NY STATE Real Estate U test exam prep questions and answers

NY STATE Real Estate U test exam prep questions and answers Department of State responsibility? - Answer ️️ -Responsible for issuing real estate licenses, pock cards, and handing down disciplinary action. Article 12-A NYS real property law outlines - Answer ️️ -Roles and responsibilities of department of state. Typical commission in NY? - Answer ️️ -6% Commissions are ______ and determined by____? - Answer ️️ --Negotiable -both client and broker Blind ad - Answer ️️ -An ad that remains anonymous as to who is advertising. Which is illegal What must be included in advertisement? - Answer ️️ -17.25 Article 12-A of NY real property law stats -must indicate broker name and phone # What happen if broker license is suspended or there is revocation? - Answer ️️ -Salesperson and associates broker licenses are suspended. What are Fiduciary Duties? - Answer ️️ -Obedience Loyalty Disclosure Confidentiality Accountability Reasonable care and duty to account When is agency disclosure form? - Answer ️️ -A written explanation to be signed by a prospective buyer or seller of real estate, explaining to the client role that the broker plays in transaction. -Should be signed at first substantive contact -outlines the agents duties -allows for advance consent to dual agency -explains that an agent owes a fiduciary duty to the client. Undisclosed Agency - Answer ️️ -A relationship which the real estate agent found to be the agent of both the buyer and seller in a transaction, but without the knowledge and informed consent of both parties. -illegal in NY -agent should notify both parties and have them sign agency disclosure form which states that the agent is acting as a dual agent. This is known as Advance consent to dual agency. General Agent - Answer ️️ -Someone authorized to transact every kind of business for the principal. -Property Manager Special Agent - Answer ️️ -An agent with l