Real Estate U Final Exam – Practice Questions & Study Guide

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REAL ESTATE U FINAL EXAM
QUESTIONS AND ANSWERS 2025

Article 12-A - correct answer- The section of the New York Real
Property Law pertaining to real estate salespersons and
brokers.




sponsor - correct answer- A licensed real estate broker that
holds the license of a salesperson




summary of your submission - correct answer- Obtained after
you regustsr for the NYS Salesperson exam. must bring when
take the NYS exam




Misdemeanor - correct answer- crime punishable by up to one
year in jail, a fine of less than $1,000, or both




Listing Agent - correct answer- An employment contract
between principal and agent, authorizing the agent to perform
services for the principalinvolving the latters property




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Pocket Card - correct answer- Card issued by. the Dept of
State to each licensee which contains the photo, name and
business address of the licensee, and in the case of 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 theron is a licensed real estate broker or
salesperson




fiduciary - correct answer- person who on behalf of or for the
benefit of another transacts business or handles money or
property not the persons own; such relationship implies great
confidence and trust


O.L.D.C.A.R


OBEDIENCE
LOYALTY
DISCLOSURE
CONFIDENTIALITY
ACCOUNTABILITY
REASONABLE CARE




disclosure regarding real estate agency relationship form -
correct answer- written explanation, to be signed by
prospective buyer or seller or real estate, explaining to the
client the role that the broker plays on the transaction.




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*first document to be submitted to all prospective clients




Exclusive Agency - correct answer- agreement between broker
and seller.....broker is the exclusive agent but the owner can
sell.... if sale is made by any other broker during the term of
contract broker is entitled to commissions




principal - correct answer- the employer of an agent or broker




price fixing - correct answer- an illegal practice whereby
competitors conspire to set fixed fees or prices




market allocation - correct answer- an agreement among or
between competing businesses to divide up a market and
refrain from competition in specific market areas




independent contractor relationship - correct answer- person
that provides services to another under terms specified in a
contract or within a verbal agreement. is not an employee
does not have to work in specific location. and broker can not
control the agents work activities




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