NY REAL ESTATE U FINAL EXAM Questions with 100% Correct Answers
| Verified | Updated (Actual Exam) LATEST VERSION!!
Article 12 A - (ANSWER)The section of the New York Real Property Law pertaining to real estate
salespersons and brokers
Sponsor - (ANSWER)A licensed real estate broker that holds the license of a salesperson
Misdemeanor - (ANSWER)A crime punishable by up to a year in prison and / or a $ 1,000 fine .
Listing Agreement - (ANSWER)An employment contract between principal and agent , authorizing the
agent to perform services for the principle involving the latter's property
Pocket Card - (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 - (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
Disclosure Regarding Real Estate Agency Relationships Form - (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 - (ANSWER)An agreement of employment of a broker to the exclusion of all other
exclusive agency is entitled to commissions in addition to the commissions payable to the brokers ; if sale
is made by any other broker during term of employment , broker holding broker who effected the
transaction
Principal - (ANSWER)The employer of an agent or broker ; the broker's or agent's client .
, NY REAL ESTATE U FINAL EXAM Questions with 100% Correct Answers
| Verified | Updated (Actual Exam) LATEST VERSION!!
Price Fixing - (ANSWER)Conspiring to establish fixed fees or prices for services or products
Market Allocation - (ANSWER)An agreement between members of a trade to refrain from competition in
specific market areas
Independent Contractor Relationship - (ANSWER)A person that provides services to another under terms
specified in a contract or within a verbal agreement . The agent does not have to work in a specific
location The broker cannot control the agent's work activities
Bundle of Rights - (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
Littoral Rights - (ANSWER)The right of a property owner whose land borders on a body of water , such as
a lake , ocean or sea to reasonable use and enjoyment of the shore and water the property borders on .
Riparian Rights - (ANSWER)The right of a property owner whose land borders a natural water course
such as a river , to reasonable use and enjoyment of the water that flows past the property . Riparian
literally means " riverbank
Specific Lien - (ANSWER)A lien that only binds to a specific asset or property Example : mortgage
Voluntary Lien - (ANSWER)A contractual or consensual lien that is created by an action taken by the
debtor , such as a mortgage loan to buy real estate ( Example : mortgage ) .
Tax Lien - (ANSWER)A lien imposed by law upon a property to secure the payment of taxes
| Verified | Updated (Actual Exam) LATEST VERSION!!
Article 12 A - (ANSWER)The section of the New York Real Property Law pertaining to real estate
salespersons and brokers
Sponsor - (ANSWER)A licensed real estate broker that holds the license of a salesperson
Misdemeanor - (ANSWER)A crime punishable by up to a year in prison and / or a $ 1,000 fine .
Listing Agreement - (ANSWER)An employment contract between principal and agent , authorizing the
agent to perform services for the principle involving the latter's property
Pocket Card - (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 - (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
Disclosure Regarding Real Estate Agency Relationships Form - (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 - (ANSWER)An agreement of employment of a broker to the exclusion of all other
exclusive agency is entitled to commissions in addition to the commissions payable to the brokers ; if sale
is made by any other broker during term of employment , broker holding broker who effected the
transaction
Principal - (ANSWER)The employer of an agent or broker ; the broker's or agent's client .
, NY REAL ESTATE U FINAL EXAM Questions with 100% Correct Answers
| Verified | Updated (Actual Exam) LATEST VERSION!!
Price Fixing - (ANSWER)Conspiring to establish fixed fees or prices for services or products
Market Allocation - (ANSWER)An agreement between members of a trade to refrain from competition in
specific market areas
Independent Contractor Relationship - (ANSWER)A person that provides services to another under terms
specified in a contract or within a verbal agreement . The agent does not have to work in a specific
location The broker cannot control the agent's work activities
Bundle of Rights - (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
Littoral Rights - (ANSWER)The right of a property owner whose land borders on a body of water , such as
a lake , ocean or sea to reasonable use and enjoyment of the shore and water the property borders on .
Riparian Rights - (ANSWER)The right of a property owner whose land borders a natural water course
such as a river , to reasonable use and enjoyment of the water that flows past the property . Riparian
literally means " riverbank
Specific Lien - (ANSWER)A lien that only binds to a specific asset or property Example : mortgage
Voluntary Lien - (ANSWER)A contractual or consensual lien that is created by an action taken by the
debtor , such as a mortgage loan to buy real estate ( Example : mortgage ) .
Tax Lien - (ANSWER)A lien imposed by law upon a property to secure the payment of taxes
