Real Estate U Final Exam Questions and
Answers (2026) | Accurate Solutions | A+
• 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.
• Littoral Rights -✓✓- The right of a property owner whose land
borders on a body of water, such as a lake, ocean or sea, to reasonable
use and enjoyment of the shore and water the property borders on.
• Riparian Rights -✓✓The right of a property owner whose land borders
a natural water course, such as a river, to reasonable use and enjoyment
of the water that flows past the property. Riparian literally means
"riverbank."
• Specific Lien -✓✓A lien that only binds to a specific asset or property.
Ex: Mortgage.
Answers (2026) | Accurate Solutions | A+
• 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.
• Littoral Rights -✓✓- The right of a property owner whose land
borders on a body of water, such as a lake, ocean or sea, to reasonable
use and enjoyment of the shore and water the property borders on.
• Riparian Rights -✓✓The right of a property owner whose land borders
a natural water course, such as a river, to reasonable use and enjoyment
of the water that flows past the property. Riparian literally means
"riverbank."
• Specific Lien -✓✓A lien that only binds to a specific asset or property.
Ex: Mortgage.
