Nys Realestateu final exam 2023 Flashcards

Nys Realestateu final exam 2023 Flashcards Architectural Review BoardOversees and upholds the quality and aesthetics of a neighborhood, town or city PrincipalThe employer of an agent or broker ; the broker's or agent's client .LevyAn assessment of tax .Voluntary LienA 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 ) .

Construction DrawingsDrawings produced by Architects that describe the quantities of a building Tax AssessorResponsible for determining a municipality's tax rate .Bond BeamConcrete set in soil Essential Element of a Contract1 ) Consideration 2 ) Must be in writing 3 ) Must have competent parties The Office of Receiver of TaxesResponsible for collecting taxes .Board PackageA series of documents submitted for the review by a cooperative board SponsorA licensed real estate broker that holds the license of a salesperson Clean Air Act ( CAA)Federal law designed to control air pollution on a national level House rulesRules in a cooperative that cover common issues including garbage disposal , maintenance , noise , pets , and conflict resolution Triple Net LeaseA lease commonly found in a building with a single , long - term tenant leasee has the responsibility to pay taxes insurance and maintenance Exclusive AgencyAn 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 TitleLegal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest Police PowerThe right of any political body to enact laws and enforce them , for the order safety , health , morals and general welfare of the public .AcreA measure of land equaling 43,560 square feet .Brown vs. Board of EducationDetermined that separate is NOT equal

Planning BoardResponsible for developing and controlling a municipality's comprehensive strategy for growth and development VarianceThe authorization to improve or develop a particular property in a manner not authorized by zoning .MortgageLegal agreement by which a bank lends money in exchange for taking title of the debtor's property , with the condition that the conveyance of title becomes void upon payment of the debt .Share in a Cooperative UnitConsidered a proprietary lease and personal property ( NOT real property ) .SpecificationsA written document produced by an Architect that describes the quality of construction for a building .Circuit BreakerThe safety valves for electrical systems .CondominiumConsidered real property , which is conveyed by a deed .Straight - line DepreciationA method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year Chain of TitleThe sequence of historical transfers of title to a property . It runs from the present owner back to the original owner of the property . record of all Prior transfers Fair Housing Act of 1968A federal prohibition that protects buyer / renter of a dwelling from seller / landlord discrimination with regards to race , color , religion , gender , national origin , familial status , or disability .Specific LienA lien that only binds to a specific asset or property

Example : mortgage

FiduciaryA 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 Full Covenant and Warranty DeedA 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 Fixed Rate MortgageAccounts for the majority of mortgages .AmortizationThe process by which a loan principal decreases over the life of a loan .Article 12 AThe section of the New York Real Property Law pertaining to real estate salespersons and brokers Attorney Review ClauseA clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason Title Xa Federal law that makes real estate licensees liable for the disclosure of lead paint .

Umbrella PolicyInsurance policy that covers amounts above those covered under one or more other primary policies , and which does not pay until the losses exceed a certain sum . Also called excess insurance Price FixingConspiring to establish fixed fees or prices for services or products Capital GainA profit that results from the sale of a property where the amount realized from the sale exceeds the purchase price .Independent Contractor RelationshipA 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 Delivery and AcceptanceLegal policy mandates that a deed to real property be a matter of public record ; therefore. A deed must be properly recorded .Air rightsRights in real property to use the space above the surface of the land Bundle of RightsThe 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 Habendum ClauseA 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 Listing AgreementAn employment contract between principal and agent , authorizing the agent to perform services for the principle involving the latter's property Tax ShelterAny method of reducing taxable income resulting in a reduction of the payments to tax collecting entities , including state and federal governments .EvictionA legal proceeding by a lessor landlord to recover possession of real property Delivery and AcceptanceLegal policy mandates that a deed to real property be a matter of public record ; therefore , a deed must be properly recorded .Riparian RightsThe 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 Building DepartmentA town or agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building codes and zoning ordinances

Estate for YearsA leasehold estate for any specific period of time . not automatically renewed Fixed period of time Market AllocationAn agreement between members of a trade to refrain from competition in specific market areas Express ContractA contract in which all elements of a contract are specifically stated ( offer , acceptance , consideration ) .Pocket CardA 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 .Disclosure Regarding Real Estate Agency Relationships Form 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 Quitclaim DeedA 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 APRThe actual interest rate charged , including loan fees and points StudVertical framing members found in wall construction .Typically placed 12 " , 16 " or 24 " on center Cost ApproachA method of estimating the value of real property by calculating a current construction cost , subtracting accrued depreciation and adding a land value obtained from the market Used for specialized properties that don't have many comparables .Mandated warranty for new construction according to the NYS General Business Law 36 B

• ) 1 year of workmanship 2 ) 6 years for material defects 3
• 2 years for plumbing electrical , and HVAC systems

Secondary Mortgage MarketThe market where mortgage loans and servicing rights are bought and sold between mortgage originators , mortgage aggregators ( securitizers ) and investors AppraisalAn estimate of a property's value by an appraiser who is usually presumed to be expert in his work .DeductibleThe amount of expenses that must be paid out of pocket before an insurer will pay any expenses .Building CodesRegulations established by state or local governments stating fully that structural requirements for building .enforced by the issuance of permits .Closing StatementA document commonly used in real estate transactions , detailing the fees , commissions , insurance , etc. that must