Real Estate U Final Exam Questions And Answers 2022/2023

Real Estate U Final Exam: Questions with CompleteSolution
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Articlel12-AloflthelNYSlReallPropertylLa
- CorrectlAnsl-l-lPrimarylpersonlisltol"protectlthelpublic"-minimizinglfraud
- Requireslalsalespersonltolbelatlleastl18lyearsloflage
- Requireslalbrokerltolbelatlleastl20lyearsloflage

MaintaininglalLicensel-lCorrectlAnsl-
lPlaceloflworkl(brokerage)lPocketlcard

GivelnoticeltolNYlDepartmentloflStateloflchangelinlname,lstatus,llocationl(withinl5ldays)

ExemptionsltolLicensurel-lCorrectlAnsl–
- reallestatelattorney
- governmentlofficiallpertaininglpertainingltolcourtlorlreallestatelproceedinglduties
- courtlorderslofficiall(trustylinlbankruptcy,lreallestatelguardian,lexecutorlorladministrator)

"SummaryloflyoulSubmission"l-lCorrectlAnsl–
lObtainedlafterlyoulregisterlforlthelNewlYorklStatelSalespersonlexamlusingleAccessNY.lYoulmustlbr

inglyoul"SummaryloflyourlSubmission"lwithlyoulwhenltakinglthelStatelexam

Misdemeanorl-lCorrectlAnsl-lAlcrimelpunishablelbylupltolalyearlinlprisonland/orlal$1,000lfine

ListinglAgreementl-lCorrectlAnsl-
lcontractlbetweenlPrinciplelandlagent,lauthorizinglthelagentltolperformlserviceslforlthelprincipleli

nvolvinglthellatter'slproperty

PocketlCardl-lCorrectlAnsl-
lissuedlbyltheldepartmentloflstateltoleachllicensee:containslthelphoto,lnamelandlbusinessladdresslofl

licensee,land,linlthelcaseloflalreallestatelsalesperson,lthelnamelandlbusinessladdressloflthelbrokerlwit
hlwhomlhelorlsheliterm-
15slassociatedlandlshalllcertifylthatlthelpersonlwhoselnamelappearslthereonlislallicensedlreallestatel
brokerlorlsalesperson
- Mustlbelcarriedlbylthelagentlatlallltimeslwhenlservinglaslalsalesperson

Escrow
(notlideallbclitlcanlresultlinllegallconsequenceslinlwhichlcaselhasltolbelinlwriting)

https://www.youtube.com/watch?v=-QqtFEkvsBol-lCorrectlAnsl-
lWrittenlagreementlbetweenl2/+lpartieslprovidinglthatlcertainlinstruments/lpropertylislplacedlwith

lthirdlpartylandldeliveredltolpersonluponlthelfulfillmentlorlperformanceloflsomelact/condition.




Simple:lAlSeparatelBanklaccountlthatlprotectslthelintegritylofltheltransactionl(agreement)lthatlanlag
entlcreated

,Ex:lAnlagentlwholcreatedlallegallylbindinglcontractlwithlbothlbuyerl&lsellerlandlhaslalescrowlcom
panylmakelsureleverylstipulationlinlthislReallPropertylAccountabilityldocumentlthatlwaslagreedlu
ponlbylbothlpartieslhaslbeenlmetlbeforelaldeallcanlbelclosed.

Accordingltolthisldocument,lthelbuyer/sellerldon'tlhavelvicariouslliabilitylforlthelactionsloflalbrok
erslagentl?lThislformlinformslthelclientlaboutlduallagencylandldetailslthelriskslandlbenefitslinvolv
edlinltheltransactionl-lCorrectlAnsl-lNYSlDisclosurelForm

NYSlDisclosurelFormlforlBuyerlandlSellerlRegardinglReallEstatelAgencylRelationshiplForml-
lCorrectlAnsl-

lAlwrittenlexplanation,ltolbelsignedlbylalprospectivelbuyerlorlsellerloflreallestate,lexplainingltolthelclie

ntlthelrolelthatlthelbrokerlplayslinltheltransaction
- Firstldocumentltolbelsubmittedltolalllprospectivelclients
- byllawlthislformlneedsltolbelsignedlatlreallmeetingl(solbeforelanylvisits/showingsloflpropertylorlbr
okerage,lorldiscussionlofllistinglprice,lpurchaselpricelaltenantlislableltolafford,lmortgageltenantlnee
dsltoltakelout)

*InlthelcaselwherelclientlrefusesltolsignlthelDisclosurelForm,lthelagentlshouldlexplainlthatlthelformli
slsimplylaldocumentlmeanltolprotectlthelclientl&lexplainslthelclientslrights
* ifltherelislstilllrefusallthenlagentlneedsltoldocumentltime,ldatelandlclientlnamelwhilelcontinuingl
withlthelmeeting/showingloflproperty.lAfterwardslagentlneedsltolfillloutlanlaffidavitlcontaininglhel
samelinformationlandlexactlreasonlforlwhylthelclientlrefusesltolsignltheldisclosurelform.

FirstlMeetingl:lDisclosurelForml-lCorrectlAnsl-
lListinglagentlmeetinglBuyer:lAgentlneedsltolletlbuyerlknowlthatltheirlfiduciarylduty/lundividedlloyalt

ylisltolseller

Buyerlagentlmeetinglseller:lAgentlneedsltolletlsellerlknowlthatltheirlfiduciarylduty/lundividedlloyaltyli
sltolbuyer

AfterlInitiallDisclosurelAgentlchangesltheirlroleslDUElTOl:l-lCorrectlAnsl-
l1.lInitiallDisclosurelwithlBuyer:lagentlrealizesllaterlonlthatlthelbuyerlislinterestedlinlalpropertylt

hatlthelagentslbrokeragelisllistinglthenlitlwilllresultlinlthelBuyerlAgentlbecominglalDuallAgent
2. Buyerlbecomeslalcustomerlandlthelagentl&lbrokeragelonlylrepresentlthelseller

Comminglingl-lCorrectlAnsl-
lTolminglelorlmix,lforlexample,lalclient'slfundslinlthelbroker'slpersonallorlgenerallaccount.




NetlListing

(canlbelillegallsincelitlcanlleadltolFRAUD)l-lCorrectlAnsl-
lAlpricelbelowlwhichlanlownerlwilllnotlselllthelproperty,landlatlwhichlpricelalbrokerlwilllnotlreceivelalc

ommission;lthelbrokerlreceiveslthelexcessloverlandlabovelthelnetllistinglaslthelbroker'slcommission

,Underlalnetllisting,lthelbrokerlcanlofferlthelpropertylforlsalelatlthelhighestlpricelobtainableltolincre
aselthelcommission.lThisltypelofllistinglislillegallinlNYlandlcanlresultlinllicenselloss

Articlel78lProceedingl-lCorrectlAnsl-
lAnlappeallbroughtlforthlbecauseloflalrulinglbylalgovernmentlagency.

allowslanylpersonltolreviewlaldecisionloflaladministrativelagencylbylgoingltolcourtlandlclaimingltha
tlthelagencylactedlinlalarbitrary,lunfairlorlactedlcontraryltolthellaw

Kickbackl-lCorrectlAnsl-
lPaymentlbylalbrokerloflanylpartloflcompensationltolalreallestateltransactionltolanyonelwholislnotllic

ensedlorlwholislnotlexemptlfromlthellicensellawl(canlresultlinllicenselloss)

AdministrativelDisciplinel-lCorrectlAnsl-
lThelDepartmentloflState'slabilityltolenforcellicensellawslthroughlreprimandlandldeniallaslwellla

slthelsuspensionlandlrevocationlofllicenses.
MultiplelListinglServicel(MLS)l-lCorrectlAnsl-
lagreementlbylalgrouploflreallestatelbrokersltolbandltogetherlandlcreatelalMLSlthatlallowsleachloflth

emltollistleachlother'slhouses.lUnderlthislarrangement,lthellistinglbrokerlandlthelsellinglbrokerlsplitlt
helcommissionlforleachlsale.
- MLSlcreateslalDuallAgencylwherelthelbuyerslagentlbecomeslalsublagentloflbothlthelbuyerlandls
ellerl(onlylifltherelislconsentlwriting)

DuallAgencyl-lCorrectlAnsl-lRepresentinglbothlpartiesltolaltransaction
- Bothlthelseller(landlord)landlbuyer(tenant)lmustlgiveltheirlconsentlinlwiringlforlthelcreationloflD
uallAgency
Ex:lAslsoonlaslthelbrokeragelstartslshowinglthelapartmentlitlneedsltolgetlthelinformedlconsentlfromlla
ndlordlthatlthelsaleslpersonnellarelgonnalbothlrentlthelapartmentlonlbehalfloflthellandlordlandlbringl
tenantsltolleaselit

Risk:
- Undividedlloyalty
- FailingltoldiscloselthelDuallAgencylrelationshiplviolateslthelNYlStatelReallPropertyllaw

Benefits:
- Agentslgetslhigherlcommission
- PermitsllistingloflpropertieslvialMLSlprovidinglgreaterlexposureltolpotentiallbuyers

ReallEstatelAppraiserl-lCorrectlAnsl-
lAlpractitionerlwholhaslthelknowledgelandlexpertiselnecessaryltolestimatelthelvalueloflreallp

roperty.
- actslindependentlyloflthelbuyinglandlsellinglpartieslinlaltransactionlinlorderltolarrivelatlthelfairlv
alueloflanlassetlwithoutlbias.

Agentl-lCorrectlAnsl-
lOnelwholundertakesltoltransactlsomelbusinesslorltolmanagelsomelaffairlforlanotherlbylauthoritylof

lthellatter

, Broker'slAgentl-lCorrectlAnsl-
lAlbroker'slagentlislanlagentlthatlcooperateslorlislengagedlbylallistinglagentlorlalbuyer'slagentl(butldoe

slnotlworklforlthelsamelfirmlaslthellistinglagentlorlbuyer'slagent)ltolassistlthellistinglagentlorlbuyer'sla
gentlinllocatinglalpropertyltolselllorlbuy,lrespectively,lforlthellistinglagent'slsellerlorlthelbuyerlagent'sl
buyer.

Sub-agentl-lCorrectlAnsl-lAnlagentloflalpersonlalreadylactinglaslanlagentloflalprincipal

Fiduciaryldutiesl(OLDlCAR)l-lCorrectlAnsl-
lAlpersonlwholonlbehalfloflorlforlthelbenefitloflanotherltransactslbusiness,lhandleslmoneylorlproper

tylnotlthelperson'slown;lsuchlrelationshiplimplieslgreatlconfidencelandltrust
-OBIDIENCE
-LOYALTY

-
DISCLOSURE:l(agentldoesn'tlhaveltoldiscloselschoollzonelunlesslclientlrequireslit,ltrafficlflow,leasel
ofltransportation,lreasonlsellerlislselling)

-CONFIDENTIALITY

-
ACCOUNTABILITY:lagentlmustlnotlmodify/changelfinancialltermslofldeallandlmustlactlinlbestlinter
estlofltheirlclient

-
REASONABLElCARE:lagentlmustlactlcompetentlylandlnotlinlalnegligentlmannerlbclagentlcanlbelhel
dlliablelforltheirlmistakes.

ReasonablelCarel-lCorrectlAnsl-l-
lAgentlwilllwantltolgetlalcopyloflthelPropertylInspectionlReportlaslpartlofltheldueldiligencelpro

cess
- Agentlneedsltolhavelanlunderstandinglofltheirlclientslfinanciallsituationlandltheirlabilityltoltakel
outlalmortgage.
NOTE:lBelawareloflanyllawsuitslorllackloflfundslforlalspecificlbuilding

Ex:
- belwareloflbuyerlqualifications
- Buildingslassessments
- pendinglorlimpendingllitigations
- don'tlplacelmultiplelcontractslonlmultiplelpropertieslatloneltimel(lsellerlagentlcan'tlputloutl5ldiffer
entlcontractslonl1lspecificlproperty)linsteadl(ladviselalllclientslthatltherelarelotherlpendinglofferslt
olseelwhichlclientlwilllraiseltheirloffer)

UndividedlLoyaltyl-lCorrectlAnsl-
l"Onelofltheldutieslanlagentlowesltolthelclient,lundividedlloyaltylmeanslthelagentlputslthelclien

t'slinterestslaheadloflalllothers,lincludinglthelagent'slown.