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Real Estate U Final Exam (Actual 2025/2026) 109 Questions And 100% Verified Answers
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Real Estate U Final Exam (Actual 2025/2026) 109 Questions And 100% Verified Answers
NYS Real Estate Property Law (1) Protect the public (2) Salesperson at least 18 (3) broker at least 20 years.
Sponsor Broker that holds salesperson license
Summary of Submission Paper you get after registering for NYS test. Bring to tes with you
Chain of Title History of who has owned a speciifc title
Title Legal Term for ownership f the budle of rights in real estate
Closing Statement Document detailing fees, commisions, insurance, etc tha makes a transaction vaid
Essential Elements of a Contract (1) in writing (2) consideration (3) competant parties
Estate for years Non automaticlly reneable lease for a specific period of time
Express Contract Contract the expresses all essential elements of a contract. Sponsor Developer or owner organizing COOP or Condo offering
Leverage Used of borowed money to invest
Tax Shelther method for reducing taxable income
Straigt Line Deprciation 27.5 years for residential and 39 for commercial.
1031 Exchange 45 days for indetification 180 for clsoing.
Mortgage Broker Intermediary who brings loan originator (bank) and buyer. Don't use owen funds
Mortgage Banker Lends own money
General Agent Propety Manager. Authorized to transact every kind of businedd on behalf of principal
Operating Budget Amount of money for a period of time to manage the property effectively
Management Agreement Contract between owner and property manager
Property Management Report Report by Property Manager outlinging expenses and incom e
Attorney Review Clause Clause that allowsa buyer to back out of a deal at any point in time during the transaction.
Mortgage Contingency Clause Clause that states a contract is only vald if the buyers can get a mortgage
Loan to Value (LTV) Ration beween Purchae Price or Appraised Value (whichever is less) and loan given by bank
Satisfction of Mortgage when mortgage is paid off. This is the document that acknowledges that
Adjustable Rate Mortgage A mortage loan with an adjustable rate based on credit markets
Fixed Rate Mortgage Mortgage with fixed rate. Most common.
Amortization Process by which a loan princiapl is paid off
Condemnation Taking private property for public use on there the concept of eminent domain
Police Power Right to enact laws for public good Misedemanor Crime with no more than 1 year prison or $1,000 fine
Listing Agreement Agreement between salesperson and property owner, allowing salesperson to provide services to the owner involving their porperty
Pocket Card Has salesperson photo, name, and business address of broker. Carry at all times
Fiduciary Person responsible for other people's property and/or funds
Market Allocation Anti-competition. Illegal
Independent Contractor Not an employee. Agrees to do something for someon else based on a contract. Does not have to work anywhere specifically and broker cannot control the person's activities
Bundle of Rights Ownership comes with an array of rights including livign, leasing, selling (in part or whole). Includes quiet enjoyment
Littoral Rights Rights to water along a property
Riparian Rights Rights to running water along a property
Specifc Lien
Lient against a specific asset, like a mortgage
Voluntary lien Voluntary lien against an asset, like a mortgage
tax Lien Involuntary lien against asset so that the asset owner has to pay taxes
Easment A right to cross someone elses propoerty to get to yours
Encumberance Something that is in the way of clear title to a propoerty
Affirmtive Easment Appurtenant A forced easment because of the fact that someoen would not be able to get to their property without it.
Air Rights Rights to the air space above a building
Certificate of Occupancy (CO) Document that states a building is habitable
Stud Vetical wall members
Beam Horizontal floor members
Bearing Walls Structural walls to transwer weight to foundation
Bond Beam Concrete set in soil
Circuit Breaker Electrical valves for safety
Construction Drawings Define Quantity
Specifications Define Quality
Mandated Warranty - NYS General Business Lae 36 workmanship 1 year, HVAC, plumbing etc 2 years, structural/material 6 years
Title X Saleperson is responsible for disclosing lead
Radon
Cost Approach Usually for unique buildings. Total cost - depreciation + land value
Income Approach For Commercial Properties. VIR, Value = Income/ Rate
Sales Comparison For typical resedential. Based on recent purchaes of like properties.
Red Lining No Mortgage to pople in specific areas. Illegal
Blockbustin Forcig people out of their homes by selling a usually lower than market values with the threat the a new group of people will come in and decrease land value
Fair Housing act of 1968
Federal law that protects buyers from disrimiation
Brown v. Board of Ed Separate is not Equal
testers people who make sure no discrimiation in selling propoerties
Planning Board Responsible for strategies and long-term growth
Architectura lReview Board Oversees appearance of town/neighborhood
The Office of Receiver of Taxes Collects Taxes
Building Department
Share in COOP unit personal property .Ownership in a coop
Offering Plan Key Document from COOP Board to disclose everthing to potntial buyer
Board Package Documents given to board of COOP for review
By Laws Owner rights and obligations
House Rules Rules in a COOP
Condominum Real property wit hdeed
Maitenance Monthly payments in COOP
Common Charges monthly payments in Condo
