Real Estate U Final Exam Questions And Answers 2022/2023

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REAL ESTATE U FINAL EXAM 2025| BRAND l l l l l l l




NEW ACTUAL EXAM WITH 100% VERIFIED l l l l l l




QUESTIONS AND CORRECT SOLUTIONS| G l l l l




UARANTEED VALUE PACK|ACE YOUR GRA l l l l l




DES.

NYS Department of Financial Services - correct answer -
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Registers andlicenses all companies and individuals who conduct mortgag
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e related services in New York.
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Negative Amortization - correct answer - l l l l l


Occurs when the monthly payment is less than full interest and does not pay any
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principal. The interest that is unpaid accrues and the principal balance owed inc
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reases.




Prepayment Penalty Clause - correct answer - l l l l l l


States that the borrower canpay off the loan at any time before expiration of the fu
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ll mortgage term without a financial penalty for early payoff.
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Zoning - correct answer - l l l l


Determines the usage allowed for a building orsubdivision. Also determines t
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he 'bulk' of a house or a building, meaningthe maximum size of the structure (h
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eight, square footage, size of floor plate).
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Non-conforming use - correct answer - When pre- l l l l l l l


existing use of property ina zoned area is different from that specified zoning. Th
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e existing use is not as-of-right.
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Zoning Board of Appeals - correct answer -
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Local appointed board that hasthe power to review administrative rulings made
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by the planning board or another legislative body. One main duty is to maintain th
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e essential character of the neighborhoods. Interpreter of the zoning ordinance.
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The zoning board of appeals is also responsible for granting variances.
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Article 12-A of the NYS Real Property Law - correct answer - -
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The sectionof the New York Real Property Law pertaining to real estate salespe
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rsons and brokers. l l




- Primary purpose is to "Protect the Public" -l l l l l l l


Requires a salesperson to beat least 18 years of age
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- Requires a broker to be at least 20 years of age l l l l l l l l l l




Sponsor - correct answer - - l l l l l


A licensed real estate broker that holds thelicense of a salesperson.
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"Summary of Your Submission" - correct answer - - l l l l l l l l


Obtained after youregister for the New York State
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Salesperson exam using eAccessNY. You must bring your "Summary ofYour S l l l l l l l l l l l


ubmission" with l




you when taking the State exam.
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Misdemeanor - correct answer - - l l l l l


A crime punishable by up to a year inprison and/or a $1,000 fine.
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Listing Agreement - correct answer - -
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An employment contract betweenprincipal and agent, authorizing the
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agent to perform services for the principle involving the latter's property
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Pocket Card - correct answer - - l l l l l l


A card issued by the Department of Stateto each licensee which contains the
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photo, name and business address of the licensee, and, in the case of areal es
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tate
salesperson, the name and business address of the broker with whom heor she l l l l l l l l l l l l l l


is associated
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and shall certify that the person whose name appears thereon is a licensedreal e
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state broker or l l




salesperson.
- Must be carried by the agent at all times when serving as a salesperson.
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Fiduciary - correct answer - - l l l l l


A person who on behalf of or for the benefit ofanother transacts business or
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handles money or property not the person's own; such relationship impliesgrea
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t confidence and
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trust.

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OLD CAR - correct answer - - Obedience
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- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care l




Obedience - correct answer - - l l l l l


Agent must act in accordance to clientsdemands/instructions.
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Loyalty - correct answer - - Agent must work in the best interest of theclient.
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Disclosure of Information - correct answer - -
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Agent must communicate withclient/must present all offers.
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Confidentiality - correct answer - - l l l l l


All confidential information as describedby client must remain so unless given
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permission in writing. l l




Accountability - correct answer - - l l l l l


One of the more serious fiduciaryresponsibilities.
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