Real Estate U Final Exam Study Guide 2024 Questions and Answers

Real Estate U Final Exam Study Guide 2024 Questions and 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. 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. 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