Real Estate U Final Exam
Article 12-A of the NYS Real Property Law - - 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 - - A licensed real estate broker that holds the license of a salesperson.
"Summary of Your Submission" - - 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 - - A crime punishable by up to a year in prison and/or a $1,000 fine.
Listing Agreement - - An employment contract between principal and agent, authorizing the
agent to perform services for the principle involving the latter's property
Pocket Card - - 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 - - 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 - - Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
Obedience - - Agent must act in accordance to clients demands/instructions.
Loyalty - - Agent must work in the best interest of the 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 - - Agent may be liable for costly mistakes.
Disclosure Regarding Real Estate Agency Relationships Form - - 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 - - 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 - - The employer of an agent or broker; the broker's or agent's client.
Price Fixing - - Conspiring to establish fixed fees or prices for services or products.
Market Allocation - - An agreement between members of a trade conspiring to refrain from
competition in specific market areas.
Independent Contractor Relationship - - 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.
- The agent does not have to work in a specific location
- The broker cannot control the agent's work activities
Bundle of Rights - - The premise that the ownership of real estate consists of the ownership of
the various rights associated with it. These rights include the right to use and/or copy, the right
to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of
the foregoing.
- Includes the right to quiet enjoyment.
Article 12-A of the NYS Real Property Law - - 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 - - A licensed real estate broker that holds the license of a salesperson.
"Summary of Your Submission" - - 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 - - A crime punishable by up to a year in prison and/or a $1,000 fine.
Listing Agreement - - An employment contract between principal and agent, authorizing the
agent to perform services for the principle involving the latter's property
Pocket Card - - 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 - - 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 - - Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
Obedience - - Agent must act in accordance to clients demands/instructions.
Loyalty - - Agent must work in the best interest of the 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 - - Agent may be liable for costly mistakes.
Disclosure Regarding Real Estate Agency Relationships Form - - 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 - - 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 - - The employer of an agent or broker; the broker's or agent's client.
Price Fixing - - Conspiring to establish fixed fees or prices for services or products.
Market Allocation - - An agreement between members of a trade conspiring to refrain from
competition in specific market areas.
Independent Contractor Relationship - - 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.
- The agent does not have to work in a specific location
- The broker cannot control the agent's work activities
Bundle of Rights - - The premise that the ownership of real estate consists of the ownership of
the various rights associated with it. These rights include the right to use and/or copy, the right
to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of
the foregoing.
- Includes the right to quiet enjoyment.
