Real estate U Final exam 2026 Questions
and Answers
Article 12-A - Correct answer-The section of the New York Real Property Law
pertaining to real estate salespersons and brokers.
sponsor - Correct answer-A licensed real estate broker that holds the license of a
salesperson
summary of your submission - Correct answer-Obtained after you regustsr for the
NYS Salesperson exam. must bring when take the NYS exam
Misdemeanor - Correct answer-crime punishable by up to one year in jail, a fine of
less than $1,000, or both
Listing Agent - Correct answer-An employment contract between principal and
agent, authorizing the agent to perform services for the principalinvolving the
latters property
Pocket Card - Correct answer-Card issued by. the Dept of State to each licensee
which contains the photo, name and business address of the licensee, and in the
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,case of 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
theron is a licensed real estate broker or salesperson
fiduciary - Correct answer-person who on behalf of or for the benefit of another
transacts business or handles money or property not the persons own; such
relationship implies great confidence and trust
O.L.D.C.A.R
OBEDIENCE
LOYALTY
DISCLOSURE
CONFIDENTIALITY
ACCOUNTABILITY
REASONABLE CARE
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, disclosure regarding real estate agency relationship form - Correct answer-written
explanation, to be signed by prospective buyer or seller or real estate, explaining to
the client the role that the broker plays on the transaction.
*first document to be submitted to all prospective clients
Exclusive Agency - Correct answer-agreement between broker and seller.....broker
is the exclusive agent but the owner can sell.... if sale is made by any other broker
during the term of contract broker is entitled to commissions
principal - Correct answer-the employer of an agent or broker
price fixing - Correct answer-an illegal practice whereby competitors conspire to
set fixed fees or prices
market allocation - Correct answer-an agreement among or between competing
businesses to divide up a market and refrain from competition in specific market
areas
independent contractor relationship - Correct answer-person that provides services
to another under terms specified in a contract or within a verbal agreement. is not
an employee
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
and Answers
Article 12-A - Correct answer-The section of the New York Real Property Law
pertaining to real estate salespersons and brokers.
sponsor - Correct answer-A licensed real estate broker that holds the license of a
salesperson
summary of your submission - Correct answer-Obtained after you regustsr for the
NYS Salesperson exam. must bring when take the NYS exam
Misdemeanor - Correct answer-crime punishable by up to one year in jail, a fine of
less than $1,000, or both
Listing Agent - Correct answer-An employment contract between principal and
agent, authorizing the agent to perform services for the principalinvolving the
latters property
Pocket Card - Correct answer-Card issued by. the Dept of State to each licensee
which contains the photo, name and business address of the licensee, and in the
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,case of 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
theron is a licensed real estate broker or salesperson
fiduciary - Correct answer-person who on behalf of or for the benefit of another
transacts business or handles money or property not the persons own; such
relationship implies great confidence and trust
O.L.D.C.A.R
OBEDIENCE
LOYALTY
DISCLOSURE
CONFIDENTIALITY
ACCOUNTABILITY
REASONABLE CARE
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, disclosure regarding real estate agency relationship form - Correct answer-written
explanation, to be signed by prospective buyer or seller or real estate, explaining to
the client the role that the broker plays on the transaction.
*first document to be submitted to all prospective clients
Exclusive Agency - Correct answer-agreement between broker and seller.....broker
is the exclusive agent but the owner can sell.... if sale is made by any other broker
during the term of contract broker is entitled to commissions
principal - Correct answer-the employer of an agent or broker
price fixing - Correct answer-an illegal practice whereby competitors conspire to
set fixed fees or prices
market allocation - Correct answer-an agreement among or between competing
businesses to divide up a market and refrain from competition in specific market
areas
independent contractor relationship - Correct answer-person that provides services
to another under terms specified in a contract or within a verbal agreement. is not
an employee
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
