Nys Realestateu final exam 2023

Nys Realestateu final exam 2023 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 Misdemeanor - Correct Answer A crime punishable by up to a year in prison and / or a $ 1,000 fine . Listing Agreement - Correct Answer An employment contract between principal and agent , authorizing the agent to perform services for the principle involving the latter's property Pocket Card - Correct 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 - Correct 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 - Correct 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 - Correct 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 Principal - Correct Answer The employer of an agent or broker ; the broker's or agent's client . Price Fixing - Correct Answer Conspiring to establish fixed fees or prices for services or products Market Allocation - Correct Answer An agreement between members of a trade to refrain from competition in specific market areas