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NYREI
Terminology from Practice Exam
40
Real Estate & Planning
03/21/2013

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
A deed in which the wording in the granting clause contains "remise and release" is which of the following?
Definition
quitclaim deed
Term
The giving of a power, license, or real property from the state or government to a private individual is known as:
Definition
public grant
Term
The amount of an assumed mortgage appears on the buyer's statement as a:
Definition
Credit
Term
An attorney-in fact:
Definition
is appointed by a power of attorney
Term
If you are a salesperson working with a buyer, then the buyer is your client IF
Definition
you have an agency contract with the buyer
Term
A business activity where there is a monopoly or conspiracy that negatively impacts another individual or company to do business is called a(n):
Definition
restraint of trade
Term
A broker who conducts business as a sole proprietorship under an assumed name is classified as a(n):
Definition
trade name broker
Term
A notary's acknowledgment of the signature on a deed is necessary:
Definition
for the deed to be recorded
Term
To place a lien against personal property, one must file a:
Definition
UCC filing
Term
A telephone company runs its poles and wires with the rights granted by an easement:
Definition
in gross
Term
Jim's mechanic's lien will remain against the property for at least:
Definition
1 year
Term
Ellen Waters owns land along the East River and as the owner, has certain:
Definition
Riparian Rights
Term
When a building is to be constructed above land owned by another, the builder purchases the landowner's:
Definition
air rights
Term
The broker receives the most incentive to market property when he or she has a(n):
Definition
exclusive right-to-sell listing
Term
The agency Disclosure form must be presented, explained, and signed when:
Definition
at the first substantive contact
Term
Broker John Brown owes customer Susan Jones:
Definition
fairness and honesty
Term
A buyer's broker is told by the buyer that he had filed for bankruptcy the year before. The buyer's broker:
Definition
can politely refuse to provide any information to the seller that would violate her duty of confidentiality to the buyer
Term
If a principal broker loses her license, her associated salespeople must immediately:
Definition
stop listing and selling
Term
A broker must have completed how many hours of prescribed study?
Definition
120
Term
The person appointed by a court to distribute the property of a person dying intestate is a(n):
Definition
administrator
Term
What should the property manager and owner sign first to manage the property?
Definition
management agreement
Term
A lease that provides for the lessee to pay all or part of the expenses of the property in addition to rent is called a(n):
Definition
net lease
Term
Another name for actual eviction is:
Definition
Legal process
Term
When a purchaser and seller have a valid contract for the sale of real property, the purchaser has:
Definition
equitable title
Term
NYS law requires agency disclosure at:
Definition
the first substantive contact
the acceptance of a purchase contract
a time prior to the signing of a listing
Term
The persons often involved in an agency are:
Definition
principal, agent and third party
Term
Jim Surface was not paid for roofing the Smith's home. How long does he have to file a mechanic's lien?
Definition
4 months
Term
Rosita buys a summer cottage that has a mechanic's lien against it, placed by the workman who was not paid by the former owner Jim, for constructing a dock. The lien now:
Definition
remains as a claim against the property
Term
To establish an easement by prescription in New York, a person must use another's property, for an uninterrupted period of:
Definition
ten years
Term
Thomas' neighbor, George, regularly uses Thomas' driveway to reach his garage. George has an easement over Thomas' driveway. Thomas' property is properly called:
Definition
Servient estate
Term
A share driveway agreement will probably take the form of a(n):
Definition
easement appurtenant
Term
A declaration before a notary public, providing evidence that a signature is genuine is an:
Definition
Acknowledgement
Term
A lease is considered to be:
Definition
Personal Property
Term
A tenant's lease has expired, the tenant has neither left nor negotiated a renewal lease and the landlord has said she does not want the tenant to remain. The tenancy is called:
Definition
Tenancy at sufferance
Term
With a Triple Net Lease, the tenant pays:
Definition
everything but the mortgage
Term
A ground lease is usually:
Definition
long term
Term
Ms. Doran manufactures knitwear in a small rented building. In addition to monthly rent she pays heat, light and property taxes on the building. She probably has a:
Definition
net lease
Term
The beam that supports the floor joists, is called:
Definition
girder
Term
A contract is said to be bilateral if:
Definition
all parties to the contract are bound to act
Term
Which of the following would have to be licensed as a real estate broker or salesperson to act in a real estate transaction on behalf of another and for a fee?
Definition
auctioneer