REAL ESTATE U PASS THE NY STATE EXAM
2025 ACCURATE ANSWERS
The Department of State - ANS-- Primarily responsible for issuing real estate
licenses, pocket cards, and handing down disciplinary action
- Provides advertising guidelines for brokers
Article 12-A of the NYS Real Property Law - ANS-Outlines the roles/duties of the
Department of State
Commissions - ANS-- Commissions are paid by the client (buyer or seller
depending on the transaction) to the brokers involved in the transaction.
- A typical commission in New York is 6%.
- Commissions are always negotiable, and are determined by both the client and
broker.
Blind Ad - ANS-An ad that remains anonymous as to who is advertising is known
as a Blind Ad. Blind ads are illegal.
175.25 of Article 12-A of the NY Real Property Law - ANS-" All advertisements
placed by a broker must indicate that the advertiser is a broker or give the name
of the broker and his telephone number.
All advertisements placed by a broker which state that property is in the vicinity
of a geographical area or territorial subdivision must indicate as part of such
,advertisement the name of the geographical area or territorial subdivision in
which such property is actually located."
Suspensions - ANS-The revocation or suspension of a broker's license suspends
the license of the salespersons and associate brokers affiliated with the broker.
OLDCAR - ANS-Obedience - Agent must act in accordance to clients
demands/instructions
Loyalty - Agent must work in the best interest of his client
Disclosure of Information - Agent must communicate with client / must present
all offers
Confidentiality - All confidential information as described by client must remain so
unless given permission in writing.
Accountability - One of the more serious fiduciary responsibilities.
Reasonable Care and Duty to Account - Agent may be liable for costly mistakes.
Agency Disclosure Form - ANS-- 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.
- The Agency Disclosure Form is signed at the first substantive contact.
- Outlines the agent's duties to the client
- Explains that an agent owes a fiduciary duty to the client
- Allows for advance consent to dual agency
The Property Condition Disclosure Act - ANS-- Requires the seller to submit to the
buyer, a 'Property Condition Disclosure Statement, prior to signing the contract of
, sale. If the statement is not signed, the buyer shall receive a $500 credit against
the purchase price of the property.
- Most seller attorneys advise their clients NOT to sign the statement, as it opens
them up to a vast amount of liability.
Undisclosed Dual Agency - ANS-- A relationship in which the real estate agent is
found to be the agent of both the buyer and seller in a transaction, but without
the knowledge and informed consent of both parties.
- Undisclosed Dual Agency is illegal in New York State.
- Instead, the agent should notify both parties and have them sign the Agency
Disclosure form, which states that the agent is acting as a dual agent. This is
known as Advance Consent to Dual Agency.
General Agent - ANS-Someone authorized to transact every kind of business for
the principal.
Example: Property Manager
Special Agent - ANS-An agent with limited authority to act on behalf of the
principal, such as created by a listing.
Example: Real Estate Agent / Real Estate Broker
Exclusive Right to Sell - ANS-An agreement of employment by a broker under
which the exclusive right to sell for a specified period is granted to the broker; if a
sale during the term of the agreement is made by the owner or by any other
broker, the broker holding such exclusive right to sell is nevertheless entitled to
compensation.
Principal or Client - ANS-The buyer and/or seller
2025 ACCURATE ANSWERS
The Department of State - ANS-- Primarily responsible for issuing real estate
licenses, pocket cards, and handing down disciplinary action
- Provides advertising guidelines for brokers
Article 12-A of the NYS Real Property Law - ANS-Outlines the roles/duties of the
Department of State
Commissions - ANS-- Commissions are paid by the client (buyer or seller
depending on the transaction) to the brokers involved in the transaction.
- A typical commission in New York is 6%.
- Commissions are always negotiable, and are determined by both the client and
broker.
Blind Ad - ANS-An ad that remains anonymous as to who is advertising is known
as a Blind Ad. Blind ads are illegal.
175.25 of Article 12-A of the NY Real Property Law - ANS-" All advertisements
placed by a broker must indicate that the advertiser is a broker or give the name
of the broker and his telephone number.
All advertisements placed by a broker which state that property is in the vicinity
of a geographical area or territorial subdivision must indicate as part of such
,advertisement the name of the geographical area or territorial subdivision in
which such property is actually located."
Suspensions - ANS-The revocation or suspension of a broker's license suspends
the license of the salespersons and associate brokers affiliated with the broker.
OLDCAR - ANS-Obedience - Agent must act in accordance to clients
demands/instructions
Loyalty - Agent must work in the best interest of his client
Disclosure of Information - Agent must communicate with client / must present
all offers
Confidentiality - All confidential information as described by client must remain so
unless given permission in writing.
Accountability - One of the more serious fiduciary responsibilities.
Reasonable Care and Duty to Account - Agent may be liable for costly mistakes.
Agency Disclosure Form - ANS-- 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.
- The Agency Disclosure Form is signed at the first substantive contact.
- Outlines the agent's duties to the client
- Explains that an agent owes a fiduciary duty to the client
- Allows for advance consent to dual agency
The Property Condition Disclosure Act - ANS-- Requires the seller to submit to the
buyer, a 'Property Condition Disclosure Statement, prior to signing the contract of
, sale. If the statement is not signed, the buyer shall receive a $500 credit against
the purchase price of the property.
- Most seller attorneys advise their clients NOT to sign the statement, as it opens
them up to a vast amount of liability.
Undisclosed Dual Agency - ANS-- A relationship in which the real estate agent is
found to be the agent of both the buyer and seller in a transaction, but without
the knowledge and informed consent of both parties.
- Undisclosed Dual Agency is illegal in New York State.
- Instead, the agent should notify both parties and have them sign the Agency
Disclosure form, which states that the agent is acting as a dual agent. This is
known as Advance Consent to Dual Agency.
General Agent - ANS-Someone authorized to transact every kind of business for
the principal.
Example: Property Manager
Special Agent - ANS-An agent with limited authority to act on behalf of the
principal, such as created by a listing.
Example: Real Estate Agent / Real Estate Broker
Exclusive Right to Sell - ANS-An agreement of employment by a broker under
which the exclusive right to sell for a specified period is granted to the broker; if a
sale during the term of the agreement is made by the owner or by any other
broker, the broker holding such exclusive right to sell is nevertheless entitled to
compensation.
Principal or Client - ANS-The buyer and/or seller
