Real Estate U Final Exam Study Guide Questions And Answers Graded A+
Article ss12-A ssof ssthe ssNYS ssReal ssProperty ssLaw ss- ssThe sssection ssof ssthe ssNew ssYork ssReal ssProperty ssLaw
pertaining ssto ssreal ssestate sssalespersons ssand ssbrokers.
- ssPrimary sspurpose ssis ssto ss"Protect ssthe ssPublic"
- ssRequires ssa sssalesperson ssto ssbe ssat ssleast ss18 ssyears ssof ssage
- ssRequires ssa ssbroker ssto ssbe ssat ssleast ss20 ssyears ssof ssage
Sponsor ss- ssA sslicensed ssreal ssestate ssbroker ssthat ssholds ssthe sslicense ssof ssa sssalesperson.
"Summary ssof ssYour ssSubmission" ss- ssObtained ssafter ssyour ssregister ssfor ssthe ssNew ssYork ssState
Salesperson ssexam ssusing sseAccessNY. ssYou ssmust ssbring ssthis sswith
you sswhen sstaking ssthe ssState ssexam.
Misdemeanor ss- ssA sscrime sspunishable ssby ssup ssto ssa ssyear ssin ssprison ssand/or ssa ss$1,000 ssfine.
Listing ssAgreement ss- ssAn ssemployment sscontract ssbetween ssprincipal ssand ssagent, ssauthorizing ssthe
agent ssto ssperform ssservices ssfor ssthe ssprinciple ssinvolving ssthe sslatter's ssproperty.
Pocket ssCard ss- ssA sscard ssissued ssby ssthe ssDepartment ssof ssState ssto sseach sslicensee sswhich sscontains ssthe
photo, ssname ssand ssbusiness ssaddress ssof ssthe sslicensee, ssand, ssin ssthe sscase ssof ssa ssreal ssestate
salesperson, ssthe ssname ssand ssbusiness ssaddress ssof ssthe ssbroker sswith sswhom sshe ssor ssshe ssis
ssassociated
and ssshall sscertify ssthat ssthe ssperson sswhose ssname ssappears ssthereon ssis ssa sslicensed ssreal ssestate
ssbroker ssor
salesperson.
- ssMust ssbe sscarried ssby ssthe ssagent ssat ssall sstimes sswhen ssserving ssas ssa sssalesperson.
Fiduciary ss- ssA ssperson sswho sson ssbehalf ssof ssor ssfor ssthe ssbenefit ssof ssanother sstransacts ssbusiness ssor
handles ssmoney ssor ssproperty ssnot ssthe ssperson's ssown; sssuch ssrelationship ssimplies ssgreat ssconfidence
ssand
, trust.
OLD ssCAR ss- ss- ssObedience
- ssLoyalty
- ssDisclosure
- ssConfidentiality
- ssAccountability
- ssReasonable ssCare
Disclosure ssRegarding ssReal ssEstate ssAgency ssRelationships ssForm ss- ssA sswritten ssexplanation, ssto
be sssigned ssby ssa ssprospective ssbuyer ssor ssseller ssof ssreal ssestate, ssexplaining ssto ssthe ssclient ssthe ssrole
ssthat ssthe
broker ssplays ssin ssthe sstransaction.
- ssFirst ssdocument ssto ssbe sssubmitted ssto ssall ssprospective ssclients
Exclusive ssAgency ss- ssAn ssagreement ssof ssemployment ssof ssa ssbroker ssto ssthe ssexclusion ssof ssall ssother
brokers; ssif sssale ssis ssmade ssby ssany ssother ssbroker ssduring ssterm ssof ssemployment, ssbroker ssholding
exclusive ssagency ssis ssentitled ssto sscommissions ssin ssaddition ssto ssthe sscommissions sspayable ssto ssthe
broker sswho sseffected ssthe sstransaction
- ssMade ssbetween ssa ssbroker ssand ssa ssseller
Principal ss- ssThe ssemployer ssof ssan ssagent ssor ssbroker; ssthe ssbroker's ssor ssagent's ssclient.
Price ssFixing ss- ssConspiring ssto ssestablish ssfixed ssfees ssor ssprices ssfor ssservices ssor ssproducts.
Market ssAllocation ss- ssAn ssagreement ssbetween ssmembers ssof ssa sstrade ssto ssrefrain ssfrom sscompetition
ssin ssspecific ssmarket ssareas.
Independent ssContractor ssRelationship ss- ssA ssperson ssthat ssprovides ssservices ssto ssanother ssunder
Article ss12-A ssof ssthe ssNYS ssReal ssProperty ssLaw ss- ssThe sssection ssof ssthe ssNew ssYork ssReal ssProperty ssLaw
pertaining ssto ssreal ssestate sssalespersons ssand ssbrokers.
- ssPrimary sspurpose ssis ssto ss"Protect ssthe ssPublic"
- ssRequires ssa sssalesperson ssto ssbe ssat ssleast ss18 ssyears ssof ssage
- ssRequires ssa ssbroker ssto ssbe ssat ssleast ss20 ssyears ssof ssage
Sponsor ss- ssA sslicensed ssreal ssestate ssbroker ssthat ssholds ssthe sslicense ssof ssa sssalesperson.
"Summary ssof ssYour ssSubmission" ss- ssObtained ssafter ssyour ssregister ssfor ssthe ssNew ssYork ssState
Salesperson ssexam ssusing sseAccessNY. ssYou ssmust ssbring ssthis sswith
you sswhen sstaking ssthe ssState ssexam.
Misdemeanor ss- ssA sscrime sspunishable ssby ssup ssto ssa ssyear ssin ssprison ssand/or ssa ss$1,000 ssfine.
Listing ssAgreement ss- ssAn ssemployment sscontract ssbetween ssprincipal ssand ssagent, ssauthorizing ssthe
agent ssto ssperform ssservices ssfor ssthe ssprinciple ssinvolving ssthe sslatter's ssproperty.
Pocket ssCard ss- ssA sscard ssissued ssby ssthe ssDepartment ssof ssState ssto sseach sslicensee sswhich sscontains ssthe
photo, ssname ssand ssbusiness ssaddress ssof ssthe sslicensee, ssand, ssin ssthe sscase ssof ssa ssreal ssestate
salesperson, ssthe ssname ssand ssbusiness ssaddress ssof ssthe ssbroker sswith sswhom sshe ssor ssshe ssis
ssassociated
and ssshall sscertify ssthat ssthe ssperson sswhose ssname ssappears ssthereon ssis ssa sslicensed ssreal ssestate
ssbroker ssor
salesperson.
- ssMust ssbe sscarried ssby ssthe ssagent ssat ssall sstimes sswhen ssserving ssas ssa sssalesperson.
Fiduciary ss- ssA ssperson sswho sson ssbehalf ssof ssor ssfor ssthe ssbenefit ssof ssanother sstransacts ssbusiness ssor
handles ssmoney ssor ssproperty ssnot ssthe ssperson's ssown; sssuch ssrelationship ssimplies ssgreat ssconfidence
ssand
, trust.
OLD ssCAR ss- ss- ssObedience
- ssLoyalty
- ssDisclosure
- ssConfidentiality
- ssAccountability
- ssReasonable ssCare
Disclosure ssRegarding ssReal ssEstate ssAgency ssRelationships ssForm ss- ssA sswritten ssexplanation, ssto
be sssigned ssby ssa ssprospective ssbuyer ssor ssseller ssof ssreal ssestate, ssexplaining ssto ssthe ssclient ssthe ssrole
ssthat ssthe
broker ssplays ssin ssthe sstransaction.
- ssFirst ssdocument ssto ssbe sssubmitted ssto ssall ssprospective ssclients
Exclusive ssAgency ss- ssAn ssagreement ssof ssemployment ssof ssa ssbroker ssto ssthe ssexclusion ssof ssall ssother
brokers; ssif sssale ssis ssmade ssby ssany ssother ssbroker ssduring ssterm ssof ssemployment, ssbroker ssholding
exclusive ssagency ssis ssentitled ssto sscommissions ssin ssaddition ssto ssthe sscommissions sspayable ssto ssthe
broker sswho sseffected ssthe sstransaction
- ssMade ssbetween ssa ssbroker ssand ssa ssseller
Principal ss- ssThe ssemployer ssof ssan ssagent ssor ssbroker; ssthe ssbroker's ssor ssagent's ssclient.
Price ssFixing ss- ssConspiring ssto ssestablish ssfixed ssfees ssor ssprices ssfor ssservices ssor ssproducts.
Market ssAllocation ss- ssAn ssagreement ssbetween ssmembers ssof ssa sstrade ssto ssrefrain ssfrom sscompetition
ssin ssspecific ssmarket ssareas.
Independent ssContractor ssRelationship ss- ssA ssperson ssthat ssprovides ssservices ssto ssanother ssunder
