1
REAL ESTATE U FINAL EXAM QUESTIONS AND
VERIFIED ANSWERS 2025 GRADED A.
Article 12-A of the NYS Real Property Law - (answers)- The section of the New
York Real Property 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
Sponsor - (answers)- A licensed real estate broker that holds the license of a
salesperson.
"Summary of Your Submission" - (answers)- Obtained after you register for the
New York State
Salesperson exam using eAccessNY. You must bring your "Summary of Your
Submission" with
you when taking the State exam.
Misdemeanor - (answers)- A crime punishable by up to a year in prison and/or a
$1,000 fine.
Listing Agreement - (answers)- An employment contract between principal and
agent, authorizing the
agent to perform services for the principle involving the latter's property
, 2
Pocket Card - (answers)- A card issued by the Department of State to each
licensee which contains 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 is
associated
and shall certify that the person whose name appears thereon is a licensed real
estate broker or
salesperson.
- Must be carried by the agent at all times when serving as a salesperson.
Fiduciary - (answers)- A person who on behalf of or for the benefit of another
transacts business or
handles money or property not the person's own; such relationship implies great
confidence and
trust.
OLD CAR - (answers)- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
, 3
Obedience - (answers)- Agent must act in accordance to clients
demands/instructions.
Loyalty - (answers)- Agent must work in the best interest of the client.
Disclosure of Information - (answers)- Agent must communicate with client/must
present all offers.
Confidentiality - (answers)- All confidential information as described by client
must remain so unless given permission in writing.
Accountability - (answers)- One of the more serious fiduciary responsibilities.
Reasonable Care - (answers)- Agent may be liable for costly mistakes.
Disclosure Regarding Real Estate Agency Relationships Form - (answers)- A
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.
- First document to be submitted to all prospective clients
, 4
Exclusive Agency - (answers)- An agreement of employment of a broker to the
exclusion of all other brokers; if sale is made by any other broker during term of
employment, broker holding
exclusive agency is entitled to commissions in addition to the commissions
payable to the
broker who effected the transaction
- Made between a broker and a seller
Principal - (answers)- The employer of an agent or broker; the broker's or agent's
client.
Price Fixing - (answers)- Conspiring to establish fixed fees or prices for services or
products.
Market Allocation - (answers)- An agreement between members of a trade
conspiring to refrain from competition in specific market areas.
Independent Contractor Relationship - (answers)- A person that provides services
to another under
terms specified in a contract or within a verbal agreement. An independent
contractor is not an
employee.
- The agent does not have to work in a specific location
- The broker cannot control the agent's work activities
REAL ESTATE U FINAL EXAM QUESTIONS AND
VERIFIED ANSWERS 2025 GRADED A.
Article 12-A of the NYS Real Property Law - (answers)- The section of the New
York Real Property 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
Sponsor - (answers)- A licensed real estate broker that holds the license of a
salesperson.
"Summary of Your Submission" - (answers)- Obtained after you register for the
New York State
Salesperson exam using eAccessNY. You must bring your "Summary of Your
Submission" with
you when taking the State exam.
Misdemeanor - (answers)- A crime punishable by up to a year in prison and/or a
$1,000 fine.
Listing Agreement - (answers)- An employment contract between principal and
agent, authorizing the
agent to perform services for the principle involving the latter's property
, 2
Pocket Card - (answers)- A card issued by the Department of State to each
licensee which contains 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 is
associated
and shall certify that the person whose name appears thereon is a licensed real
estate broker or
salesperson.
- Must be carried by the agent at all times when serving as a salesperson.
Fiduciary - (answers)- A person who on behalf of or for the benefit of another
transacts business or
handles money or property not the person's own; such relationship implies great
confidence and
trust.
OLD CAR - (answers)- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
, 3
Obedience - (answers)- Agent must act in accordance to clients
demands/instructions.
Loyalty - (answers)- Agent must work in the best interest of the client.
Disclosure of Information - (answers)- Agent must communicate with client/must
present all offers.
Confidentiality - (answers)- All confidential information as described by client
must remain so unless given permission in writing.
Accountability - (answers)- One of the more serious fiduciary responsibilities.
Reasonable Care - (answers)- Agent may be liable for costly mistakes.
Disclosure Regarding Real Estate Agency Relationships Form - (answers)- A
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.
- First document to be submitted to all prospective clients
, 4
Exclusive Agency - (answers)- An agreement of employment of a broker to the
exclusion of all other brokers; if sale is made by any other broker during term of
employment, broker holding
exclusive agency is entitled to commissions in addition to the commissions
payable to the
broker who effected the transaction
- Made between a broker and a seller
Principal - (answers)- The employer of an agent or broker; the broker's or agent's
client.
Price Fixing - (answers)- Conspiring to establish fixed fees or prices for services or
products.
Market Allocation - (answers)- An agreement between members of a trade
conspiring to refrain from competition in specific market areas.
Independent Contractor Relationship - (answers)- A person that provides services
to another under
terms specified in a contract or within a verbal agreement. An independent
contractor is not an
employee.
- The agent does not have to work in a specific location
- The broker cannot control the agent's work activities
