2026/2027) Real Estate U Final Exam Questions And Answers (18pages)

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 you 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 - 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 Obedience - answer -- Agent must act in accordance to clients demands/instructions. Loyalty - answer -- Agent must work in the best interest of the client. Disclosure of Information - answer -- Agent must communicate with client/must present all offers. Confidentiality - answer -- All confidential information as described by client must remain so unless given permission in writing. Accountability - answer -- One of the more serious fiduciary responsibilities. Reasonable Care - answer -- Agent may be liable for costly mistakes. 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 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 - answer -- The employer of an agent or broker; the broker's or agent's client. Price Fixing - answer -- Conspiring to establish fixed fees or prices for services or products. Market Allocation - answer -- An agreement between members of a trade conspiring to refrain from competition in specific market areas.