Download Nys Realestateu (Latest 2025Update) Questions and Verified Answers and more Exams Nursing in PDF only on Docsity!
Nys Realestateu (Latest 202 5 Update) Questions and
Verified Answers- 100% Correct| Already Grade A
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,
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
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
Essential Element of a Contract CORRECT ANSWER>>> 1 ) Consideration 2 ) Must be in writing 3 )
Must have competent parties
Estate for Years CORRECT ANSWER>>> A leasehold estate for any specific period of time. not
automatically renewed Fixed period of time
Express Contract CORRECT ANSWER>>> A contract in which all elements of a contract are specifically
stated ( offer , acceptance , consideration ).
Attorney Review Clause CORRECT ANSWER>>> A clause found in real estate contracts that may allow
buyers to walk away from an agreed upon sale for any reason
Mortgage Contingency Clause CORRECT ANSWER>>> A clause in a contract that states a mortgage
must be obtained in order for the contract to be binding.
Eviction CORRECT ANSWER>>> A legal proceeding by a lessor landlord to recover possession of real
property
Holdover Tenant CORRECT ANSWER>>> A tenant who remains in possession of leased property after
the expiration of the lease term. I.e tenant who continuer not to pay.
Triple Net Lease CORRECT ANSWER>>> A lease commonly found in a building with a single , long -
term tenant leasee has the responsibility to pay taxes insurance and maintenance
Mortgage CORRECT ANSWER>>> Legal 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.
APR CORRECT ANSWER>>> The actual interest rate charged , including loan fees and points
Secondary Mortgage Market CORRECT ANSWER>>> The market where mortgage loans and servicing
rights are bought and sold between mortgage originators , mortgage aggregators ( securitizers ) and investors
Loan to Value CORRECT ANSWER>>> A financial term used by lenders to express the ratio of a loan to
the value of an asset ( property ) purchased. Determined by using the Purchase Price or the Appraised Value , whichever is less.
Satisfaction of Mortgage CORRECT ANSWER>>> A document acknowledging the payment of a
mortgage debt.
Adjustable rate mortgage ( ARM ) CORRECT ANSWER>>> A mortgage index which reflects the cost to
the loan with the interest rate on the note lender of borrowing on the periodically adjusted based on an credit markets.
Fixed Rate Mortgage CORRECT ANSWER>>> Accounts for the majority of mortgages.
Amortization CORRECT ANSWER>>> The process by which a loan principal decreases over the life of a
loan.
Condemnation CORRECT ANSWER>>> Taking private property for public use , with fair compensation
owner , exercising the right of eminent domain
Police Power CORRECT ANSWER>>> The right of any political body to enact laws and enforce them ,
for the order safety , health , morals and general welfare of the public.
Variance CORRECT ANSWER>>> The authorization to improve or develop a particular property in a
manner not authorized by zoning.
Building Codes CORRECT ANSWER>>> Regulations established by state or local governments stating
fully that structural requirements for building. enforced by the issuance of permits.
Radon CORRECT ANSWER>>> A colorless , odorless gas that is emitted from soils , rocks and water as
a result of radioactive decay in certain areas of the country.
Asbestos CORRECT ANSWER>>> A naturally occurring mineral fiber sometimes found in older homes
. It is hazardous to health when a possibility exists of exposure to inhalable fibers
Asbestosis CORRECT ANSWER>>> A chronic lung disease caused by inhaling asbestos fibers.
Lead CORRECT ANSWER>>> A material used in pipes and paint of many older homes
Clean Air Act ( CAA) CORRECT ANSWER>>> Federal law designed to control air pollution on a national
level
Appraisal CORRECT ANSWER>>> An estimate of a property's value by an appraiser who is usually
presumed to be expert in his work.
Cost Approach CORRECT ANSWER>>> A 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.
Income Approach CORRECT ANSWER>>> is estimating 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
Sales comparison approach CORRECT ANSWER>>> characteristics with those of comparable
properties which have recently sold in similar Valuation method which compares a subject property's transactions.
Red - lining CORRECT ANSWER>>> The refusal to lend money within a specific area for various
reasons. This practice is illegal
Blockbusting CORRECT ANSWER>>> The practice of inducing homeowners in a particular
neighborhood to sell their homes quickly often at below market prices by creating the fear that the
entry of a minority group or groups into the neighborhood will cause a precipitous decline and property values
Fair Housing Act of 1968 CORRECT ANSWER>>> A 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.
Brown vs. Board of Education CORRECT ANSWER>>> Determined that separate is NOT equal
Testers CORRECT ANSWER>>> Volunteers from state or private agencies who enforce fair housing by
claiming to be home seekers , thereby finding out if brokers deal fairly with all clients / customers
Acre CORRECT ANSWER>>> A measure of land equaling 43,560 square feet.
Planning Board CORRECT ANSWER>>> Responsible for developing and controlling a municipality's
comprehensive strategy for growth and development
Architectural Review Board CORRECT ANSWER>>> Oversees and upholds the quality and aesthetics
of a neighborhood, town or city
The Office of Receiver of Taxes CORRECT ANSWER>>> Responsible for collecting taxes.
Building Department CORRECT ANSWER>>> A town or agency that oversees and reviews building
applications by licensed professionals to ensure compliance with local building codes and zoning ordinances
Deductible CORRECT ANSWER>>> The amount of expenses that must be paid out of pocket before an
insurer will pay any expenses.
Umbrella Policy CORRECT ANSWER>>> Insurance 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
Pro - forma Statement CORRECT ANSWER>>> An accounting statement that forecasts income and
expenses for a period of time , typically five or more years.
Cap Rate CORRECT ANSWER>>> NOI / Purchase Price
Liquid CORRECT ANSWER>>> The ability to have cash readily available to support the demands of
running and maintaining real property
Gross Income CORRECT ANSWER>>> The total amount collected from rents and other income
producing opportunities
Capital Gain CORRECT ANSWER>>> A profit that results from the sale of a property where the
amount realized from the sale exceeds the purchase price.
Boot CORRECT ANSWER>>> Cash received in a tax - deferred exchange.
Tax Shelter CORRECT ANSWER>>> Any method of reducing taxable income resulting in a reduction of
the payments to tax collecting entities , including state and federal governments.
Straight - line Depreciation CORRECT ANSWER>>> A method of calculating the depreciation of an
asset which assumes the asset will lose an equal amount of value each year
an equal A residential property is depreciated CORRECT ANSWER>>> over a 27.5 year period
A commercial property is depreciated CORRECT ANSWER>>> over a 39 year period
1031 Exchange CORRECT ANSWER>>> 45 days to identify a new property, 180 days to close on a new
property. Process which allows investors to sell a property and reinvest the proceeds new property.
Mortgage Broker CORRECT ANSWER>>> An intermediary who brings mortgage borrowers and
mortgage lenders together , but does not use its own funds to originate mortgages
Mortgage Banker CORRECT ANSWER>>> A company , individual or institution that originates
mortgages. Mortgage bankers use their own funds , or funds borrowed from a warehouse lender , to fund mortgages
General Agent CORRECT ANSWER>>> Someone authorized to transact every kind of business for the
principal Example : Property Manager )
Operating Budget CORRECT ANSWER>>> An amount of money set aside by the owner for a specific
period for the property manager to manage the property effectively
Management Agreement CORRECT ANSWER>>> A contract between the owner of a property and
someone who agrees to manage it
Property Management Report CORRECT ANSWER>>> An accounting report issued periodically by the
property manager to the owner outlining all income and expenditures for that accounting period
