REAL ESTATE U FINAL EXAM QUESTIONS AND VERIFIED ANSWERS 2024 GRADED A. 2 / 8 1. Article 12-A of the NYS Real Property Law: The section of the NewYork RealProperty Law pertaining to real estate salespersons and brokers. - Primary purpose is to "Protect the Public" - Requires a salesperson to be at l...
REAL ESTATE U FINAL EXAM QUESTIONS AND
VERIFIED ANSWERS 2024 GRADED A
,REAL ESTATE U FINAL EXAM QUESTIONS AND
VERIFIED ANSWERS 2024 GRADED A
Article 12-A of the NYS Real Property Law - Correct 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 broker - Correct Answer-A licensed real estate broker that holds the license of
a salesperson
"Summary of Your Submission" - Correct Answer-Obtained after your 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 - Correct Answer-A crime punishable by up to a year in prison and/or a
$1,000 fine
Listing Agreement - Correct Answer-An employment contract between principal and
agent, authorizing the agent to perform services for the principle involving the latter's
property.
Pocket Card - Correct 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.
Fiduciary - Correct 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.
- OLD CAR
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
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 the client the role that the broker plays in the transaction.
,REAL ESTATE U FINAL EXAM QUESTIONS AND
VERIFIED ANSWERS 2024 GRADED A
- First document to be submitted to all prospective clients
Exclusive Agency - Correct 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 - 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 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 - 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 sea, 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 reasonable use and enjoyment of the water that
flows past the property. Riparian literally means "riverbank".
Specific Lien - Correct Answer-A lien that only binds to a specific asset or property
(Example: mortgage).
, REAL ESTATE U FINAL EXAM QUESTIONS AND
VERIFIED ANSWERS 2024 GRADED A
Voluntary Lien - Correct 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:
mortgage).
Tax Lien - Correct Answer-A lien imposed by law upon a property to secure the
payment of taxes.
Easement - Correct Answer-A right to cross or otherwise use someone else's property
for a specified purpose.
Encumbrance - Correct Answer-Any right to or interest in the land interfering with its use
or transfer, or subjecting it to an obligation
Affirmative Easement Appurtenant - Correct Answer-Parcels without access to a public
way may have an easement of access over adjacent land if crossing that land is
absolutely necessary to reach the landlocked parcel and there has been some original
intent to provide the lot with access
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 estate and has a right to sell
it to the grantee. This type of deed contains the strongest guarantee of title.
Quitclaim Deed - Correct 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.
Habendum Clause - Correct 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.
Delivery and Acceptance - Correct Answer-Legal policy mandates that a deed to real
property be a matter of public record; therefore, subsequent to delivery and acceptance,
a deed must 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 the original owner of the property.
Title - Correct 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
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.
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