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Ny Real Estate > Study For RealestateU > Flashcards

Study For RealestateU Flashcards

1
Q

An employment contract between principal and agent, authorizing the
agent to perform services for the principle involving the latter’s property.

A

Listing agreement

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2
Q

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.

A

Pocket card

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3
Q

Obtained after your register for the New York State Salesperson exam using eAccessNY. You must bring your “Summary of Your Submission” with you when taking the State exam.

A

Summary of your submission

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4
Q

licensed real estate broker that holds the license of a salesperson.

A

Sponsor

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5
Q

section of the New York Real Property Law pertaining to real estate salespersons and brokers.
- Primary purpose is to “Protect the Public”
- Requires a salesperson to be at least 18 years of age
- Requires a broker to be at least 20 years of age

A

Article 12-A of the NYS real property law

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6
Q

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.
- OLD CAR
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care

A

Fiduciary

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7
Q

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

A

Disclosure regarding RealEstate agency relationship form

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8
Q

agreement of employment of a broker to the exclusion of all other brokers; if sale is made by any other broker during term of employment, broker holding exclusive agency is entitled to commissions in addition to the commissions payable to the broker who effected the transaction
- Made between a broker and a seller

A

Exclusive agency

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9
Q

employer of an agent or broker; the broker’s or agent’s client.

A

Principal

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10
Q

Conspiring to establish fixed fees or prices for services or products.

A

Price fixing

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11
Q

agreement between members of a trade to refrain from competition in specific market areas.

A

Market allocation

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12
Q

person that provides services to another under terms specified in a contract or within a verbal agreement. An independent contractor is not an employee.
- The agent does not have to work in a specific location - The broker cannot control the agent’s work activities

A

Independent contract relationship

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13
Q

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

A

Bundle of rights

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14
Q

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.

A

Littoral rights

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15
Q

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”

A

Riparian rights

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16
Q

lien that only binds to a specific asset or property (Example: mortgage).

A

Specific lien

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17
Q

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).

A

Voluntary lien

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18
Q

lien imposed by law upon a property to secure the payment of taxes.

A

Tax lien

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19
Q

right to cross or otherwise use someone else’s property for a specified purpose.

A

Easement

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20
Q

Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation.

A

Encumbrance

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21
Q

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.

A

Affirmative easement appurtentant

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22
Q

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.

A

Full covenant and warranty deed

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23
Q

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.

A

Quitclaim deed

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24
Q

clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Also known as the “to have and to hold clause

A

Habendum clause

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25
Q

Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded.

A

Delivery and acceptance

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26
Q

sequence of historical transfers of title to a property. It runs from the
present owner back to the original owner of the property.

A

Chain of title

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27
Q
  • Legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest.
A

Title

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28
Q

document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. that must be transacted for a successful transfer of ownership to take place.

A

Closing statement

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29
Q

1) Consideration
2) Must be in writing
3) Must have competent parties

A

Essential element of a contract

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30
Q

leasehold estate for any specific period of time. An estate for years is not automatically renewed.

A

Estate for years

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31
Q

contract in which all elements of a contract are specifically stated (offer, acceptance, consideration).

A

Express contract

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32
Q

clause found in real estate contracts that may allow buyers to walk away from an agreed upon sale for any reason.

A

Attorney review clause

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33
Q

clause in a contract that states a mortgage must be obtained in order for the contract to be binding

A

Mortgage contingency clause

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34
Q

tenant who remains in possession of leased property after the expiration
of the lease term.

A

Holdover tenant

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35
Q

A lease commonly found in a building with a single, long-term tenant.

A

Triple net lease

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36
Q

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.

A

Mortgage

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37
Q

actual interest rate charged, including loan fees and points.

A

ARP

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38
Q

market where mortgage loans and servicing rights are bought and sold between mortgage originators, mortgage aggregators (securitizers) and investors.

A

Secondary mortgage rate

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39
Q

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.

A

Loan to value LTV

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40
Q

document acknowledging the payment of a mortgage debt.

A

Satisfaction of mortgage

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41
Q

A mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.

A

Adjustable rate mortgage ARM

42
Q

Accounts for the majority of mortgages.

A

Fixed rate mortgage

43
Q

process by which a loan principal decreases over the life of a loan.

A

Amortization

44
Q

Taking private property for public use, with fair compensation to the owner;
exercising the right of eminent domain.

A

Condemation

45
Q

right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public.

A

Police power

46
Q

authorization to improve or develop a particular property in a manner not authorized by zoning.

A

Variance

47
Q

Regulations established by state or local governments stating fully that structural requirements for building.
- Building codes are enforced by the issuance of permits.

A

Building code

48
Q

Rights in real property to use the space above the surface of the land.

A

Air rights

49
Q

document issued by a governmental authority that a building is ready and fit for occupancy.

A

Certificate of occupancy CO

50
Q

Concrete set in soil

A

Bond beam

51
Q

Vertical framing members found in wall construction. Typically placed 12”, 16” or 24” on
center.

A

Stud

52
Q

Drawings produced by Architects that describe the quantities of a
building.

A

Construction drawing

53
Q

written document produced by an Architect that describes the quality of construction for a building.

A

Specifications

54
Q

1) 1 year of workmanship
2) 6 years for material defects
3) 2 years for plumbing, electrical, and HVAC systems

A

Mandated warranty for new construction according to the NYS General Business Law 36- B:

55
Q

Federal law that makes real estate licensees liable for the disclosure of lead paint.

A

TitleX

56
Q

colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country.

A

Radon

57
Q

chronic lung disease caused by inhaling asbestos fibers.

A

Asbestosis

58
Q

Federal law designed to control air pollution on a national level.

A

Clean air act CAA

59
Q

estimate of a property’s value by an appraiser who is usually presumed to be
expert in his work.

A

Appraisal

60
Q

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.

A

Cost approach

Current construction cost-depreciation + land value

61
Q

appraisal technique whereby the value of an income producing property is estimating by capitalizing its net operating income using an appropriate capitalization rate. Value = Income / Rate.
- Commonly used in commercial properties

A

Income approach

62
Q

Valuation method which compares a subject property’s characteristics with those of comparable properties which have recently sold in similar transactions.

A

Sales comparison approach

63
Q

refusal to lend money within a specific area for various reasons. This practice
is illegal.

A

Red - lining

64
Q

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 in property values.

A

Block busting

65
Q

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.

A

Fair housing act of 1968

66
Q

Determined that separate is NOT equal.

A

Brown bs board of education

67
Q

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.

A

Testers

68
Q

measure of land equaling 43,560 square feet.

A

Acre

69
Q

Responsible for developing and controlling a municipality’s comprehensive
strategy for growth and developmen

A

Planning board

70
Q

Oversees and upholds the quality and aesthetics of a neighborhood, town, or city.

A

Architectural review board

71
Q

Responsible for collecting taxes.

A

The office of receiver of taxes

72
Q

own or city agency that oversees and reviews building applications by licensed professionals to ensure compliance with local building code and zoning ordinances.

A

Building department

73
Q

amount of expenses that must be paid out of pocket before an insurer will pay
any expenses.

A

Deductible

74
Q

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.

A

Umbrella policy

75
Q

Responsible for determining a municipality’s tax rate.

A

Tax assessors

76
Q

assessment of tax.

A

Levy

77
Q

valuation placed upon property by a public officer or a board, as a basis for taxation.

A

Assessed value

78
Q

Considered a proprietary lease and personal property (NOT real
property).

A

Share in a cooperative unit

79
Q

A key document provided during the purchase of a cooperative, which includes information required to be disclosed to the purchaser.

A

The offering plan

80
Q

series of documents submitted for the review by a cooperative board.

A

Board package

81
Q

owner’s rights and obligations for a condominium.

A

By-laws

82
Q

Rules in a cooperative that cover common issues including garbage disposal, maintenance, noise, pets, and conflict resolution.

A

House rules

83
Q

Considered real property, which is conveyed by a deed.

A

Condominium

84
Q

Monthly payments by a shareholder to a cooperative corporation.

A

Maintenance

85
Q

Monthly payment by an owner of a condominium.

A

Common charges

86
Q

developer or owner organizing and offering for sale a condominium or cooperative development.

A

Sponsor

87
Q

use of borrowed capital (mortgage) to increase the potential return of an
investment.

A

Leverage

88
Q

An accounting statement that forecasts income and expenses for a period of time, typically five or more years.

A

Pro-Foma statement

89
Q

NOI / Purchase Price

A

CAP rate

90
Q

ability to have cash readily available to support the demands of running and
maintaining real property

A

Liquid

91
Q

total amount collected from rents and other income producing opportunities.

A

Gross income

92
Q

profit that results from the sale of a property where the amount realized from
the sale exceeds the purchase price.

A

Capital gain

93
Q

Cash received in a tax-deferred exchange.

A

Boot

94
Q

Any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments.

A

Tax shelter

95
Q

method of calculating the depreciation of an asset which assumes the asset will lose an equal amount of value each year.
- A residential property is depreciated over a 27.5 year period. - A commercial property is depreciated over a 39 year period.

A

Straight line depreciation

96
Q

45 days to identify a new property
- 180 days to close on a new property

A

1031 exchange

97
Q

intermediary who brings mortgage borrowers and mortgage lenders together, but does not use its own funds to originate mortgages.

A

Mortgage broker

98
Q

company, individual or institution that originates mortgages. Mortgage bankers use their own funds, or funds borrowed from a warehouse lender, to fund mortgages.

A

Mortgage banker

99
Q

Someone authorized to transact every kind of business for the principal
(Example: Property Manager)

A

General agent

100
Q

amount of money set aside by the owner for a specific period for the property manager to manage the property effectively.

A

Operating budget

101
Q

contract between the owner of a property and someone who agrees to manage it.

A

Management agreement

102
Q

accounting report issued periodically by the property manager to the owner outlining all income and expenditures for that accounting period.

A

Property management report

Ny Real Estate (13 decks)

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