Real Estate U. Pass the NY State Exam
NYS Department of State - answer is primarily responsible for issuing real estate
licenses, pocket cards, and handing down disciplinary action.
Article 12-A of the NYS Real Property Law outlines their roles/duties
Commissions - answer-are paid by the client (buyer or seller depending on the
transaction) to the brokers involved in the transaction.
-are typically 6% in New York
-are always negotiable, and are determined by both the client and broker.
Blind Ad - answer An ad that remains anonymous as to who is advertising
section 175.25 of Article 12-A of the NY Real Property Law - answer must indicate that
the advertiser is a broker or give the name of the broker and his telephone number.
section 175.25 of Article 12-A of the NY Real Property Law - answer All advertisements
must indicate the geographical area where the property is actually located
Revocation - answer suspends the license of the salespersons and associate brokers
affiliated with the broker.
Obedience - answerAgent must act in accordance to clients demands/instructions
Loyalty - answerAgent must work in the best interest of his client
Disclosure of Information - answerAgent must communicate with client / must present
all offers
Confidentiality - answerAll confidential information as described by client must remain
so unless given permission in writing
Reasonable Care and Duty to Account - answerAgent may be liable for costly mistakes.
Accountability - answer-The obligation to accept responsibility for the outcomes of
assigned tasks.
-ability to answer for one's own actions
- One of the more serious fiduciary responsibilities.
Agency Disclosure Form - answerA 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.
, Property Condition Disclosure Statement - answer-Failure to provide this document
results in a credit of $500 to the buyer at closing.
-Most seller attorneys advise their clients NOT to sign the statement, as it opens them
up to a vast amount of liability.
Agency Disclosure Form - answer-Signed at the first substantive contact.
- Outlines the agent's duties to the client
- Explains that an agent owes a fiduciary duty to the client
- Allows for advance consent to dual agency
Undisclosed Dual Agency - answer-A relationship in which the real estate agent is found
to be the agent of both the buyer and seller in a transaction, but without the knowledge
and informed consent of both parties.
-is illegal in New York State.
Advance Consent to Dual Agency - answerWhen an agent notifies both parties and has
them sign an Agency Disclosure form, which states that the agent is acting as a dual
agent
General Agent - answerSomeone authorized to transact every kind of business for the
principal.
Example: Property Manager
Special Agent - answerAn agent with limited authority to act on behalf of the principal,
such as created by a listing.
Example: Real Estate Agent / Real Estate Broker
Exclusive Right to Sell - answer-An agreement of employment by a broker under which
the exclusive right to sell for a specified period is granted to the broker
Exclusive Right to Sell - answerif a sale during this term of the agreement is made by
the owner or by any other broker, the broker is entitled to compensation.
Principal or Client - answerThe buyer and/or seller
Agent. - answerThe Salesperson or Broker
Real Estate Salespersons/Agents - answerDO NOT collect money or commissions.
Ownership in severalty - answerWhen title to real estate is in the name of only one
person or entity
Commissions Are paid to... - answer-the salesperson's broker, who in turn, pays the
salesperson his portion of the commission.
NYS Department of State - answer is primarily responsible for issuing real estate
licenses, pocket cards, and handing down disciplinary action.
Article 12-A of the NYS Real Property Law outlines their roles/duties
Commissions - answer-are paid by the client (buyer or seller depending on the
transaction) to the brokers involved in the transaction.
-are typically 6% in New York
-are always negotiable, and are determined by both the client and broker.
Blind Ad - answer An ad that remains anonymous as to who is advertising
section 175.25 of Article 12-A of the NY Real Property Law - answer must indicate that
the advertiser is a broker or give the name of the broker and his telephone number.
section 175.25 of Article 12-A of the NY Real Property Law - answer All advertisements
must indicate the geographical area where the property is actually located
Revocation - answer suspends the license of the salespersons and associate brokers
affiliated with the broker.
Obedience - answerAgent must act in accordance to clients demands/instructions
Loyalty - answerAgent must work in the best interest of his client
Disclosure of Information - answerAgent must communicate with client / must present
all offers
Confidentiality - answerAll confidential information as described by client must remain
so unless given permission in writing
Reasonable Care and Duty to Account - answerAgent may be liable for costly mistakes.
Accountability - answer-The obligation to accept responsibility for the outcomes of
assigned tasks.
-ability to answer for one's own actions
- One of the more serious fiduciary responsibilities.
Agency Disclosure Form - answerA 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.
, Property Condition Disclosure Statement - answer-Failure to provide this document
results in a credit of $500 to the buyer at closing.
-Most seller attorneys advise their clients NOT to sign the statement, as it opens them
up to a vast amount of liability.
Agency Disclosure Form - answer-Signed at the first substantive contact.
- Outlines the agent's duties to the client
- Explains that an agent owes a fiduciary duty to the client
- Allows for advance consent to dual agency
Undisclosed Dual Agency - answer-A relationship in which the real estate agent is found
to be the agent of both the buyer and seller in a transaction, but without the knowledge
and informed consent of both parties.
-is illegal in New York State.
Advance Consent to Dual Agency - answerWhen an agent notifies both parties and has
them sign an Agency Disclosure form, which states that the agent is acting as a dual
agent
General Agent - answerSomeone authorized to transact every kind of business for the
principal.
Example: Property Manager
Special Agent - answerAn agent with limited authority to act on behalf of the principal,
such as created by a listing.
Example: Real Estate Agent / Real Estate Broker
Exclusive Right to Sell - answer-An agreement of employment by a broker under which
the exclusive right to sell for a specified period is granted to the broker
Exclusive Right to Sell - answerif a sale during this term of the agreement is made by
the owner or by any other broker, the broker is entitled to compensation.
Principal or Client - answerThe buyer and/or seller
Agent. - answerThe Salesperson or Broker
Real Estate Salespersons/Agents - answerDO NOT collect money or commissions.
Ownership in severalty - answerWhen title to real estate is in the name of only one
person or entity
Commissions Are paid to... - answer-the salesperson's broker, who in turn, pays the
salesperson his portion of the commission.
