REAL ESTATE U FINAL EXAM STUDY GUIDE UPDATED
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. Article 12-A of the NYS Real Property Law
Answer:
The 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
Question:
2. Sponsor
Answer:
A licensed real estate broker that holds the license of a salesperson.
Question:
3. "Summary of Your Submission"
Answer:
Obtained after your register for the New York State Salesperson exam using eAccessNY. You must bring
this with you when taking the State exam.
Question:
4. Misdemeanor
Answer:
A crime punishable by up to a year in prison and/or a $1,000 fine.
Question:
5. Listing Agreement
Answer:
An employment contract between principal and agent, authorizing the agent to perform services for the
principle involving the latter's property.
Question:
6. Pocket Card
Answer:
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.
Question:
7. Fiduciary
, Answer:
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.
Question:
8. OLD CAR
Answer:
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
Question:
9. Disclosure Regarding Real Estate Agency Relationships Form
Answer:
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
Question:
10. Exclusive Agency
Answer:
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
Question:
11. Principal
Answer:
The employer of an agent or broker; the broker's or agent's client.
Question:
12. Price Fixing
Answer:
Conspiring to establish fixed fees or prices for services or products.
Question:
13. Market Allocation
Answer:
An agreement between members of a trade to refrain from competition in specific market areas.
Question:
14. Independent Contractor Relationship
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. Article 12-A of the NYS Real Property Law
Answer:
The 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
Question:
2. Sponsor
Answer:
A licensed real estate broker that holds the license of a salesperson.
Question:
3. "Summary of Your Submission"
Answer:
Obtained after your register for the New York State Salesperson exam using eAccessNY. You must bring
this with you when taking the State exam.
Question:
4. Misdemeanor
Answer:
A crime punishable by up to a year in prison and/or a $1,000 fine.
Question:
5. Listing Agreement
Answer:
An employment contract between principal and agent, authorizing the agent to perform services for the
principle involving the latter's property.
Question:
6. Pocket Card
Answer:
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.
Question:
7. Fiduciary
, Answer:
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.
Question:
8. OLD CAR
Answer:
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
Question:
9. Disclosure Regarding Real Estate Agency Relationships Form
Answer:
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
Question:
10. Exclusive Agency
Answer:
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
Question:
11. Principal
Answer:
The employer of an agent or broker; the broker's or agent's client.
Question:
12. Price Fixing
Answer:
Conspiring to establish fixed fees or prices for services or products.
Question:
13. Market Allocation
Answer:
An agreement between members of a trade to refrain from competition in specific market areas.
Question:
14. Independent Contractor Relationship
