Real Estate U Final Exam: Questions & Answers:
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/. 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
/.Sponsor - Answer-- A licensed real estate broker that holds the license of a
salesperson.
/."Summary of Your Submission" - Answer-- Obtained after you register for the New
York State
Salesperson exam using eAccessNY. You must bring your "Summary of Your
Submission" with
you when taking the State exam.
/.Misdemeanor - Answer-- A crime punishable by up to a year in prison and/or a $1,000
fine.
/.Listing Agreement - Answer-- An employment contract between principal and agent,
authorizing the
agent to perform services for the principle involving the latter's property
/.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.
/.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.
/.OLD CAR - Answer-- Obedience
- Loyalty
- Disclosure
, - Confidentiality
- Accountability
- Reasonable Care
/.Obedience - Answer-- Agent must act in accordance to clients demands/instructions.
/.Loyalty - Answer-- Agent must work in the best interest of the client.
/.Disclosure of Information - Answer-- Agent must communicate with client/must present
all offers.
/.Confidentiality - Answer-- All confidential information as described by client must
remain so unless given permission in writing.
/.Accountability - Answer-- One of the more serious fiduciary responsibilities.
/.Reasonable Care - Answer-- Agent may be liable for costly mistakes.
/.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
/.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
/.Principal - Answer-- The employer of an agent or broker; the broker's or agent's client.
/.Price Fixing - Answer-- Conspiring to establish fixed fees or prices for services or
products.
/.Market Allocation - Answer-- An agreement between members of a trade conspiring to
refrain from competition in specific market areas.
/.Independent Contractor Relationship - Answer-- A person that provides services to
another under
terms specified in a contract or within a verbal agreement. An independent contractor is
not an
employee.
Latest Updated: Guaranteed A+
/. 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
/.Sponsor - Answer-- A licensed real estate broker that holds the license of a
salesperson.
/."Summary of Your Submission" - Answer-- Obtained after you register for the New
York State
Salesperson exam using eAccessNY. You must bring your "Summary of Your
Submission" with
you when taking the State exam.
/.Misdemeanor - Answer-- A crime punishable by up to a year in prison and/or a $1,000
fine.
/.Listing Agreement - Answer-- An employment contract between principal and agent,
authorizing the
agent to perform services for the principle involving the latter's property
/.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.
/.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.
/.OLD CAR - Answer-- Obedience
- Loyalty
- Disclosure
, - Confidentiality
- Accountability
- Reasonable Care
/.Obedience - Answer-- Agent must act in accordance to clients demands/instructions.
/.Loyalty - Answer-- Agent must work in the best interest of the client.
/.Disclosure of Information - Answer-- Agent must communicate with client/must present
all offers.
/.Confidentiality - Answer-- All confidential information as described by client must
remain so unless given permission in writing.
/.Accountability - Answer-- One of the more serious fiduciary responsibilities.
/.Reasonable Care - Answer-- Agent may be liable for costly mistakes.
/.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
/.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
/.Principal - Answer-- The employer of an agent or broker; the broker's or agent's client.
/.Price Fixing - Answer-- Conspiring to establish fixed fees or prices for services or
products.
/.Market Allocation - Answer-- An agreement between members of a trade conspiring to
refrain from competition in specific market areas.
/.Independent Contractor Relationship - Answer-- A person that provides services to
another under
terms specified in a contract or within a verbal agreement. An independent contractor is
not an
employee.
