Real EstateU Final Exam Questions with
Correct Answers A+
Article 12A: NYS Real Property Law - ✔✔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 Broker - ✔✔A licensed real estate broker that holds the license of a salesperson.
"Summary of Your Submission" - ✔✔- 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 - ✔✔A crime punishable by up to one year in prison and/or a $1,000 fine.
Listing Agreement - ✔✔An employment contract between principal and agent, authorizing the
agent to perform services for the principle involving the latter's property.
Pocket Card - ✔✔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 - ✔✔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
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
Disclosure Regarding Real Estate Agency Relationships Form - ✔✔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 a transaction
- first document to be submitted by all prospective clients
Exclusive Agency - ✔✔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 - ✔✔The employer of an agent or broker; the broker's or agent's client.
Price Fixing - ✔✔Conspiring to establish fixed fees or prices for services or products.
Market Allocation - ✔✔An agreement between members of a trade to refrain from competition
in specific market areas.
Independent Contractor Relationship - ✔✔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
Bundle of Rights - ✔✔The premise that the ownership of real estate consists of the ownership of
various rights associated with it. These rights include the right to use and/or occupy, the right to
sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the
foregoing.
- Includes the right to quiet enjoyment
Correct Answers A+
Article 12A: NYS Real Property Law - ✔✔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 Broker - ✔✔A licensed real estate broker that holds the license of a salesperson.
"Summary of Your Submission" - ✔✔- 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 - ✔✔A crime punishable by up to one year in prison and/or a $1,000 fine.
Listing Agreement - ✔✔An employment contract between principal and agent, authorizing the
agent to perform services for the principle involving the latter's property.
Pocket Card - ✔✔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 - ✔✔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
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
Disclosure Regarding Real Estate Agency Relationships Form - ✔✔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 a transaction
- first document to be submitted by all prospective clients
Exclusive Agency - ✔✔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 - ✔✔The employer of an agent or broker; the broker's or agent's client.
Price Fixing - ✔✔Conspiring to establish fixed fees or prices for services or products.
Market Allocation - ✔✔An agreement between members of a trade to refrain from competition
in specific market areas.
Independent Contractor Relationship - ✔✔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
Bundle of Rights - ✔✔The premise that the ownership of real estate consists of the ownership of
various rights associated with it. These rights include the right to use and/or occupy, the right to
sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the
foregoing.
- Includes the right to quiet enjoyment
