Nys Realestateu final exam 2023 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 $ 1,000 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 1 / 2
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 Encumbrance - Correct Answer Any right to or interest in the land interfering with its use or transfer or subjecting it to an obligation . Burden on the property . it is aclaim , lein , charge or liability attached to real property . Title can still be transferred Affirmative Easement Appurtenant - Correct Answer Parcels without access to a public way may have an easement of access over adjacent land if crossing that 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 - Correct 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 - Correct 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
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