REAL ESTATE U FINAL EXAM 2026
QUESTIONS AND ANSWERS
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 your register for the New
York State Salesperson exam using eAccessNY. You must bring this 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
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 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 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.
QUESTIONS AND ANSWERS
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 your register for the New
York State Salesperson exam using eAccessNY. You must bring this 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
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 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 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.
