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REAL ESTATE U FINAL EXAM ACTUAL EXAM COMPLETE REAL QUESTIONS AND CORRECT DETAILED ANSWERS (100% CORRECT VERIFIED SOLUTIONS) A NEW UPDATED VERSION |ALREADY GRADED A+$20.49
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REAL ESTATE U FINAL EXAM ACTUAL EXAM COMPLETE REAL QUESTIONS AND CORRECT DETAILED ANSWERS (100% CORRECT VERIFIED SOLUTIONS) A NEW UPDATED VERSION |ALREADY GRADED A+
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Course
REAL ESTATE U
Institution
REAL ESTATE U
REAL ESTATE U FINAL EXAM ACTUAL EXAM COMPLETE REAL QUESTIONS AND CORRECT DETAILED ANSWERS (100% CORRECT VERIFIED SOLUTIONS) A NEW UPDATED VERSION |ALREADY GRADED A+
REAL ESTATE U FINAL EXAM ACTUAL EXAM 2024-
2025 COMPLETE REAL QUESTIONS AND CORRECT
DETAILED ANSWERS (100% CORRECT VERIFIED
SOLUTIONS) A NEW UPDATED VERSION |ALREADY
GRADED A+
Disclosure Regarding Real Estate Agency Relationships Form -
Answer-- 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.
- First document to be submitted to all prospective clients
Exclusive Agency - Answer-- An agreement of employment of a
broker to the exclusion of all other brokers; if sale is made by
any other broker during term of employment, broker holding
exclusive agency is entitled to commissions in addition to the
commissions payable to the
broker who effected the transaction
- Made between a broker and a seller
Principal - Answer-- The employer of an agent or broker; the
broker's or agent's client.
,Price Fixing - Answer-- Conspiring to establish fixed fees or
prices for services or products.
Market Allocation - Answer-- An agreement between members
of a trade conspiring to refrain from competition in specific
market areas.
Independent Contractor Relationship - Answer-- A person that
provides services to another under
terms specified in a contract or within a verbal agreement. An
independent contractor is not an
employee.
- The agent does not have to work in a specific location
- The broker cannot control the agent's work activities
Bundle of Rights - Answer-- The premise that the ownership of
real estate consists of the ownership of the various rights
associated with it. These rights include the right to use and/or
copy, 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 - Answer-- 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 - Answer-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 - Answer-A lien that only binds to a specific asset
or property. Ex: Mortgage.
Voluntary Lien - Answer-A contractual or consensual lien that is
created by an action taken by the debtor, such as a mortgage
loan to buy real estate. Ex: Mortgage
Tax Lien - Answer-A lien imposed by law upon a property to
secure the payment of taxes.
Article 12-A of the NYS Real Property Law - Answer-- The
section of the New York Real Property Law pertaining to real
estate salespersons and brokers.
, - Primary purpose is to "Protect the Public" - Requires a
salesperson to be at least 18 years of age
- Requires a broker to be at least 20 years of age
Sponsor - Answer-- A licensed real estate broker that holds the
license of a salesperson.
"Summary of Your Submission" - Answer-- Obtained after you
register for the New York State
Salesperson exam using eAccessNY. You must bring your
"Summary of Your Submission" with
you when taking the State exam.
Misdemeanor - Answer-- A crime punishable by up to a year in
prison and/or a $1,000 fine.
Listing Agreement - Answer-- An employment contract between
principal and agent, authorizing the
agent to perform services for the principle involving the latter's
property
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