NYS Real Estate U Final EXAM STUDY
GUIDE 2026/2027 COMPLETE QUESTIONS
WITH VERIFIED CORRECT ANSWERS ||
100% GUARANTEED PASS <NEWEST
VERSION>
Article 12 A - ANSWER The section of the New York Real Property Law
pertaining to real estate salespersons and brokers
Sponsor - ANSWER A licensed real estate broker that holds the license of a
salesperson
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
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 exclusive agency is entitled to commissions in addition to the
commissions payable to the brokers ; if sale is made by any other broker during
term of employment , broker holding broker who effected the transaction
Accountability - ANSWER To be responsible.
Advance Consent to Dual Agency - ANSWER The seller or buyer agrees to dual
agency before it occurs by indicating the same on the agency disclosure form.
Designated Sales Agent - ANSWER Appointing one or more individual agents in
a firm to represent only the interests of the seller and one or more different
individual agents in the firm to represent only the interests of the buyer when a
firm has an "in-house" dual agency situation.
Confidentiality - ANSWER An agent is obligated to safeguard his/her principal's
lawful confidences and secrets. Therefore, a real estate broker must keep
confidential any information that may weaken a principal's bargaining position.
Cooperating Agent - ANSWER A real estate agent who sells a property. The
selling agent may be (1) the subagent or listing agent of the seller; (2) a buyer's
agent; or (3) a dual agent. Also called a selling agent or participating agent.
,Disclosure - ANSWER The release of relevant information about a property that
may influence the final sale, especially if it represents defects or problems.
Estoppel - ANSWER The principle which precludes a person from asserting
something contrary to what is implied by a previous action or statement of that
person or by a previous pertinent judicial determination.
Expressed Agency - ANSWER An actual agency created by written or oral
agreement between the principal and the agent.
Group Boycott - ANSWER An agreement between members of a trade to exclude
other members from fair participation in the trade.
Informed Consent - ANSWER An agreement to do something or to allow
something to happen only after all the relevant facts are disclosed.
Loyalty - ANSWER An agent's duty to place the client's interest above those of all
others, including the agent's own self-interest.
Market Allocation - ANSWER An agreement between members of a trade to
refrain from competition in specific market areas.
Obedience - ANSWER This fiduciary relationship obligates the agent to act in
good faith at all times, obeying the client's instructions in accordance with the
contract.
Price Fixing - ANSWER Conspiring to establish fixed fees or prices for services
or products.
, Reasonable Care - ANSWER The degree of caution and concern for the safety of
himself/herself and others an ordinarily prudent and rational person would use in
the circumstances. This is a subjective test of determining if a person is negligent,
meaning he/she did not exercise reasonable care.
Tie-in Arrangement - ANSWER A contract where one transaction depends upon
another.
Vicarious Liability - ANSWER A situation in which one party is held partly
responsible for the unlawful actions of a third party.
Act of Waste - ANSWER Describes a cause of action that can be brought in court
to address a change in condition of a property brought about by a current tenant
that damages or destroys the value of that property.
Air Rights - ANSWER Rights in real property to use the space above the surface
of the land.
Beneficiary - ANSWER The person who receives or is to receive the benefits
resulting from certain acts.
Bundle of Rights - ANSWER The premise that the ownership of real estate
consists of the ownership of various rights associated with it. These rights include
the right to use and/or occupy, 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.
Escheat - ANSWER The reversion to the State of property in event the owner
thereof abandons it or dies, without leaving a will and has no distributees to whom
the property may pass by lawful descent.
GUIDE 2026/2027 COMPLETE QUESTIONS
WITH VERIFIED CORRECT ANSWERS ||
100% GUARANTEED PASS <NEWEST
VERSION>
Article 12 A - ANSWER The section of the New York Real Property Law
pertaining to real estate salespersons and brokers
Sponsor - ANSWER A licensed real estate broker that holds the license of a
salesperson
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
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 exclusive agency is entitled to commissions in addition to the
commissions payable to the brokers ; if sale is made by any other broker during
term of employment , broker holding broker who effected the transaction
Accountability - ANSWER To be responsible.
Advance Consent to Dual Agency - ANSWER The seller or buyer agrees to dual
agency before it occurs by indicating the same on the agency disclosure form.
Designated Sales Agent - ANSWER Appointing one or more individual agents in
a firm to represent only the interests of the seller and one or more different
individual agents in the firm to represent only the interests of the buyer when a
firm has an "in-house" dual agency situation.
Confidentiality - ANSWER An agent is obligated to safeguard his/her principal's
lawful confidences and secrets. Therefore, a real estate broker must keep
confidential any information that may weaken a principal's bargaining position.
Cooperating Agent - ANSWER A real estate agent who sells a property. The
selling agent may be (1) the subagent or listing agent of the seller; (2) a buyer's
agent; or (3) a dual agent. Also called a selling agent or participating agent.
,Disclosure - ANSWER The release of relevant information about a property that
may influence the final sale, especially if it represents defects or problems.
Estoppel - ANSWER The principle which precludes a person from asserting
something contrary to what is implied by a previous action or statement of that
person or by a previous pertinent judicial determination.
Expressed Agency - ANSWER An actual agency created by written or oral
agreement between the principal and the agent.
Group Boycott - ANSWER An agreement between members of a trade to exclude
other members from fair participation in the trade.
Informed Consent - ANSWER An agreement to do something or to allow
something to happen only after all the relevant facts are disclosed.
Loyalty - ANSWER An agent's duty to place the client's interest above those of all
others, including the agent's own self-interest.
Market Allocation - ANSWER An agreement between members of a trade to
refrain from competition in specific market areas.
Obedience - ANSWER This fiduciary relationship obligates the agent to act in
good faith at all times, obeying the client's instructions in accordance with the
contract.
Price Fixing - ANSWER Conspiring to establish fixed fees or prices for services
or products.
, Reasonable Care - ANSWER The degree of caution and concern for the safety of
himself/herself and others an ordinarily prudent and rational person would use in
the circumstances. This is a subjective test of determining if a person is negligent,
meaning he/she did not exercise reasonable care.
Tie-in Arrangement - ANSWER A contract where one transaction depends upon
another.
Vicarious Liability - ANSWER A situation in which one party is held partly
responsible for the unlawful actions of a third party.
Act of Waste - ANSWER Describes a cause of action that can be brought in court
to address a change in condition of a property brought about by a current tenant
that damages or destroys the value of that property.
Air Rights - ANSWER Rights in real property to use the space above the surface
of the land.
Beneficiary - ANSWER The person who receives or is to receive the benefits
resulting from certain acts.
Bundle of Rights - ANSWER The premise that the ownership of real estate
consists of the ownership of various rights associated with it. These rights include
the right to use and/or occupy, 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.
Escheat - ANSWER The reversion to the State of property in event the owner
thereof abandons it or dies, without leaving a will and has no distributees to whom
the property may pass by lawful descent.
