment - answer✔✔A right to cross someone elses propoerty to get to yours
Encumberance - answer✔✔Something that is in the way of clear title to a propoerty
Affirmtive Easment Appurtenant - 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 - answer✔✔Best kind. States that seller has clear title
Quitclaim Deed - answer✔✔Deed that states what the owner owns and what he/she has thr right
to.
Habednum Clause - answer✔✔To have and to hold . Descirbes what a person has if the person
hold the deed
Deliver and Acceptance - answer✔✔After deed is deliverd and accepted, it has to be properly
recorded
Chain of Title - answer✔✔History of who has owned a speciifc title
Title - answer✔✔Legal Term for ownership f the budle of rights in real estate
Closing Statement - answer✔✔Document detailing fees, commisions, insurance, etc tha makes a
transaction vaid
Essential Elements of a Contract - answer✔✔(1) in writing (2) consideration (3) competant
parties
Estate for years - answer✔✔Non automaticlly reneable lease for a specific period of time
Express Contract - answer✔✔Contract the expresses all essential elements of a contract.
Attorney Review Clause - answer✔✔Clause that allowsa buyer to back out of a deal at any point
in time during the transaction.
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
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