RealEstateU Final Exam NYS Questions
and Answers Graded A+
Article 12-A of the NYS Real Property Law - Correct answer-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 - Correct answer-A licensed real estate broker that holds the license of a
salesperson
"Summary of Your Submission" - Correct answer-Obtained after your 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 - Correct answer-A crime punishable by up to a year in prison and/or
a $1,000 fine.
Listing Agreement - Correct answer-An employment contract between principal
and agent, authorizing the agent to perform services for the principle involving the
latter's property
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,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 by
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.
The 6 fiduciary responsibilities - Correct answer-OLD CAR - Obedience - Loyalty
- Disclosure - Confidentiality - Accountability - Reasonable Care
Disclosure Regarding Real Estate Agency Relationships 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 term
of employment, broker holding exclusive agency is entitled to commissions in
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, addition to the commissions payable to the broker who effected the transaction -
Made between a broker and a seller
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
Independent Contractor Relationship - Correct answer-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 - Correct answer-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
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and Answers Graded A+
Article 12-A of the NYS Real Property Law - Correct answer-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 - Correct answer-A licensed real estate broker that holds the license of a
salesperson
"Summary of Your Submission" - Correct answer-Obtained after your 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 - Correct answer-A crime punishable by up to a year in prison and/or
a $1,000 fine.
Listing Agreement - Correct answer-An employment contract between principal
and agent, authorizing the agent to perform services for the principle involving the
latter's property
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,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 by
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.
The 6 fiduciary responsibilities - Correct answer-OLD CAR - Obedience - Loyalty
- Disclosure - Confidentiality - Accountability - Reasonable Care
Disclosure Regarding Real Estate Agency Relationships 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 term
of employment, broker holding exclusive agency is entitled to commissions in
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, addition to the commissions payable to the broker who effected the transaction -
Made between a broker and a seller
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
Independent Contractor Relationship - Correct answer-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 - Correct answer-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
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
