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Nys Realestateu final exam 2024 Questions and Answers.
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Nys Realestateu final exam 2024 Questions and Answers.
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Nys Realestateu final exam 2024Questions and Answers.
Pocket .Card .- .(correct .answer) .-
A .card .issued .by .the .Department .of .State .to .each .licensee .which .contains .the .photo ., .name .and .bu
siness .address .of .the .licensee ., .and ., .in .the .case .of .a .real .estate .salesperson ., .the .name .and .busine
ss .address .of .the .broker .with .whom .he .or .she .is .associated .and .shall .certify .that .the .person .whose
.name .appears .thereon .is .a .licensed .real .estate .broker .or .salesperson .
Must .be .carried .by .the .agent .at .all .times .when .serving .as .a .salesperson ..
Article .12 .A .- .(correct .answer) .-
The .section .of .the .New .York .Real .Property .Law .pertaining .to .real .estate .salespersons .and .brokers
Sponsor .- .(correct .answer) .-A .licensed .real .estate .broker .that .holds .the .license .of .a .salesperson
Listing .Agreement .- .(correct .answer) .-
An .employment .contract .between .principal .and .agent ., .authorizing .the .agent .to .perform .services .fo
r .the .principle .involving .the .latter's .property
Fiduciary .- .(correct .answer) .-
A .person .who .on .behalf .of .or .for .the .benefit .of .another .transacts .business .or .handles .money .or .pr
operty .not .the .person's .own .; .such .relationship .implies .great .confidence .and .trust
Disclosure .Regarding .Real .Estate .Agency .Relationships .Form .- .(correct .answer) .-
A .written .explanation ., .to .be .signed .by .a .prospective .buyer .or .seller .of .real .estate ., .explaining .to .th
e .client .the .role .that .the .broker .plays .in .the .transaction .. .First .document .to .be .submitted .to .all .pro
spective .clients
Principal .- .(correct .answer) .-The .employer .of .an .agent .or .broker .; .the .broker's .or .agent's .client ..
Price .Fixing .- .(correct .answer) .-Conspiring .to .establish .fixed .fees .or .prices .for .services .or .products
Market .Allocation .- .(correct .answer) .-
An .agreement .between .members .of .a .trade .to .refrain .from .competition .in .specific .market .areas
Independent .Contractor .Relationship .- .(correct .answer) .-
A .person .that .provides .services .to .another .under .terms .specified .in .a .contract .or .within .a .verbal .ag
,reement .. .The .agent .does .not .have .to .work .in .a .specific .location .The .broker .cannot .control .the .age
nt's .work .activities
Bundle .of .Rights .- .(correct .answer) .-
The .premise .that .the .ownership .of .real .estate .consists .of .the .ownership .of .various .rights .associated
.with .it .. .These .rights .include .the .right .to .use .and ./ .or .occupy ., .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 .- .(correct .answer) .-
The .right .of .a .property .owner .whose .land .borders .on .a .body .of .water ., .such .as .a .lake ., .ocean .or .se
a .to .reasonable .use .and .enjoyment .of .the .shore .and .water .the .property .borders .on ..
Riparian .Rights .- .(correct .answer) .-
The .right .of .a .property .owner .whose .land .borders .a .natural .water .course .such .as .a .river ., .to .reaso
nable .use .and .enjoyment .of .the .water .that .flows .past .the .property .. .Riparian .literally .means ." .river
bank
Specific .Lien .- .(correct .answer) .-A .lien .that .only .binds .to .a .specific .asset .or .property .
Example .: .mortgage
Voluntary .Lien .- .(correct .answer) .-
A .contractual .or .consensual .lien .that .is .created .by .an .action .taken .by .the .debtor ., .such .as .a .mortga
ge .loan .to .buy .real .estate .( .Example .: .mortgage .) ..
Encumbrance .- .(correct .answer) .-
Any .right .to .or .interest .in .the .land .interfering .with .its .use .or .transfer .or .subjecting .it .to .an .obligatio
n .. .
Burden .on .the .property .. .it .is .a .claim ., .lein ., .charge .or .liability .attached .to .real .property .. .
Title .can .still .be .transferred
Affirmative .Easement .Appurtenant .- .(correct .answer) .-
A .forced .easment .because .of .the .fact .that .someoen .would .not .be .able .to .get .to .their .property .with
out .it.
,Full .Covenant .and .Warranty .Deed .- .(correct .answer) .-
A .type .of .deed .where .the .grantor .guarantees .that .he .or .she .holds .clear .title .to .a .piece .of .real .estat
e .and .has .a .right .to .sell .it .to .the .grantee .. .This .type .of .deed .contains .the .strongest .guarantee .of .tit
le
Quitclaim .Deed .- .(correct .answer) .-
A .deed .which .conveys .simply .the .grantor's .rights .or .interest .in .real .estate .without .any .agreement .o
r .covenant .as .to .the .nature .or .extent .of .that .interest ., .or .any .other .covenants .; .usually .used .to .re
move .a .cloud .from .the .title
Habendum .Clause .- .(correct .answer) .-
A .clause .in .a .deed .or .lease .that .defines .the .type .of .interest .and .rights .to .be .enjoyed .by .the .grante
e .or .lessee .. .Also .known .as .the ." .to .have .and .to .hold ." .clause
Delivery .and .Acceptance .- .(correct .answer) .-
After .deed .is .deliverd .and .accepted, .it .has .to .be .properly .recorded
Chain .of .Title .- .(correct .answer) .-
The .sequence .of .historical .transfers .of .title .to .a .property .. .It .runs .from .the .present .owner .back .to .t
he .original .owner .of .the .property .. .Record .of .all .Prior .transfers
Title .- .(correct .answer) .-
Legal .term .for .a .bundle .of .rights .in .a .piece .of .property .in .which .a .party .may .own .either .a .legal .inte
rest .or .equitable .interest
Closing .Statement .- .(correct .answer) .-
A .document .commonly .used .in .real .estate .transactions ., .detailing .the .fees ., .commissions ., .insurance
., .etc. .that .must .be .transacted .for .a .successful .transfer .of .ownership .to .take .place
Essential .Element .of .a .Contract .- .(correct .answer) .-1 .) .Consideration .2 .) .Must .be .in .writing .3 .) .Must
.have .competent .parties
Express .Contract .- .(correct .answer) .-
A .contract .in .which .all .elements .of .a .contract .are .specifically .stated .
( .offer ., .acceptance ., .consideration .) ..
Attorney .Review .Clause .- .(correct .answer) .-
A .clause .found .in .real .estate .contracts .that .may .allow .buyers .to .walk .away .from .an .agreed .upon .sa
le .for .any .reason
Mortgage .Contingency .Clause .- .(correct .answer) .-
A .clause .in .a .contract .that .states .a .mortgage .must .be .obtained .in .order .for .the .contract .to .be .bindi
ng ..
, Eviction .- .(correct .answer) .-
A .legal .proceeding .by .a .lessor .landlord .to .recover .possession .of .real .property
Holdover .Tenant .- .(correct .answer) .-
A .tenant .who .remains .in .possession .of .leased .property .after .the .expiration .of .the .lease .term .
(ex: .tenant .who .continues .not .to .pay)
Triple .Net .Lease .- .(correct .answer) .-
A .lease .commonly .found .in .a .building .with .a .single ., .long .- .term .tenant. .leasee .has .the .responsibilit
y .to .pay .taxes .insurance .and .maintenance
Mortgage .- .(correct .answer) .-
Legal .agreement .by .which .a .bank .lends .money .in .exchange .for .taking .title .of .the .debtor's .property .
, .with .the .condition .that .the .conveyance .of .title .becomes .void .upon .payment .of .the .debt ..
APR .- .(correct .answer) .-The .actual .interest .rate .charged ., .including .loan .fees .and .points
Secondary .Mortgage .Market .- .(correct .answer) .-
The .market .where .mortgage .loans .and .servicing .rights .are .bought .and .sold .between .mortgage .origi
nators ., .mortgage .aggregators .( .securitizers .) .and .investors
Extremely .large .and .liquid
Satisfaction .of .Mortgage .- .(correct .answer) .-
A .document .acknowledging .the .payment .of .a .mortgage .debt ..
Fixed .Rate .Mortgage .- .(correct .answer) .-
Accounts .for .the .majority .of .mortgages. .The .borrower .makes .installment .payments .
(usually .once .a .month). .Over .time .the .balance .on .the .loan .decreases. .At .the .end .of .the .term .of .the
.loan .(30 .years .for .examples), .the .loan .balance .reaches .$0 .and .the .loan .is .paid .in .full.
In .a .fixed-
rate .mortgage, .the .borrower .pays .both .principal .and .interest .with .each .mortgage .payment.
Amortization .- .(correct .answer) .-
The .process .by .which .a .loan .principal .decreases .over .the .life .of .a .loan ..
Condemnation .- .(correct .answer) .-
Taking .private .property .for .public .use ., .with .fair .compensation .owner ., .exercising .the .right .of .emine
nt .domain
Police .Power .- .(correct .answer) .-The .right .of .any .political .body .to .enact .laws .and .enforce .them ., .for
.the .order .safety ., .health ., .morals .and .general .welfare .of .the .public ..
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