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Real Estate U Final Exam Questions
with Detailed Verified Answers
Question: Article 12 A
Answer: NYS Real Estate Property Law (1) Protect the public (2) Salesperson
at least 18 (3) broker at least 20 years .
Question: Sponsor
Answer: Broker that holds salesperson license
Question: Summary of Submission
Answer: Paper you get after registering for NYS test. Bring to tes with you
Question: Misedemanor
Answer: Crime with no more than 1 year prison or $1,000 fine
Question: Listing Agreement
Answer: Agreement between salesperson and property owner, allowing
salesperson to provide services to the owner involving their porperty
Question: Pocket Card
Answer: Has salesperson photo, name, and business address of broker. Carry
at all times
Question: Fiduciary
Answer: Person responsible for other people's property and/or funds
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Question: OLD CAR
Answer: Obedience, Loyalty, Diclosure, Confidentiality, Accountability, and
Reasonable Care
Question: Disclosure Regarding Real Estate Agency Relationship Form
Answer: First form given to clien that establishes the business relationship
and understandings
Question: Exclsive Agency
Answer: When client agees that only one broker is going to sell a property.
Even if someone else sells, the exclusive agent is entitled to commisions.
Question: Principal
Answer: Client / Propert owner or buyer
Question: Price Fixing
Answer: When multiple agents/brokers work together to determine the price
of a service so that noone can get a better of worse deal. Illegal
Question: Market Allocation
Answer: Anti-competition. Illegal
Question: Independent Contractor
Answer: Not an employee. Agrees to do something for someon else based on
a contract. Does not have to work anywhere specifically and broker cannot
control the person's activities
Real Estate U Final Exam Questions
with Detailed Verified Answers
Question: Article 12 A
Answer: NYS Real Estate Property Law (1) Protect the public (2) Salesperson
at least 18 (3) broker at least 20 years .
Question: Sponsor
Answer: Broker that holds salesperson license
Question: Summary of Submission
Answer: Paper you get after registering for NYS test. Bring to tes with you
Question: Misedemanor
Answer: Crime with no more than 1 year prison or $1,000 fine
Question: Listing Agreement
Answer: Agreement between salesperson and property owner, allowing
salesperson to provide services to the owner involving their porperty
Question: Pocket Card
Answer: Has salesperson photo, name, and business address of broker. Carry
at all times
Question: Fiduciary
Answer: Person responsible for other people's property and/or funds
, Page | 2
Question: OLD CAR
Answer: Obedience, Loyalty, Diclosure, Confidentiality, Accountability, and
Reasonable Care
Question: Disclosure Regarding Real Estate Agency Relationship Form
Answer: First form given to clien that establishes the business relationship
and understandings
Question: Exclsive Agency
Answer: When client agees that only one broker is going to sell a property.
Even if someone else sells, the exclusive agent is entitled to commisions.
Question: Principal
Answer: Client / Propert owner or buyer
Question: Price Fixing
Answer: When multiple agents/brokers work together to determine the price
of a service so that noone can get a better of worse deal. Illegal
Question: Market Allocation
Answer: Anti-competition. Illegal
Question: Independent Contractor
Answer: Not an employee. Agrees to do something for someon else based on
a contract. Does not have to work anywhere specifically and broker cannot
control the person's activities
