Nys Realestateu final exam 2023
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
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
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 . 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 exclusive agency is entitled to commissions in addition to the
commissions payable to the brokers ; if sale is made by any other broker during term of
employment , broker holding broker who effected the transaction
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<\/p>\n\n\n\n
Independent Contractor Relationship – Correct 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
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
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
Encumbrance – Correct 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 aclaim , lein ,
charge or liability attached to real property . Title can still be transferred
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<\/p>\n","protected":false},"excerpt":{"rendered":"
Nys Realestateu final exam 2023Article 12 A – Correct Answer The section of the New York Real Property Law pertainingto real estate salespersons and brokersSponsor – Correct Answer A licensed real estate broker that holds the license of asalespersonMisdemeanor – Correct Answer A crime punishable by up to a year in prison and \/ or […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-116537","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/116537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=116537"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/116537\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=116537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=116537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=116537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}