NYS REAL ESTATE U FINAL EXAM
QUESTIONS AND ANSWERS 2026
VERIFIED.
Article 12 A - ANS The section of the New York Real Property Law pertaining to real estate
salespersons and brokers
Sponsor - ANS A licensed real estate broker that holds the license of a salesperson
Misdemeanor - ANS A crime punishable by up to a year in prison and / or a $ 1,000 fine .
Listing Agreement - ANS An employment contract between principal and agent , authorizing
the agent to perform services for the principle involving the latter's property
Pocket Card - ANS 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 - ANS 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
@COPYRIGHT ALL RIGHTS RESERVED PAGE 1 OF 11
, Disclosure Regarding Real Estate Agency Relationships Form - ANS 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 - ANS 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 - ANS The employer of an agent or broker ; the broker's or agent's client .
Price Fixing - ANS Conspiring to establish fixed fees or prices for services or products
Market Allocation - ANS An agreement between members of a trade to refrain from
competition in specific market areas
Independent Contractor Relationship - ANS 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 - ANS 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 - ANS 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 - ANS 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
@COPYRIGHT ALL RIGHTS RESERVED PAGE 2 OF 11
QUESTIONS AND ANSWERS 2026
VERIFIED.
Article 12 A - ANS The section of the New York Real Property Law pertaining to real estate
salespersons and brokers
Sponsor - ANS A licensed real estate broker that holds the license of a salesperson
Misdemeanor - ANS A crime punishable by up to a year in prison and / or a $ 1,000 fine .
Listing Agreement - ANS An employment contract between principal and agent , authorizing
the agent to perform services for the principle involving the latter's property
Pocket Card - ANS 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 - ANS 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
@COPYRIGHT ALL RIGHTS RESERVED PAGE 1 OF 11
, Disclosure Regarding Real Estate Agency Relationships Form - ANS 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 - ANS 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 - ANS The employer of an agent or broker ; the broker's or agent's client .
Price Fixing - ANS Conspiring to establish fixed fees or prices for services or products
Market Allocation - ANS An agreement between members of a trade to refrain from
competition in specific market areas
Independent Contractor Relationship - ANS 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 - ANS 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 - ANS 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 - ANS 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
@COPYRIGHT ALL RIGHTS RESERVED PAGE 2 OF 11
