Exam (elaborations)
NY Real Estate Salesperson Questions and Answers 2024
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NY Real Estate Salesperson
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NY Real Estate SalespersonRight of Possession - answer The ______ refers to the rights given to the title holder of
a particular property. These rights may be limited in certain instances, such as when a
title holder fails to pay required property taxes, but in most regards, the title holder is
considered the owner of the property.
right of control - answer The _______ allows the title holder the ability to manage the
use of the property in any means deemed legal within the jurisdiction in which the
property exists. Entry into an area regulated by a homeowners' association may lead to
additional restrictions being in place, though the restrictions are not technically legal
standards.
right of exclusion - answer The ____ allows the title holder to limit who may or may not
enter the property. This applies to most situations except when certain easements are in
place, or when a warrant authorizing the search of the property is properly acquired and
served by a member of the law enforcement community.
right to enjoyment - answer The ____ asserts the title holder's right to participate in any
activities he finds pleasurable while on the property. The activities in question must fall
within the confines of the law.
right of disposition - answerThe ___ protects the title holder's right to transfer
ownership, either permanently or temporarily, to another qualified party at will. An
exclusion exists if the property owner owes a current mortgage on the property, as he
must pay off the debt before ownership can be transferred. An exclusion also applies in
cases where the property is subject to a lien, such as when a homeowner has failed to
pay property taxes.
appraisal - answerA written justification of the price paid for a property, primarily based
on an analysis of comparable sales of similar homes nearby.
appraiser - answerAn individual qualified by education, training, and experience to
estimate the value of real property and personal property. Although some appraisers
work directly for mortgage lenders, most are independent.
appreciation - answerThe increase in the value of a property due to changes in market
conditions, inflation, or other causes.
assessed value - answerThe valuation placed on property by a public tax assessor for
purposes of taxation.
assessment - answerThe placing of a value on property for the purpose of taxation.
,assessor - answerA public official who establishes the value of a property for taxation
purposes.
asset - answerItems of value owned by an individual. Assets that can be quickly
converted into cash are considered "liquid assets." These include bank accounts,
stocks, bonds, mutual funds, and so on. Other assets include real estate, personal
property, and debts owed to an individual by others.
freehold estate - answerA _____ is an estate in which ownership is for an undefined
length of time.
fee, fee simple, fee absolute - answerA _____ is an estate in land. This form of
ownership can not be defeated by the previous owner or the previous owner's heirs;
however it is not free from encumbrances. ______ is the greatest interest in a parcel of
land that one can possibly own. _____ ownership represents absolute ownership of real
property but it is limited by the four basic government powers of taxation, eminent
domain, police power, and escheat and could also be limited by certain encumbrances
or a condition in the deed.
Life estate - answerA ____ is an interest in real property, which is held for the duration
of the life of a designated person. It may be limited by the life of the person holding it or
by the life of another person.
purchase offer contract - answerIn essence, this decision said that no licensee may
include detailed legal terms and conditions
beyond filling in a _________ approved by the Dept. of State.
Duncan/Hill decision, purchase offer contract - answerThe ______ was a landmark
decision handed down in 1978 by the New York Appellate Division. In essence, this
decision said that no licensee may include detailed legal terms and conditions beyond
filling in a _________ approved by the Dept. of State.
Reciprocity - answerAgreements allow an agent in one state to obtain a license in
another state through a streamlined process. The specific process the agent must follow
depends on each state's real estate laws.
Advertisements that are published in newspapers of general circulation if such
newspaper has a
general readership throughout the metropolitan New York City area or throughout a
substantial
portion of the metropolitan New York City area IF such newspaper is:
14
A. published not less than once per week
B. sold by subscription or by individual copy and is not distributed free of charge -
answerThe following is not prohibited by a nonsolicitation order:
,Contract of sale,
Commission agreement
Closing statement
Statement showing disposition of proceeds of mortgage loan
Complete record keeping is an important part of the duties of the broker. -
answerAccording to Section 175.23, the broker is required to keep and maintain for
three years, records of all transactions
in his office of mortgages or sales of all one to four family homes. Some of the records
he/she should keep are:
25% larger - answerThe name of the broker or the brokerage company name must be
_______ than that of the salesperson or associate broker named in the ad. The name of
the company does not have to be ______ than the associate in the case of classified
advertising.
25% larger - answerAll logos must be ___ than the name of the licensee.
442, SAVINGS CLAUSE - answerPERSONS EXEMPT FROM APPLICATION OF LAW
- SECTION ____, also known as the _____
Territorial application of law: The statute is statewide in its application. - answerSection-
440a is the __________.
120 days - answerUpon the death of the broker responsible for the operation of the real
estate business, the license
issued can be used for a period of _______.
cooperative or condominium units - answerREAL ESTATE AGENCY DISCLOSURE
FORM is not required for: _____ & _______.
Must always be in writing. The agent has the right to make all legal and financial
decisions which would be binding on the principal. - answerUNIVERSAL AGENCY
It must be created in writing, and is binding upon the principal. Whereas in a universal
agency, the principal is bound by all decisions regarding many different legal or financial
situations, the General Agency is usually created for only one legal or financial matter or
range of matters. It is specific in the actions allowed. - answerGENERAL AGENCY
SPECIAL AGENCY - answerThese are quite different from the universal and general
agency agreements. The real estate profession is generally operating under this type of
agency. The agent cannot make decisions that will be binding on the principal. Our job
is to bring the buyer and seller to an agreement on the terms of the sale or lease.
agency disclosure form - answerThe PRINCIPAL/AGENT relationship is created by the
____.
, listing agreement / listing contract - answer____ creates the terms under which we will
carry out our agency responsibilities, in other words, how we will help them.
UNDIVIDED LOYALTY
CONFIDENTIALITY
FULL DISCLOSURE
OBEDIENCE
DUTY TO ACCOUNT - answerFIDUCIARY RESPONSIBILITIES are:
PROPERTY CONDITION DISCLOSURE - answerThis document was created in order
to allow a buyer to have as much knowledge as possible about a house he intends to
purchase.
let the buyer beware - answerCaveat emptor means:
desk fee - answer___ are monthly charges paid to the broker whether or not you (the
salesperson) earn anything.
The Commission Escrow Act is located in Section 294-b of the Real Property Law. -
answerThe act includes a provision requiring the seller to deposit
any unpaid commission with the county clerk until there has been a decision of whether
or not the broker is entitled to it. No lien will be placed against the property and there
are many requirements before the seller must deposit the unpaid commission.
affidavit of entitlement - answerFinally, the seller is required to place the amount of the
commission into an escrow account only if title, stock certificates or the proprietary
lease actually passed. It is
important to recognize that the only party permitted to sign the "____" in order to get the
process started is the "duly licensed broker" who is the party licensed to do business.
No other licensee can sign the ____, but anyone authorized by the broker can actually
file the paperwork on behalf of the broker.
listing agreement, must - answerThe ___ initially signed by the seller ____ contain the
following statement in bold face type: "At the time of closing, you may be required to
deposit the broker's commission with the county clerk in the event that you do not pay
the broker his or her commission as set forth herein. Your obligation to deposit the
broker's commission with the county clerk may be waived by the broker."
NATIONAL ASSOCIATION OF REALTORS® - answerThe organization was founded in
1916 in Chicago, Illinois.
Sherman Antitrust Act July 2, 1890 - answerThe United States Congress passed the
______. Part of this legislation was aimed at stopping businesses from creating
monopolies for themselves and conspiracies against others. This would prevent fair and
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