New York Real Estate Licensing and Regulations, Exams of Real Estate Management

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associate real estate broker ✔✔a licensed real estate broker who may perform the acts of a broker but chooses to work under the name and supervision and license of a licensed broker real estate broker ✔✔any oersons partnership association or corporation who, for another and for compensation of any kind negotiates any form of real eatate transaction. The New York Department of State Division of Licensing Services ✔✔oversees licensure real estate salesperson ✔✔anyone who performs as a real estate broker for compensation of any kind, but does so only while associated, licensed with, and supervised by a licensed broker who is the salespersons sponsor sponser ✔✔a salesperson or an associate cannot work independently eAccess NY ✔✔NYS Department of states password protected occupational licensing management system

NY REAL ESTATE EXAM LATEST UPDATE (202 4 /202 5 ) WITH

VERIFIED QUESTIONS & ANSWERS ALREADY PASSED

Misdemeanor ✔✔less serious crime under law than felony terminations of association ✔✔DOS requires termination of salesperson by the principle broker before it permits a change of association by a new brokerage firm Reciprocity ✔✔nonresident licensees who want NY licensure and who live in the states that do not require NY salespersons and brokers to have an office in their state or pass their exam do not have to do so in NY home inspector ✔✔observes and provides a written report of the systems and components of a residential building for compensation. kickback ✔✔can occur when a broker pays an unlicensed person for obtaining a listing. blind ad ✔✔ad that does not contain full address or phone number of broker team ✔✔two or more people one of whom must be an associate broker or salesperson associated with the same brokerage firm that operate as a team

Listing Agreement ✔✔brokerage contract to market a sellers property for a commission multiple listing service ✔✔system that pools the listings of all member companies escrow account ✔✔separate trust in a federally insured bank Commingling ✔✔mixing the funds of others with business or personal funds net listing ✔✔the seller specifies a net amount of money he wants to receive upon sale of a property. all monies above this net amount are the brokers commission. revocation of a broker license ✔✔suspends the licenses of the salesperson and associate brokers affiliated with the broker Article 78 proceeding ✔✔method for appeals against regulatory agencies such as the DOS agent ✔✔person hired on anothers behalf

fiduciary ✔✔one in a position of trust and loyalty to the principal Principal ✔✔person who selects the agent to act on his behalf customer ✔✔party the agent brings to the principal as a seller or a buyer fiduciary duty ✔✔OLDCAR Obedience Loyalty Disclosure Confidentiality Accountability Reasonable care obedience ✔✔obey reasonable and legal principal instructions general agent ✔✔someone authorized to handle all affairs of the principal concerning a certain matter of property special agent ✔✔someone who has narrow authorization to act on behalf of the principal self dealing ✔✔when a broker has an undisclosed interest in a property

Express Agency ✔✔an agency relationship created by an oral or written agreement between the principal and agent estoppel ✔✔exists when a principal does not stop an individual from representing his or her interests, thus creating an agency relationship between the two Dual Agency ✔✔can occur when one sales associate is involved with both buyer and seller. can also occur when the salesperson representing the seller and the salesperson representing the buyer work for the same broker advance informed consent to dual agency ✔✔the revised law allows consumers to select and allow a dual agency relationship in advance of its occurrence undivided loyalty ✔✔seller and purchaser must release the portion of the fiduciary agent relationship

undisclosed dual agency ✔✔occurs when a subagent or a seller agent is working with a buyer customer and agrees to negotiate for that buyer customer rather than work in the best interest of the seller designated agent ✔✔salesperson or associate broker supervised by a broker who is assigned to represent a client when a different client is also represented by such real estate broker in the same transaction. single agent ✔✔represents the buyer or the seller in a transaction but not both brokers agent ✔✔agent who cooperates or is engaged by a listing agent buyers agent or tenants agent. exclusive right to sell ✔✔only one broker lists the property open listing ✔✔seller allows a property to be shown by one or more brokers agency disclosure form ✔✔details consumer choices about representation at the first substantive contact with a prospective buyer or seller

exclusive right to sell listing ✔✔in this agreement agent gets paid no matter who sells the property regardless of whether its the agent or the seller exclusive agency listing ✔✔agents get paid in this type of agreement only if they sell the property no fee is earned if owner sells alone foreclosure ✔✔loss of property to pay off a debt forfeiture ✔✔losing property because of disobeying a condition in the deed grantor ✔✔gives sells or transfers the property to the grantee grantee ✔✔receives the property Mortgagor ✔✔is the borrower Mortgagee ✔✔is the lender

tax credit ✔✔subtracted from taxes due tax deduction ✔✔subtracted from income tenancy in severalty ✔✔ownership by one person or corporation tenancy in common ✔✔divided ownership joint tenancy ✔✔each owner has same interest, hold undivided interest, receive interest at same time, acquire interest with same deed Tenancy by the entirety ✔✔ownership available to married couples dedication ✔✔give up property to the gov public grant ✔✔government gives property to private individuals

adverse possession ✔✔when someone uses your property for an extended amount of time you may end up losing the property avulsion ✔✔sudden loss of land by act of nature erosion ✔✔gradual loss of land by act of nature partition ✔✔legal proceeding to divide property owned by two or more people accounting ✔✔agent must account for all funds entrusted and not commingle with personal encumbrance ✔✔anything that lessens he bundle of rights in a real property real property ✔✔land and improvements and all legal rights powers and privileges of real estate ownership bundle of rights ✔✔land improvements fixtures fruits of soil all tangible. and intangible rights like air water and mineral

persona property ✔✔everything that is not real property chattel ✔✔personal property subsurface air rights ✔✔rights to area above the earth riparian rights ✔✔belong to the owner of the property bordering a flowing body of water littoral rights ✔✔apply to property bordering a stationary body of water fixture ✔✔attaches permanently to property and becomes part of property trade fixtures ✔✔items of personal property that is presumed to remain personal property Freehold Estate ✔✔ownership for an undetermined length of time (home ownership)

Fee Simple Absolute ✔✔Ownership on which there are no limitations, the highest form of land ownership. Life Estate ✔✔Owner owns property for only the period of the lifetime of the Individual. remainder interest ✔✔fee of simple present interest Remainderman ✔✔One entitled to receive a remainder interest in some estate sometime in the future. life estate in reversion ✔✔if the conveyance does not state a person or persons to receive the title upon death of the life tenant. reverts to grantor. reversionary interest ✔✔possession of the property goes back to the owner at the end of the life estate right of survivorship ✔✔when one of the coowners dies the surviving automatically receive the interest of the deceased

unity of time ✔✔exists when co owners receive their title at the same time in the same conveyance unity of title ✔✔exists when co owners have the same type of ownership unity of interest ✔✔exists when all coowners have the same percentage of ownership unity of possession ✔✔exists when all co owners have the right to possess all portions of property owned. undivided interest. partitioned property ✔✔allows each tenant to have a specific portion of property exclusively joint tenancy ✔✔form of co ownership requires all four unities of time title interest and possession tenancy by entirety ✔✔limited to spouses legally married. trustee ✔✔one who holds title to benefit another

beneficiary ✔✔one who receives benefits from a will or trust joint venture ✔✔organization formed by two or more to invest in real estate voluntary lien ✔✔when an individual consents to placing a security against himself or his property involuntary lien ✔✔occurs when a legal proceeding in which a creditor places a claim on real and/or personal property to obtain payment of a debt specific liens ✔✔claims against a specific and readily identifiable property such as a mortgage general liens ✔✔claims against a person and all of his or her property such as a judgment resulting from a lawsuit Illiquid ✔✔difficult to convert readily to cash

lis pendens ✔✔pending litigation. legal notice that a lawsuit is pending affecting title or possession of a specific property lien ✔✔claim or charge against the property of another. real property tax liens ✔✔have priority over all other liens. levied by a local government mechanics lien ✔✔specific lien filed by a person who provides labor to a property subordination agreement ✔✔modifies the order of priority of liens against a property. easement ✔✔nonpossessory interest in land owned by another. does not own but has access to the land where easement lies easements in gross ✔✔ex: water and electric lines that run underground in subdivisions. government owned

easement appurtenant ✔✔right of use in the adjoining land of another that moves with the title to the property benefiting from the easement. ex: crossing sidewalk on someones property easement for light and air ✔✔view easement easement by necessity ✔✔exist when land has no access to roads and land is locked easements by prescription ✔✔obtained by use of land without the owners permission for a legally prescribed length of time easements by grant ✔✔created with the express written agreement of the landowners easment by implication ✔✔arise by implication from the conduct of the parties easement by condemnation ✔✔created by exercise of the governments right of eminent domain party wall ✔✔wall shared by two adjoining structures

encroachment ✔✔created by the intrusion of some structure or object across a boundary line appurtenances ✔✔the inherent ownership rights that are a natural consequence of owning property. profit air rights subsurface rights water rights alienation ✔✔transfer of title to real property involuntary aienation ✔✔occurs when an individual must give up title to real property against her or her own will voluntary alienation ✔✔the grantors delivery of a valid deed to the grantee while both are alive conveyance ✔✔a deed is also called an instrument of grantor ✔✔the individual who conveys the ownership rights of real property grantee ✔✔the one to whom a deed is given

consideration ✔✔something of value habendum clause ✔✔describes the estate granted and must agree with the granting clause acknowledgment ✔✔oath of subscribing witness to a deed metes and bounds ✔✔metes are the distances from point to point and bounds are the directions from one point to another full covenant and warranty deed ✔✔contains the strongest and broadest form of guarantee of title of any type of deed bargain of sale deeds ✔✔contain an implied representation on the part of the grantor that the grantor has good title and possession of the property quitclaim deed ✔✔deed of release adverse possession ✔✔CHANCE

Claim of right Hostile Actual Notorious Continuous Exclusive title ✔✔evidence of the right to own property chain of title ✔✔tracing the successive conveyance of title abstract of title ✔✔condensed history of title debits ✔✔items owed credits ✔✔moneys received