NYS Real Estate U
Final Exam 2024
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, Article 12 A - Answer: Section of New York Real Property Law for salespersons and brokers
Sponsor - Answer: Licensed broker holding a salesperson's license
Misdemeanor - Answer: Crime punishable by up to a year in prison and/or a $1,000 fine
Listing Agreement - Answer: Employment contract authorizing agent to work on principal's property
Pocket Card - Answer: Card issued by Department of State to licensee with photo and license details
Fiduciary - Answer: Person transacting business for another with great trust
Disclosure Regarding Real Estate Agency Relationships Form - Answer: Written explanation signed by
buyer/seller explaining broker's role
Exclusive Agency - Answer: Broker agreement for exclusive commissions, excluding other brokers
Principal - Answer: Employer of an agent or broker; client of the broker/agent
Price Fixing - Answer: Conspiring to set fixed fees or prices for services or products
Market Allocation - Answer: Agreement between trade members to avoid competition in specific
market areas
Independent Contractor Relationship - Answer: Person providing services under contract terms, not
location-bound; broker can't control work activities
Bundle of Rights - Answer: Ownership of real estate includes various rights: use, sell, lease, bequeath,
quiet enjoyment
Final Exam 2024
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, Article 12 A - Answer: Section of New York Real Property Law for salespersons and brokers
Sponsor - Answer: Licensed broker holding a salesperson's license
Misdemeanor - Answer: Crime punishable by up to a year in prison and/or a $1,000 fine
Listing Agreement - Answer: Employment contract authorizing agent to work on principal's property
Pocket Card - Answer: Card issued by Department of State to licensee with photo and license details
Fiduciary - Answer: Person transacting business for another with great trust
Disclosure Regarding Real Estate Agency Relationships Form - Answer: Written explanation signed by
buyer/seller explaining broker's role
Exclusive Agency - Answer: Broker agreement for exclusive commissions, excluding other brokers
Principal - Answer: Employer of an agent or broker; client of the broker/agent
Price Fixing - Answer: Conspiring to set fixed fees or prices for services or products
Market Allocation - Answer: Agreement between trade members to avoid competition in specific
market areas
Independent Contractor Relationship - Answer: Person providing services under contract terms, not
location-bound; broker can't control work activities
Bundle of Rights - Answer: Ownership of real estate includes various rights: use, sell, lease, bequeath,
quiet enjoyment
