NYS Real Estate U Final Exam Newest 2026
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Terms in this set (109)
Article 12 A The section of the New York Real Property Law
pertaining to real estate salespersons and brokers
Sponsor A licensed real estate broker that holds the license
of a salesperson
Misdemeanor A crime punishable by up to a year in prison and /
or a $ 1,000 fine .
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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
Disclosure Regarding Real Estate A written explanation , to be signed by a
Agency Relationships Form 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 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
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