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NY STATE EXAM QUESTIONS AND ANSWERS
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NY STATE EXAM QUESTIONS AND ANSWERS
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NY STATE EXAM QUESTIONS ANDANSWERS
ThemDepartmentmofmStatem-
mans✔✔Whomismprimarilymresponsiblemformissuingmrealmestatemlicenses,mpocketmcards,man
dmhandingmdownmdisciplinarymaction.
Articlem12-Am-mans✔✔ThismLawmoutlinesmthemroles/dutiesmofmthemDepartmentmofmState
FiduciarymDutiesm-mans✔✔Obediencem-
mAgentmmustmactminmaccordancemtomclientsmdemands/instructions
Loyaltym-mAgentmmustmworkminmthembestminterestmofmhismclient
DisclosuremofmInformationm-
mAgentmmustmcommunicatemwithmclientm/mmustmpresentmallmoffers
Confidentialitym-
mAllmconfidentialminformationmasmdescribedmbymclientmmustmremainmsomunlessmgivenmpermis
sionminmwriting.
Accountabilitym-mOnemofmthemmoremseriousmfiduciarymresponsibilities.
ReasonablemCaremandmDutymtomAccountm-mAgentmmaymbemliablemformcostlymmistakes.
FullmCoveyantmandmWarrantymDeedm-
mans✔✔Thismdeedmcontainsmthembroadestmformmofmguaranteemofmtitlemofmanymtypemofmdeed
mandmprovidesmthemgreatestmprotectionmtomthemgrantee.
Them________________mdeedmincludesmthemfollowingmcovenants:
1)mCovenantmofmseisinm-
massuresmthemgranteemthatmthemgrantormholdsmthemtitlemspecifiedminmthemdeed.
2)mCovenantmofmrightmtomconveym-
massuresmthemgranteemthatmthemgrantormhasmthemlegalmcapacity mtomconveymthemtitlemandmha
smthemtitlemtomconvey.
3)mCovenantmagainstmencumbrancesm-
massuresmthemgranteemthatmnomencumbrancesmagainstmthemtitlemexceptmthosemsetmforthminmt
hemdeedmitselfmexist.
4)mCovenantmofmquietmenjoymentm-
massuresmthemgranteemthatmtheymwillmhavemquietmenjoyment mandmpossessionmofmthemproper
ty.
5)mCovenantmformfurthermassurances
,6)mCovenantmofmwarranty
Rulesmofmamcontractm-mans✔✔-
mInmNewmYorkmState,manmindividualmmustmbematmleastm18myearsmofmagemtomentermintomamcont
ract.
-
mMinorsm(lessmthanm18myearsmold)mCANNOTmentermintomamcontract.mThemcontractmismvoidab
lemifmsignedmbymamminor.
-
mInmNewmYorkmState,manmindividualmmustmbemmentallymandmemotionallymcapablemtomentermi
ntomamcontract.
-mThempurchasermsignsmthemcontractmfirst
Downmpaymentm-
mans✔✔Anyonemwhomholdsmam__________mmustmplacemitminmamseparatemescrowmaccount.
Themfollowingmpeoplemgenerallymholdmthemdownmpayment:
-mListingmagent
-mSeller'smattorney
-mSellingmbroker
Prorationm-mans✔✔Themdivisionmofmcertainmsettlementmcostsmbetweenmbuyermandmseller.
Thesemitemsmcanmincludemrealmestatemtaxes,mfuel,mamsurvey,mwatermandmsewermcharges,mr
ent,mandmsecuritymdeposits.
Prorationmensuresmfairmapportionmentmofmexpensesmbetweenmbuyermandmseller.
AbstractmofmTitlem-
mans✔✔Amsummarymofmallmofmthemrecordedminstruments mandmproceedingsmwhichmaffectmth
emtitlemtomproperty,marrangedminmthemorderminmwhichmtheymweremrecorded.
LegalmDiscriptionmandmthem2mtypesmofmpropertymdescriptionsm-
mans✔✔Themdeedmmustmcontainmasmadequatemformalmlegalmdescription.
Themlegalmdescriptionmdescribesmwheremthempropertymismlocatedmandmthemsizemofmthemlot.
Theremarem3macceptablemtypesmofmpropertymdescriptions:
1)mMetesmandmbounds
2)mDescriptionmbymreference,mlotmandmblock
3)mMonuments
Conveyancem-
mans✔✔Themtransfermofmthemtitlemofmlandmfrommonemtomanother.mThemmeansmormmediummby
mwhichmtitlemofmrealmestatemismtransferred.
Amdeedmismamdocumentmusedmtomconveymtitlemlegallymtomrealmproperty.mAmdeedmismalsomcalle
dmanminstrumentmofm_____________.
, FeemSimplemEstatem-
mans✔✔Absolutemownershipmofmrealmproperty;mampersonmhasmthismtypemofmestatemwheremth
empersonmismentitledmtomthementirempropertymwithmunconditionalmpowermofmdispositionmdurin
gmthemperson'smlifemandmdescendingmtomthemperson'smheirsmormdistributees.
MostmpropertiesminmNewmYorkmhavema_______________________mdeed,munlessmspecifie
dmotherwise!
Specificmlienmexamplem(1)m-
mans✔✔Ammortgagemlienmismanmexamplemofmam_____________ mlien.
MechanicsmLienm-
mans✔✔Amsecurityminterestminmthemtitlemtomproperty mformthembenefitmofmthosemwhomhavemsup
pliedmlabormormmaterialsmthatmimprovemthemproperty.
Example:mYoumhiredmamcontractormtomrenovatemyourmhomembutmrefusedmthempaymthemcontr
actor.mThemcontractormcanmfilemam_____________________mlienmagainstmyourmpropertyma
smammeansmtomultimatelymgetmpaid.
EasementminmGrossm-
mans✔✔Amrightmofmuseminmthemlandmofmanothermwithoutmthemrequirementmthatmthemholdermof
mthemrightmownmadjoiningmland.
Alsomknownmasmamcommercialmeasementminmgross.
Amutilitymcompanymuses/ownsmthismtypemofmeasement.
HistoricmPreservationm/mLandmarkmCommissionsm-
mans✔✔Establishedmtomreviewmproposedmprojectsmwithinmhistoricmdistrictsmformcompliance
mwithmstandardsmestablishedmformnewmdevelopmentmormalterationmormimprovementmofmhisto
ricmbuildingsmandmlandmarks.
ThemfollowingmaremfunctionsmofmthemHistoricmPreservationm/mLandmarkmCommission:
-
mrecommendmtomthemmunicipalitymthemadoptionmofmordinancesmpreservingmhistoricmdistricts,
mlandmarks,mandmhistoricmsites.
-
mreviewmandmapprovemapplicationmformconstruction,malteration,mdemolition, mandmrelocationm
ofmamhistoricalmproperty.
-mrecognizemsub-
districtsmwithinmampreservationmdistrict.mAllowsmthemcommissionmtomadoptmguidelinesmregul
atingmpropertiesminmthemsub-district.
PlanningmBoardmandmtheirm4mfunctionsm-
mans✔✔Amlocalmelectedmormappointedmgovernmentmboardmchargedmwithmrecommendingmt
omthemlocalmtownmormcitymcouncilmthemboundariesmofmthemvariousmzoningmdistrictsmandmappr
opriatemregulationsmtombemenforcedmtherein.
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