NY STATE Real Estate U test exam prep
Department of State responsibility? - answer Responsible for issuing real estate
licenses, pock cards, and handing down disciplinary action.
Article 12-A NYS real property law outlines - answer Roles and responsibilities of
department of state.
Typical commission in NY? - answer6%
Commissions are ______ and determined by____? - answer-Negotiable
-both client and broker
Blind ad - answer An ad that remains anonymous as to who is advertising. Which is
illegal
What must be included in advertisement? - answer17.25 Article 12-A of NY real
property law stats
-must indicate broker name and phone #
What happen if broker license is suspended or there is revocation? -
answerSalesperson and associates broker licenses are suspended.
What are Fiduciary Duties? - answerObedience
Loyalty
Disclosure
Confidentiality
Accountability
Reasonable care and duty to account
When is agency disclosure form? - answerA written explanation to be signed by a
prospective buyer or seller of real estate, explaining to the client role that the broker
plays in transaction.
-Should be signed at first substantive contact
, -outlines the agents duties
-allows for advance consent to dual agency
-explains that an agent owes a fiduciary duty to the client.
Undisclosed Agency - answerA relationship which the real estate agent found to be the
agent of both the buyer and seller in a transaction, but without the knowledge and
informed consent of both parties.
-illegal in NY
-agent should notify both parties and have them sign agency disclosure form which
states that the agent is acting as a dual agent. This is known as Advance consent to
dual agency.
General Agent - answerSomeone authorized to transact every kind of business for the
principal.
-Property Manager
Special Agent - answerAn agent with limited authority to act on behalf of the principal,
such as created by a listing.
-real estate agent/real estate broker and
Exclusive right to sell - answerAn agreement of employment by a broker under which
the exclusive right to sell for specified period is granted to the broker; if a sale during the
term of the agreements made by owner or by other broker, the broker holding such
exclusive right to sell is nevertheless entitled to compensation.
Agent - answerSales person or broker
The buyer or Seller is know as? - answerPrincipal or client
What can a salesperson/agent not do? - answerCollect money or commissions
-broker must pay salesperson applies to any referral fees paid from another
broker/salesperson/mortgage broker.
Sub agent - answerA person appointed by an agent with permission of the principal
(seller) to assist in performing some or all the tasks of the agency.
-Typically occurs with properties listed on MLS
What's a independent contractor requirements? - answer-Real estate sales person
Department of State responsibility? - answer Responsible for issuing real estate
licenses, pock cards, and handing down disciplinary action.
Article 12-A NYS real property law outlines - answer Roles and responsibilities of
department of state.
Typical commission in NY? - answer6%
Commissions are ______ and determined by____? - answer-Negotiable
-both client and broker
Blind ad - answer An ad that remains anonymous as to who is advertising. Which is
illegal
What must be included in advertisement? - answer17.25 Article 12-A of NY real
property law stats
-must indicate broker name and phone #
What happen if broker license is suspended or there is revocation? -
answerSalesperson and associates broker licenses are suspended.
What are Fiduciary Duties? - answerObedience
Loyalty
Disclosure
Confidentiality
Accountability
Reasonable care and duty to account
When is agency disclosure form? - answerA written explanation to be signed by a
prospective buyer or seller of real estate, explaining to the client role that the broker
plays in transaction.
-Should be signed at first substantive contact
, -outlines the agents duties
-allows for advance consent to dual agency
-explains that an agent owes a fiduciary duty to the client.
Undisclosed Agency - answerA relationship which the real estate agent found to be the
agent of both the buyer and seller in a transaction, but without the knowledge and
informed consent of both parties.
-illegal in NY
-agent should notify both parties and have them sign agency disclosure form which
states that the agent is acting as a dual agent. This is known as Advance consent to
dual agency.
General Agent - answerSomeone authorized to transact every kind of business for the
principal.
-Property Manager
Special Agent - answerAn agent with limited authority to act on behalf of the principal,
such as created by a listing.
-real estate agent/real estate broker and
Exclusive right to sell - answerAn agreement of employment by a broker under which
the exclusive right to sell for specified period is granted to the broker; if a sale during the
term of the agreements made by owner or by other broker, the broker holding such
exclusive right to sell is nevertheless entitled to compensation.
Agent - answerSales person or broker
The buyer or Seller is know as? - answerPrincipal or client
What can a salesperson/agent not do? - answerCollect money or commissions
-broker must pay salesperson applies to any referral fees paid from another
broker/salesperson/mortgage broker.
Sub agent - answerA person appointed by an agent with permission of the principal
(seller) to assist in performing some or all the tasks of the agency.
-Typically occurs with properties listed on MLS
What's a independent contractor requirements? - answer-Real estate sales person
