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Nys Realestateu final exam 2024 Questions and Complete Solutions Graded A+
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Nys Realestateu final exam 2024 Questions and Complete Solutions Graded A+
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Nys Realestateu finalexam 2024 Questions
and Complete
Solutions Graded A+
Denning Muriithi [Date] [Course title]
, Nys Realestateu final exam 2024
1. Pocket Card Answer: A card issued by the Department of State to each
licensee which contains the photo , name and business address of the
licensee , and , in the case of a real estate salesperson , the name and
business 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
2. Article 12 A Answer: The section of the New York Real Property Law
pertaining to real estate salespersons and brokers
3. Sponsor Answer: A licensed real estate broker that holds the license of
a salesperson
4. Listing Agreement Answer: An employment contract between principal
and agent , au- thorizing the agent to perform services for the principle
involving the latter's property
5. Fiduciary Answer: A person who on behalf of or for the benefit of
another transacts business or handles money or property not the
person's own ; such relationship implies great confidence and trust
6. 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
7. Principal Answer: The employer of an agent or broker ; the broker's or
agent's client .
8. Price Fixing Answer: Conspiring to establish fixed fees or prices for
services or products
9. Market Allocation Answer: An agreement between members of a
trade to refrain from competition in specific market areas
10.Independent Contractor Relationship Answer: A person that provides
services to another under terms specified in a contract or within a
verbal agreement . The agent does not have to work in a specific
location The broker cannot control the agent's work activities
11.Bundle of Rights 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
2/
, Nys Realestateu final exam 2024
12.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 .
13.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
3/
, Nys Realestateu final exam 2024
14.Specific Lien Answer: A lien that only binds to a specific asset or
property
Example Answer: mortgage
15.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 ( Example Answer: mortgage ) .
16.Encumbrance Answer: Any right to or interest in the land
interfering with its use or transfer or subjecting it to an obligation .
Burden on the property . it is a claim , lein , charge or liability attached to
real property
.
Title can still be transferred
17.Affirmative Easement Appurtenant Answer: A forced easment because
of the fact that someoen would not be able to get to their property
without it.
18.Full Covenant and Warranty Deed Answer: A type of deed where the
grantor guaran- tees that he or she holds clear title to a piece of real
estate and has a right to sell it to the grantee . This type of deed
contains the strongest guarantee of title
19.Quitclaim Deed Answer: A deed which conveys simply the grantor's
rights or interest in real estate without any agreement or covenant as
to the nature or extent of that interest , or any other covenants ; usually
used to remove a cloud from the title
20.Habendum Clause Answer: A clause in a deed or lease that defines
the type of interest and rights to be enjoyed by the grantee or lessee .
Also known as the " to have and to hold " clause
21.Delivery and Acceptance Answer: After deed is deliverd and
accepted, it has to be properly recorded
22.Chain of Title Answer: The sequence of historical transfers of title to a
property . It runs from the present owner back to the original owner of
the property . Record of all Prior transfers
23.Title Answer: Legal term for a bundle of rights in a piece of property
in which a party may own either a legal interest or equitable interest
24.Closing Statement 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
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