Real estate Final Exam 2024 Questions and Answers

Article 12 A - ans-NYS Real Estate Property Law (1) Protect the public (2) Salesperson at least 18 (3) broker at least 20 years . Sponsor - ans-Broker that holds salesperson license Summary of Submission - ans-Paper you get after registering for NYS test. Bring to tes with you Misedemanor - ans-Crime with no more than 1 year prison or $1,000 fine Listing Agreement - ans-Agreement between salesperson and property owner, allowing salesperson to provide services to the owner involving their porperty Pocket Card - ans-Has salesperson photo, name, and business address of broker. Carry at all times Fiduciary - ans-Person responsible for other people's property and/or funds OLD CAR - ans-Obedience, Loyalty, Diclosure, Confidentiality, Accountability, and Reasonable Care Disclosure Regarding Real Estate Agency Relationship Form - ans-First form given to clien that establishes the business relationship and understandings Exclsive Agency - ans-When client agees that only one broker is going to sell a property. Even if someone else sells, the exclusive agent is entitled to commisions. Principal - ans-Client / Propert owner or buyer