New York Salesperson Flash Cards

Our Flash Cards will help you prepare to ace the New York State Real Estate Exam. Study a variety of 100 key questions and answers, and quickly memorize terms, phrases, and definitions by simply clicking on a flash card to retrieve the answers to state specific questions.

Which is the law that allows one to appeal a decision made by DOS?

Article 78

Real estate professionals are required to take how many hours of continuing education every two years?

22.5

For a deed to be recorded, it must be in writing and:

signed by the grantor(s) and notarized

A broker can receive commissions from both the seller and the buyer if

There is informed consent by all parties in writing

Another term for the transfer of real property is:

alienation

Another term for personal property is

chattel

What is the term when no specific end date is defined in a lease, but there is a repeated agreed-upon interval?

periodic estate

A freehold estate is

permanent ownership

A percentage lease usually occurs

in a shopping mall

An owner that seeks a mortgage loan that covers more than 1 property is what type of mortgage?

a blanket mortgage

This listing is illegal in New York

net listing

A deed is usually recorded at

the county clerk courthouse

At this age you qualify for a reverse annuity mortgage:

What approach does an appraiser use to estimate the value of a 1 - 4 unit dwelling?

Sales comparison

The process of combining adjacent parcels of land to form one larger parcel is

assemblage

Which appraisal approach can be used for an apartment building?

Income approach

The landowner that has the right to use an easement over another person's land is

dominant

A mortgage is what type of lien?

voluntary lien

What is the term that describes the government's right to take private property for public use?

Eminent domain

The landlord of a lease is called the

lessor

The law agents follow when providing real estate services is:

Article 12A

A Subagent represents the

broker’s client

Which type of ownership has a condition of married at the time of purchase?

Tenancy by entirety

The best deed for the grantee

Warranty Deed

A lien is

evidence of a debt

A leasehold estate is a

possession without ownership

Actual eviction means

the landlord evicts the tenant through the legal process

Real Estate License Laws were instituted to

protect the public and maintain high standards

In New York, real estate licenses are under the supervision of the

Department of State

A fully qualified broker who chooses to act as a salesperson under another broker's sponsorship is licensed as a(n):

associate broker

If a Real Estate Broker’s license is suspended.

all salesperson’s licenses are suspended

How many years must a real estate broker keep all documents pertaining to a real estate transaction?

three years

The term commingling pertains to

mixing the broker’s funds with escrow deposits

The Agency Disclosure Form must be presented, explained, and signed when

there is a first substantial contact

Brokers have the most incentive to market a property when they have a(n):

exclusive right-to-sell listing

A telephone company has a right to install its poles and wires granted by what type of easement?

in gross

When someone dies leaving no will no natural heirs, and no creditors, the New York State property goes to

the state of New York through the process of escheat

Broker John Brown owes customer Susan Jones

fairness and honesty

A notary's acknowledgment of the signature on a deed is necessary for

the deed to be recorded

A broker who conducts business as a sole proprietorship under an assumed name is classified as a(n):

trade name broker

If a licensee has wrongfully obtained funds in the course of a violation of license law, DOS may impose a fine of

$1000 and/or the full amount received

A partner in a real estate firm must hold which level of license?

broker

A business activity involving a monopoly or conspiracy that negatively impacts another individual or company is called a(n):

restraint of trade

A freehold estate limited by the holder's own life time is a

life estate

A cooperative apartment is characterized by

ownership of stock in a corporation and a proprietary lease

The legal right to enter upon another's property is a(n)

easement

The giving of real property from the state or government to a private individual is known as

public grant

A deed that contains no warranties

quitclaim deed

The person appointed by a court to distribute the deceased person’s property who died intestate is a(n):

Administrator

A lease that provides for the lessee to pay a part or all of the expenses of a property, in addition to rent, is called a(n):

net lease

To establish an easement by prescription in New York, a person must use another's property for an uninterrupted period of

ten years

A shared driveway agreement will probably take the form of a(n)

easement appurtenant

The lien with the first claim against real estate is

the property tax

A declaration before a notary public, providing evidence that a signature is genuine, is:

Acknowledgment

Connie Smith fears that if the building is sold, a new landlord may not honor the year remaining on her apartment lease. The new owner

must abide by the terms of her original lease

What will the tenant pay with a triple net lease?

real estate taxes, property insurance, CAM (common area maintenance) plus base rent.

A ground lease is usually

long term land lease

Property managers owe property owners

a fiduciary relationship

How many years must a real estate broker keep all documents pertaining to a real estate transaction?

three years

The landlord or the real estate agent must furnish a lead paint information booklet to all prospective buyers and tenants

for residential buildings constructed before 1978

The engineer that draws the dimensions of the land is called a(n)

surveyor

The type of insurance that protects a landlord from liability damages due to criminal or negligent acts of an employee during working hours is

A surety bond

A naturally occurring radioactive gas that can present itself as an environmental hazard is

Radon

A broker must have completed how many hours of prescribed study for licensing?

120

When a newly constructed building is complete and passes inspection from a building department inspector, the local government building department will issue a

Certificate of occupancy

An ad valorem tax is based on

Assessed property value

Real estate taxes are based on

The tax levy

A first-time homebuyer may not be liable for a 10% early withdrawal penalty if he or she uses IRA funds to buy a home. This exemption allows the buyer to use IRA funds up to

10,000

The income a real estate salesperson earns from commissions paid on closed transactions is considered to be

Active income

An abstract of title is a document that

Offers a summary of the history of the recorded title

Regulations that govern permissible use of property are called

Zoning codes

An appraisal of real property offers

An opinion of value

A real estate broker who is not a licensed appraiser can offer an opinion of property value. That is called a

Comparative market analysis

When appraising a school building for insurance purposes, the best approach in obtaining an appraised value of the property is the