NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy Quality Materials
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NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy Quality Materials
Administrative Discipline
The Department of State's ability to enforce license laws through reprimand and denial as well as the suspension and revocation of licenses
Apartment Information Vendor
Any person who engages in the ...
NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
Administrative Discipline
The Department of State's ability to enforce license laws through reprimand and denial
as well as the suspension and revocation of licenses
Apartment Information Vendor
Any person who engages in the business of claiming, demanding, charging, receiving,
collecting, or contracting for the collection of, a fee from a customer for furnishing
information concerning the location and availability of real property, including apartment
housing, which may be leased, rented, shared or sublet as a private dwelling, abode, or
place of residence.
Apartment Sharing Agent
Any person who, for a fee, arranges, conducts, coordinates, handles or causes
meetings between a customer and the current owner or occupant of legally occupied
real property, including apartment housing, who wishes to share that housing with one
or more individuals.
Article 12-A
The section of the New York Real Property Law pertaining to real estate salespersons
and brokers.
Article 78 Proceeding
An appeal brought forth because of a ruling by a government agency.
Associate Real Estate Broker
A licensed real estate broker who by choice elects to work under the name and
supervision of another real estate broker.
Blind Ad
An advertisement that fails to reveal that the advertiser is an agent and not a principal
Change of Association
The process by which a salesperson's license changes sponsorship.
Commingling
Illegally mixing deposits or monies, collected from a client, with one's personal or
business account. Taking money out too soon or putting it into escrow too late (10
banking days).
Continuing Education
Post license education required by salespersons and brokers. New York State demands
22.5 hours of continuing education.
Escrow
A written agreement between two or more parties providing that certain instruments or
property be placed with a third party to be delivered to a designated person upon the
fulfillment or performance of some act or condition.
Exemption
Conditions under which a property condition disclosure statement is not required.
Home Inspection
An examination of a real estate property's condition, usually performed in connection
with the property's sale. A qualified home inspector can assess the condition of a
,property's roof, foundation, heating and cooling systems, plumbing, electrical work,
water and sewage, and some fire and safety issues. In addition, the home inspector will
look for evidence of insect, water or fire damage or any other issue that may affect the
value of the property.
Irrevocable Consent
Incapable of being recalled or revoked; unchangeable; unalterable
Kickback
Payment by a broker of any part of compensation to a real estate transaction to anyone
who is not licensed or who is not exempt from the license law
Listing Agreement
A contract between an owner (as Principal) and a real estate broker (as agent) by which
the broker is employed as agent to find a buyer for the owner's real estate on the
owner's terms, for which service the owner agrees to pay a commission
Misdemeanor
(n.) a crime or offense that is less serious than a felony; any minor misbehavior or
misconduct, 1000 fine
Multiple Listing Service (MLS)
A service provided by a group of real estate brokers. They band together to create a
Multiple Listing Service that allows each of them to list each other's houses. Under this
arrangement, the listing broker and the selling broker split the commission for each sale.
Net Listing
A price below which an owner will not sell the property, and at which price a broker will
not receive a commission; the broker receives the excess over and above the net listing
as the broker's commission.
Abstract of Title
A summary of all of the recorded instruments and proceedings which the title to
property, arranged in the order in which they were recorded.
Acknowledgement
A formal declaration before a duly authorized officer by a person who has executed an
instrument that such execution is the person's act and deed.
Acre
A measure of land equaling 43,560 square feet.
Actual Eviction
Actual eviction occurs when the landlord removes the tenant from the property without
aid or control of the court system. Actual eviction is wrongful use of self-help.
Ad Valorem Taxes
according to valuation.
Adjusted Basis
The original cost of a property minus depreciation and sales of portions thereof plus
allowable additions such as capital improvements and certain carrying costs and
assessments.
Adjustable Rate Mortgage (ARM)
A mortgage loan with the interest rate on the note periodically adjusted based on an
index which reflects the cost to the lender of borrowing on the credit markets.
Advance Consent to Dual Agency
, The seller or buyer agrees to dual agency before it occurs by indicating the same on the
agency disclosure form.
Adverse Possession
A means of acquiring title where an occupant has been in actual, open, notorious,
exclusive, and continuous occupancy of property under a claim of right for the required
statutory period.
Agency Disclosure Form
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.
Agent
One who undertakes to transact some business or to manage some affair for another by
authority of the latter.
Americans with Disabilities Act
A wide-ranging civil rights law enacted by the U.S. Congress in 1990, that prohibits,
under certain circumstances, discrimination based on disability.
Amortization
The process by which a loan principal decreases over the life of a loan.
Appraisal
An estimate of a property's value by an appraiser who is usually presumed to be expert
in his work.
Architectural Review Board
Oversees and upholds the quality and aesthetics of a neighborhood, town, or city.
Area Variance
Permission to modify or exceed the bulk regulations imposed by local zoning
ordinances.
Article 12
A - The section of the New York Real Property Law pertaining to real estate
salespersons and brokers.
Asbestos
A naturally occurring mineral fiber sometimes found in older homes. It is hazardous to
health when a possibility exists of exposure to inhalable fibers. Homeowners should be
alert for friable asbestos and always seek professional advice in dealing with it.
Asbestosis
A chronic lung disease caused by inhaling asbestos fibers.
Assessed Value
A valuation placed upon property by a public officer or a board, as a basis for taxation.
Assessment Review Board
An independent tribunal established to hear assessment appeals.
Assignment
The method or manner by which a right or contract is transferred from one person to
another.
Associate Real Estate Broker
A licensed real estate broker who by choice elects to work under the name and
supervision of another real estate broker.
Beam
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