1 | Page
REAL ESTATE U FINAL EXAM
STUDY GUIDE 2026/2027 ACTUAL
QUESTIONS WITH VERIFIED
ANSWERS.
Article 12-A of the NYS Real Property Law - 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 - ANSWER-A licensed real estate broker that holds the
license of a salesperson.
"Summary of Your Submission" - ANSWER-Obtained after your
register for the New York State
Salesperson exam using eAccessNY. You must bring this with
you when taking the State exam.
,2 | Page
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
, 3 | Page
handles money or property not the person's own; such
relationship implies great confidence and
trust.
OLD CAR - ANSWER-- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
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
brokers; if sale is made by any other broker during term of
employment, broker holding
REAL ESTATE U FINAL EXAM
STUDY GUIDE 2026/2027 ACTUAL
QUESTIONS WITH VERIFIED
ANSWERS.
Article 12-A of the NYS Real Property Law - 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 - ANSWER-A licensed real estate broker that holds the
license of a salesperson.
"Summary of Your Submission" - ANSWER-Obtained after your
register for the New York State
Salesperson exam using eAccessNY. You must bring this with
you when taking the State exam.
,2 | Page
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
, 3 | Page
handles money or property not the person's own; such
relationship implies great confidence and
trust.
OLD CAR - ANSWER-- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
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
brokers; if sale is made by any other broker during term of
employment, broker holding
