REAL ESTATE U FINAL EXAM QUESTIONS AND VERIFIED ANSWERS 2024 GRADED A.

REAL ESTATE U FINAL EXAM QUESTIONS AND VERIFIED ANSWERS 2024 GRADED A. 2 / 8 1. Article 12-A of the NYS Real Property Law: The section of the NewYork RealProperty 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 2. Sponsor: A licensed real estate broker that holds the license of a salesperson. 3. "Summary ofYour Submission": Obtained after your register for the NewYorkState Salesperson exam using eAccessNY.You must bring this withyou when taking the State exam. 4. Misdemeanor: A crime punishable by up to a year in prison and/or a $1,000 fine. 5. Listing Agreement: An employment contract between principal and agent, au-thorizing the agent to perform services for the principle involving the latter's property. 6. Pocket Card: A card issued by the Department of State to each licensee whichcontains 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 isassociated and shall certify that the person whose name appears thereon is a licensed realestate broker or salesperson. - Must be carried by the agent at all times when serving as a salesperson. 7. Fiduciary: A person who on behalf of or for the benefit of another transactsbusiness or handles money or property not the person's own;such relationship implies greatconfidence and trust. 8. OLD CAR: - Obedience - Loyalty - Disclosure - Confidentiality - Accountability - Reasonable Care 9. Disclosure Regarding Real Estate Agency Relationships Form: A writtenexplanation, to be signed by a prospective buyer or seller of real estate, explaining to the client therole that the 3 / 8 broker plays in the transaction. - First document to be submitted to all prospective clients 10. Exclusive Agency: An agreement of employment of a broker to the exclusionof all other brokers; if sale is made by any other broker during term of employment, brokerholding exclusive agency is entitled to commissions in addition to the commissions payableto the broker who effected the transaction - Made between a broker and a seller 11. Principal: The employer of an agent or broker; the broker's or agent's client. 12. Price Fixing: Conspiring to establish fixed fees or prices for services or prod-ucts. 13. Market Allocation: An agreement between members of a trade to refrain fromcompetition in specific market areas. 14. Independent Contractor Relationship: A person that provides services toanother under termsspecified in a contract or within a verbal agreement.An independent contractoris not an employee. - The agent does not have to work in a specific location - The broker cannot control the agent's work activities 15. Bundle of Rights: The premise that the ownership of real estate consists of theownership 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 l