Real Estate U Final Exam 921 Actual

Real Estate U Final Exam | 921 Actual Questions and Answers 100% Correct | - Article 12-A of the NYS Real Property Law - 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 - Answer A licensed real estate broker that holds the license of a salesperson

"Summary of Your Submission" - 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 - Answer A crime punishable by up to a year in prison and/or a $1,000 fine

Listing Agreement - Answer An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property.

Pocket Card - 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.
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Fiduciary - 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 - 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 - 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 - Answer The employer of an agent or broker; the broker's or agent's client.

Price Fixing - Answer Conspiring to establish fixed fees or prices for services or products

Market Allocation - Answer An agreement between members of a trade to refrain from competition in specific market areas.

Independent Contractor Relationship - 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.

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• The agent does not have to work in a specific location
• The broker cannot control the agent's work activities

Bundle of Rights - 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 - 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 - 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 - Answer A lien that only binds to a specific asset or property

(Example: mortgage).

Voluntary Lien - 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 - Answer A lien imposed by law upon a property to secure the payment of taxes.

Easement - Answer A right to cross or otherwise use someone else's property for a specified purpose.

Encumbrance - Answer Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation

Affirmative Easement Appurtenant - Answer Parcels without access to a public way may have an easement of access over adjacent land if crossing that 3 / 4

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 - 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 - 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 - 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 - 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 - 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 - 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 - 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.

Essential Element of a Contract: - Answer 1) Consideration

2) Must be in writing 3) Must have competent parties

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