Real Estate U Final Exam Study Guide
Study online at https://quizlet.com/_38wpgg
1. Article 12-A of the The section of the New York Real Property Law
NYS Real Proper- pertaining to real estate salespersons and brokers.
ty Law - 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
2. Sponsor A licensed real estate broker that holds the license of a salesperson.
3. "Summary of Obtained after your register for the New York State
Your Submis- Salesperson exam using eAccessNY. You must bring this with
sion" you when taking the State exam.
4. Misdemeanor A crime punishable by up to a year in prison and/or a $1,000 fine.
5. Listing Agree- An employment contract between principal and agent, authorizing the
ment agent to perform services for the principle involving the latter's property.
6. Pocket Card A 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.
7. Fiduciary A 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.
8. OLD CAR
, Real Estate U Final Exam Study Guide
Study online at https://quizlet.com/_38wpgg
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
9. Disclosure Re- A written explanation, to
garding Real Es- be signed by a prospective buyer or seller of real estate, explaining to the client
tate Agency Rela- the role that the
tionships Form broker plays in the transaction.
- First document to be submitted to all prospective clients
10. Exclusive Agency An 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
11. Principal The employer of an agent or broker; the broker's or agent's client.
12. Price Fixing Conspiring to establish fixed fees or prices for services or products.
13. Market Alloca- An agreement between members of a trade to refrain from competition in specific
tion market areas.
14. Independent A person that provides services to another under
Contractor terms specified in a contract or within a verbal agreement. An independent
Relationship contractor is not an
employee.
Study online at https://quizlet.com/_38wpgg
1. Article 12-A of the The section of the New York Real Property Law
NYS Real Proper- pertaining to real estate salespersons and brokers.
ty Law - 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
2. Sponsor A licensed real estate broker that holds the license of a salesperson.
3. "Summary of Obtained after your register for the New York State
Your Submis- Salesperson exam using eAccessNY. You must bring this with
sion" you when taking the State exam.
4. Misdemeanor A crime punishable by up to a year in prison and/or a $1,000 fine.
5. Listing Agree- An employment contract between principal and agent, authorizing the
ment agent to perform services for the principle involving the latter's property.
6. Pocket Card A 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.
7. Fiduciary A 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.
8. OLD CAR
, Real Estate U Final Exam Study Guide
Study online at https://quizlet.com/_38wpgg
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
9. Disclosure Re- A written explanation, to
garding Real Es- be signed by a prospective buyer or seller of real estate, explaining to the client
tate Agency Rela- the role that the
tionships Form broker plays in the transaction.
- First document to be submitted to all prospective clients
10. Exclusive Agency An 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
11. Principal The employer of an agent or broker; the broker's or agent's client.
12. Price Fixing Conspiring to establish fixed fees or prices for services or products.
13. Market Alloca- An agreement between members of a trade to refrain from competition in specific
tion market areas.
14. Independent A person that provides services to another under
Contractor terms specified in a contract or within a verbal agreement. An independent
Relationship contractor is not an
employee.
