{"id":117677,"date":"2023-08-31T12:44:12","date_gmt":"2023-08-31T12:44:12","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=117677"},"modified":"2023-08-31T12:44:14","modified_gmt":"2023-08-31T12:44:14","slug":"real-estate-u-final-exam","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/08\/31\/real-estate-u-final-exam\/","title":{"rendered":"Real Estate U Final Exam"},"content":{"rendered":"\n<p>Article 12-A of the NYS Real Property Law &#8211; Answer- &#8211; The section of the New York<br>Real Property Law pertaining to real estate salespersons and brokers.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Primary purpose is to &#8220;Protect the Public&#8221; &#8211; Requires a salesperson to be at least 18<br>years of age<\/li>\n\n\n\n<li>Requires a broker to be at least 20 years of age<br>Sponsor &#8211; Answer- &#8211; A licensed real estate broker that holds the license of a<br>salesperson.<br>&#8220;Summary of Your Submission&#8221; &#8211; Answer- &#8211; Obtained after you register for the New York<br>State<br>Salesperson exam using eAccessNY. You must bring your &#8220;Summary of Your<br>Submission&#8221; with<br>you when taking the State exam.<br>Misdemeanor &#8211; Answer- &#8211; A crime punishable by up to a year in prison and\/or a $1,000<br>fine.<br>Listing Agreement &#8211; Answer- &#8211; An employment contract between principal and agent,<br>authorizing the<br>agent to perform services for the principle involving the latter&#8217;s property<br>Pocket Card &#8211; Answer- &#8211; A card issued by the Department of State to each licensee<br>which contains the<br>photo, name and business address of the licensee, and, in the case of a real estate<br>salesperson, the name and business address of the broker with whom he or she is<br>associated<br>and shall certify that the person whose name appears thereon is a licensed real estate<br>broker or<br>salesperson.<\/li>\n\n\n\n<li>Must be carried by the agent at all times when serving as a salesperson.<br>Fiduciary &#8211; Answer- &#8211; A person who on behalf of or for the benefit of another transacts<br>business or<br>handles money or property not the person&#8217;s own; such relationship implies great<br>confidence and<br>trust.<br>OLD CAR &#8211; Answer- &#8211; Obedience<\/li>\n\n\n\n<li>Loyalty<\/li>\n\n\n\n<li>Disclosure<\/li>\n\n\n\n<li>Confidentiality<\/li>\n\n\n\n<li>Accountability<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Reasonable Care<br>Obedience &#8211; Answer- &#8211; Agent must act in accordance to clients demands\/instructions.<br>Loyalty &#8211; Answer- &#8211; Agent must work in the best interest of the client.<br>Disclosure of Information &#8211; Answer- &#8211; Agent must communicate with client\/must present<br>all offers.<br>Confidentiality &#8211; Answer- &#8211; All confidential information as described by client must<br>remain so unless given permission in writing.<br>Accountability &#8211; Answer- &#8211; One of the more serious fiduciary responsibilities.<br>Reasonable Care &#8211; Answer- &#8211; Agent may be liable for costly mistakes.<br>Disclosure Regarding Real Estate Agency Relationships Form &#8211; Answer- &#8211; A written<br>explanation, to<br>be signed by a prospective buyer or seller of real estate, explaining to the client the role<br>that the<br>broker plays in the transaction.<\/li>\n\n\n\n<li>First document to be submitted to all prospective clients<br>Exclusive Agency &#8211; Answer- &#8211; An agreement of employment of a broker to the exclusion<br>of all other brokers; if sale is made by any other broker during term of employment,<br>broker holding<br>exclusive agency is entitled to commissions in addition to the commissions payable to<br>the<br>broker who effected the transaction<\/li>\n\n\n\n<li>Made between a broker and a seller<br>Principal &#8211; Answer- &#8211; The employer of an agent or broker; the broker&#8217;s or agent&#8217;s client.<br>Price Fixing &#8211; Answer- &#8211; Conspiring to establish fixed fees or prices for services or<br>products.<br>Market Allocation &#8211; Answer- &#8211; An agreement between members of a trade conspiring to<br>refrain from competition in specific market areas.<br>Independent Contractor Relationship &#8211; Answer- &#8211; A person that provides services to<br>another under<br>terms specified in a contract or within a verbal agreement. An independent contractor is<br>not an<br>employee.<\/li>\n\n\n\n<li>The agent does not have to work in a specific location<\/li>\n\n\n\n<li>The broker cannot control the agent&#8217;s work activities<\/li>\n<\/ul>\n\n\n\n<p>Bundle of Rights &#8211; Answer- &#8211; The premise that the ownership of real estate consists of<br>the ownership of the various rights associated with it. These rights include the right to<br>use and\/or copy, the right to sell in whole or in part, the right to lease, the right to<br>bequeath and the right to do none of the foregoing.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Includes the right to quiet enjoyment.<br>Littoral Rights &#8211; Answer- &#8211; The right of a property owner whose land borders on a body<br>of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore<br>and water the property borders on.<br>Riparian Rights &#8211; Answer- The right of a property owner whose land borders a natural<br>water course, such as a river, to reasonable use and enjoyment of the water that flows<br>past the property. Riparian literally means &#8220;riverbank.&#8221;<br>Specific Lien &#8211; Answer- A lien that only binds to a specific asset or property. Ex:<br>Mortgage.<br>Voluntary Lien &#8211; Answer- A contractual or consensual lien that is created by an action<br>taken by the debtor, such as a mortgage loan to buy real estate. Ex: Mortgage<br>Tax Lien &#8211; Answer- A lien imposed by law upon a property to secure the payment of<br>taxes.<br>Easement &#8211; Answer- A right to cross or otherwise use someone else&#8217;s property for a<br>specified person.<br>Encumbrance &#8211; Answer- Any right to or interest in the land interfering with its use or<br>transfer, or subjecting it to an obligation.<br>Affirmative Easement Appurtenant &#8211; Answer- Parcels without access to a public way<br>may have an easement of access over adjacent land if crossing that land is absolutely<br>necessary to reach the landlocked parcel and there has been some original intent to<br>provide the lot with access.<br>Full Covenant and Warranty Deed &#8211; Answer- A type of deed where the grantor<br>guarantees that he or she holds clear title to a piece of real estate and has a right to sell<br>it to the grantee. This type of deed contains the strongest guarantee of title.<br>Quitclaim Deed &#8211; Answer- A deed which conveys simply the grantor&#8217;s rights or interest<br>in real estate, without any agreement or covenant as to the nature or extent of that<br>interest, or any other covenants; usually used to remove a cloud from the title.<br>Habendum Clause &#8211; Answer- A clause in a deed or lease that defines the type of<br>interest and rights to be enjoyed by the grantee or lessee. Also known as the &#8220;to have<br>and to hold&#8221; clause<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Article 12-A of the NYS Real Property Law &#8211; Answer- &#8211; The section of the New YorkReal Property Law pertaining to real estate salespersons and brokers. Bundle of Rights &#8211; Answer- &#8211; The premise that the ownership of real estate consists ofthe ownership of the various rights associated with it. These rights include the right [&hellip;]<\/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-117677","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/117677","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=117677"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/117677\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=117677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=117677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=117677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}