Real Estate U Final Exam 2026 Questions
and Answers
Article 12-A of the NYS Real Property Law - Correct answer-- Primary person 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 - Correct answer-A licensed real estate broker that holds the license of a
salesperson
"Summary of you Submission" - Correct answer-Obtained after you register for the
New York State Salesperson exam using eAccessNY. You must bring you
"Summary of your Submission" with you when taking the State exam
Misdemeanor - Correct answer-A crime punishable by up to a year in prison and/or
a $1,000 fine
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,Listing Agreement - Correct answer-An employment contract between Principle
and agent, authorizing the agent to perform services for the principle involving the
latter's property
Pocket Card - Correct answer-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 bu the agent at all times when serving as a salesperson
Fiduciary - Correct answer-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
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, -Accountability
-Reasonable Care
Disclosure Regarding Real Estate Agency Relationship Form - Correct answer-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
- First document to be submitted to all prospective clients
Exclusive Agency - Correct answer-An agreement of employment of a broker to
the exclusion of all other brokers; if sale is made by any other broker during the
term of employment, broker this are entitled to commissions in addition to the
commissions payable to the broker who effected the transaction
Principal - Correct answer-The employer of an agent or broker; the broker's or
agent's client
Price Fixing - Correct answer-Conspiring to establish fixed fees or prices for
services or products
Market Allocation - Correct answer-An agreement between members of a trade to
refrain from competition in specific market areas
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and Answers
Article 12-A of the NYS Real Property Law - Correct answer-- Primary person 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 - Correct answer-A licensed real estate broker that holds the license of a
salesperson
"Summary of you Submission" - Correct answer-Obtained after you register for the
New York State Salesperson exam using eAccessNY. You must bring you
"Summary of your Submission" with you when taking the State exam
Misdemeanor - Correct answer-A crime punishable by up to a year in prison and/or
a $1,000 fine
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,Listing Agreement - Correct answer-An employment contract between Principle
and agent, authorizing the agent to perform services for the principle involving the
latter's property
Pocket Card - Correct answer-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 bu the agent at all times when serving as a salesperson
Fiduciary - Correct answer-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
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, -Accountability
-Reasonable Care
Disclosure Regarding Real Estate Agency Relationship Form - Correct answer-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
- First document to be submitted to all prospective clients
Exclusive Agency - Correct answer-An agreement of employment of a broker to
the exclusion of all other brokers; if sale is made by any other broker during the
term of employment, broker this are entitled to commissions in addition to the
commissions payable to the broker who effected the transaction
Principal - Correct answer-The employer of an agent or broker; the broker's or
agent's client
Price Fixing - Correct answer-Conspiring to establish fixed fees or prices for
services or products
Market Allocation - Correct answer-An agreement between members of a trade to
refrain from competition in specific market areas
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
