Real Estate U Final Exam Real Practice
Questions (2026) | Verified Answers | A+
• Article 12-A of the 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 -✓✓A licensed real estate broker that holds the license of a
salesperson.
• "Summary of Your Submission" -✓✓Obtained after your register for
the New York State
Salesperson exam using eAccessNY. You must bring this with
you when taking the State exam.
• Misdemeanor -✓✓A crime punishable by up to a 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 the transaction.
- First document to be submitted to 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.
Questions (2026) | Verified Answers | A+
• Article 12-A of the 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 -✓✓A licensed real estate broker that holds the license of a
salesperson.
• "Summary of Your Submission" -✓✓Obtained after your register for
the New York State
Salesperson exam using eAccessNY. You must bring this with
you when taking the State exam.
• Misdemeanor -✓✓A crime punishable by up to a 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 the transaction.
- First document to be submitted to 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.
