Real Estate U Final Exam with Verified Answers
1. Article 12 A NYS Real Estate Property Law (1) Protect the public (2)
Salesperson at least 18 (3) broker at least 20 years .
2. Sponsor Broker that holds salesperson license
3. Summary of Sub-
mission
Paper you get after registering for NYS tes...
Real Estate U Final Exam with Verified Answers
1. Article 12 A NYS Real Estate Property Law (1) Protect the public (2)
Salesperson at least 18 (3) broker at least 20 years .
2. Sponsor Broker that holds salesperson license
3. Summary of Sub- Paper you get after registering for NYS test. Bring to tes
mission with you
4. Misedemanor Crime with no more than 1 year prison or $1,000 fine
5. Listing Agree- Agreement between salesperson and property owner,
ment allowing salesperson to provide services to the owner
involving their porperty
6. Pocket Card Has salesperson photo, name, and business address of
broker. Carry at all times
7. Fiduciary Person responsible for other people's property and/or
funds
8. OLD CAR Obedience, Loyalty, Diclosure, Confidentiality, Account-
ability, and Reasonable Care
9. Disclosure Re- First form given to clien that establishes the business
garding Real Es- relationship and understandings
tate Agency Re-
lationship Form
10. Exclsive Agency When client agees that only one broker is going to sell a
property. Even if someone else sells, the exclusive agent
is entitled to commisions.
11. Principal Client / Propert owner or buyer
12. Price Fixing When multiple agents/brokers work together to determine
the price of a service so that noone can get a better of
worse deal. Illegal
13. Market Alloca- Anti-competition. Illegal
tion
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, Real Estate U Final Exam with Verified Answers
14. Independent Not an employee. Agrees to do something for someon
Contractor else based on a contract. Does not have to work any-
where specifically and broker cannot control the person's
activities
15. Bundle of Rights Ownership comes with an array of rights including livign,
leasing, selling (in part or whole). Includes quiet enjoy-
ment
16. Littoral Rights Rights to water along a property
17. Riparian Rights Rights to running water along a property
18. Specifc Lien Lient against a specific asset, like a mortgage
19. Voluntary lien Voluntary lien against an asset, like a mortgage
20. tax Lien Involuntary lien against asset so that the asset owner has
to pay taxes
21. Easment A right to cross someone elses propoerty to get to yours
22. Encumberance Something that is in the way of clear title to a propoerty
23. Affirmtive Eas- A forced easment because of the fact that someoen would
ment Appur- not be able to get to their property without it.
tenant
24. Full Covenant Best kind. States that seller has clear title
and Warranty
Deed
25. Quitclaim Deed Deed that states what the owner owns and what he/she
has thr right to.
26. Habednum To have and to hold . Descirbes what a person has if the
Clause person hold the deed
27.27.
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