Nys Realestateu final exam 2024 Flashcards

Nys Realestateu final exam 2024 Flashcards PrincipalThe employer of an agent or broker ; the broker's or agent's client .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 ) .

Tax AssessorResponsible for determining a municipality's tax rate .Bond BeamConcrete set in soil License Exemptions- Attorneys admitted to the NY State Bar if they represent a client. If an attorney wants to employ salespersons, they then must obtain a broker's license- Public officers when performing official duties- Persons under the judgment or order of a court.Stigmatized Property DisclosureAccording to Article 443-a of the NY Real Property Law, sellers and seller agents do not have to disclose the following facts when selling or leasing residential

property:1) Occupants who have AIDS or other illnesses

not transmitted through occupancy.2) Properties that were a site of death due to natural causes, accidents, suicide, homicide, crime, and other reasons.Real estate brokers license- Have at least two years of experience as a real estate salesperson.- Be at least 20 years of age.- Complete the 45-hour NYS real estate broker's course (120 hours of total coursework including the 77-hour real estate salespersons course).- Pass the exam.Must be renewed every 2 years.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 Circuit BreakerThe safety valves for electrical systems. It interrupts an electric circuit when an unusual condition arises such as lightning and malfunctioning appliances. Unlike a fuse, it can be reset.Common ChargesMonthly payment by an owner of a CONDOMINIUM .SponsorA licensed real estate broker that holds the license of a salesperson 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 Clean Air Act ( CAA)Federal law designed to control air pollution on a national level

Mortgage BrokerAn intermediary who brings mortgage borrowers and mortgage lenders together , but does not use its own funds to originate mortgages Holdover TenantA tenant who remains in possession of leased property

after the expiration of the lease term (ex: tenant who

continues not to pay) Operating BudgetAn amount of money set aside by the owner for a specific period for the property manager to manage the property effectively 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 Violations of the Real Property LawThe Department of State may suspend or revoke a real estate salesperson or broker's licenseThe DOS may also impose a fine not to exceed $1,000.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 .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 NYS Department of StatePrimarily responsible for issuing real estate licenses, pocket cards, and handing down disciplinary action.Article 12-A of the NYS Real Property Law outlines the roles/duties Suspension or Revocation of Sponsor's License If a broker's license is suspended or revoked, each real estate salesperson working under that broker shall also have their licenses suspended. In this case, the State deems the salesperson's license as a 'discontinuance of association with the broker being suspended'.Brown vs. Board of EducationDetermined that separate is NOT equal 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 .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 .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

Cost ApproachA method of estimating the value of real property Formula:

Total Cost - Depreciation * Land Value 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 Bearing WallsStructural walls that transfer building loads down to the foundation . Joists , beams , and roofs are typically supported by these 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 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 Air rightsRights in real property to use the space above the surface of the land Income ApproachEstimating by capitalizing its net operating income using an appropriate capitalization rate . An appraisal technique whereby the value of an income producing property Value = Income / Rate... Commonly used in commercial properties MisdemeanorA crime punishable by up to a year in prison and / or a $ 1,000 fine .According to section 442-e of the NYS Real

Property Law:"Any person who violates any provision of

this article shall be guilty of a misdemeanor. The commission of a single act prohibited by this article shall constitute a violation hereof." Specific LienA lien that only binds to a specific asset or

propertyExample : mortgage

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 foregoingIncludes the right to quiet enjoyment