Real Estate U Pass the NY State Exam

The Department of State - answer-- Primarily responsible for issuing real estate licenses, pocket cards, and handing down disciplinary action - Provides advertising guidelines for brokers Article 12-A of the NYS Real Property Law - answer-Outlines the roles/duties of the Department of State Commissions - answer-- Commissions are paid by the client (buyer or seller depending on the transaction) to the brokers involved in the transaction. - A typical commission in New York is 6%. - Commissions are always negotiable, and are determined by both the client and broker. Blind Ad - answer-An ad that remains anonymous as to who is advertising is known as a Blind Ad. Blind ads are illegal. 175.25 of Article 12-A of the NY Real Property Law - answer-" All advertisements placed by a broker must indicate that the advertiser is a broker or give the name of the broker and his telephone number. All advertisements placed by a broker which state that property is in the vicinity of a geographical area or territorial subdivision must indicate as part of such advertisement the name of the geographical area or territorial subdivision in which such property is actually located." Suspensions - answer-The revocation or suspension of a broker's license suspends the license of the salespersons and associate brokers affiliated with the broker. OLDCAR - answer-Obedience - Agent must act in accordance to clients demands/instructions Loyalty - Agent must work in the best interest of his client Disclosure of Information - Agent must communicate with client / must present all offers Confidentiality - All confidential information as described by client must remain so unless given permission in writing. Accountability - One of the more serious fiduciary responsibilities. Reasonable Care and Duty to Account - Agent may be liable for costly mistakes. Agency Disclosure Form - answer-- A written explanation, to be signed by a prospective buyer or seller of