REU NYS Final Exam with all Correct & 100% Verified
Answers |Actual Complete Exam |Already Graded A+
Article 12 A of the New York State Real Property Law ✔Correct Answer-- The section of the
NYS Real Prop Law pertaining to RE agents & brokers
- Primary purpose is to "PROTECT THE PUBLIC"
- Requires salespersons to be at least 18 years old
- Requires brokers to be at least 20 years old
Sponsor ✔Correct Answer-a licensed RE broker that holds the license of a salesperson
"Summary of your Submission" ✔Correct Answer-obtained after your register for your NYS RE
Salesperson Licensing Exam using EAccessNY
- MUST bring this when taking exam
Misdemeanor ✔Correct Answer-a crime punishable by up to 1 year in prison and/or a $1,000
fine
Listing Agreement ✔Correct Answer-an employment contract between the principal & agent,
authorizing the agent to perform services for the principal involving the latter's property
Pocket Card ✔Correct Answer-card issued by the Department of State to each licensee, which
contains a photo, name & business address of the licensee. In the case of a salesperson, the
name & business address of the broker they are associated with & shall certify that the person
whose name appears thereon is a licensed RE broker or salesperson.
- MUST be carried at ALL times when operating as a salesperson
Fiduciary ✔Correct Answer-a person who on behalf of or for the benefit of another, transacts
business or handles money/property not the person's own
- Such relationship implied GREAT CONFIDENCE & TRUST
OLD CAR ✔Correct Answer-OBEDIENCE
LOYALTY
DISCLOSURE
CONFIDENTIALITY
ACCOUNTABILITY
REASONABLE CARE
Obedience ✔Correct Answer-- agent must act in accordance to clients DEMANDS &
INSTRUCTIONS
- Agent must act in GOOD FAITH at all time
, Loyalty ✔Correct Answer-- agent must work in the BEST INTEREST of their client
- Agent must NOT force on their client a sale, lease or buying opportunity
Disclosure ✔Correct Answer-agent must COMMUNICATE with client & present their client ALL
OFFERS
Confidentiality ✔Correct Answer-all confidential info as described by the client MUST remain
confidential, unless given WRITTEN CONSENT by the client
- Agent is obligated to safeguard principal's secrets & lawful confidences
- Must keep any info that may weaken a principal's bargaining position confidential
- SELL AGENT → do NOT disclose seller can (or will) sell a property below listing price
- BUY AGENT → do NOT disclose buyer can (or will) pay more than what they have offered
- The duty of confidentiality does NOT include an obligation for a broker representing a seller to
withhold material facts about seller's property condition from buyer or to misrepresent
condition
Accountability ✔Correct Answer-agent must NOT change/modify the financial terms of a deal
& must act in BEST INTEREST of the client
- DON'T play with the #s & NO secret profits/side deals
Reasonable Care ✔Correct Answer-agent must be COMPETENT & NOT act in a negligent
manner
Disclosure (regarding RE Agency Relationship Form) ✔Correct Answer-a written explanation,
to be signed by a prospective buyer or seller of RE, explaining to the client the role the broker
plays in the transaction
- FIRST document to be submitted to all prospective clients
Exclusive Agency ✔Correct Answer-an agreement of employment of a broker to the
EXCLUSION OF ALL OTHER BROKERS
- If a sale is made by any other broker, the broker holding the EA, is entitled to COMMISSIONS in
addition to the commission of the broker who effected the transaction
- An agreement made between a broker & a seller
Principal ✔Correct Answer-the employer of a broker or client / the broker/agent's CLIENT
Price Fixing ✔Correct Answer-conspiring to establish FIXED FEES or PRICES for services (or
products)
Market Allocation ✔Correct Answer-an agreement between members of a trade to REFRAIN
FROM COMPETITION in SPECIFIC MARKET AREAS
Independent Contractor Relationship ✔Correct Answer-a person that provides services to
another under terms specified in a contract or within a verbal agreement
Answers |Actual Complete Exam |Already Graded A+
Article 12 A of the New York State Real Property Law ✔Correct Answer-- The section of the
NYS Real Prop Law pertaining to RE agents & brokers
- Primary purpose is to "PROTECT THE PUBLIC"
- Requires salespersons to be at least 18 years old
- Requires brokers to be at least 20 years old
Sponsor ✔Correct Answer-a licensed RE broker that holds the license of a salesperson
"Summary of your Submission" ✔Correct Answer-obtained after your register for your NYS RE
Salesperson Licensing Exam using EAccessNY
- MUST bring this when taking exam
Misdemeanor ✔Correct Answer-a crime punishable by up to 1 year in prison and/or a $1,000
fine
Listing Agreement ✔Correct Answer-an employment contract between the principal & agent,
authorizing the agent to perform services for the principal involving the latter's property
Pocket Card ✔Correct Answer-card issued by the Department of State to each licensee, which
contains a photo, name & business address of the licensee. In the case of a salesperson, the
name & business address of the broker they are associated with & shall certify that the person
whose name appears thereon is a licensed RE broker or salesperson.
- MUST be carried at ALL times when operating as a salesperson
Fiduciary ✔Correct Answer-a person who on behalf of or for the benefit of another, transacts
business or handles money/property not the person's own
- Such relationship implied GREAT CONFIDENCE & TRUST
OLD CAR ✔Correct Answer-OBEDIENCE
LOYALTY
DISCLOSURE
CONFIDENTIALITY
ACCOUNTABILITY
REASONABLE CARE
Obedience ✔Correct Answer-- agent must act in accordance to clients DEMANDS &
INSTRUCTIONS
- Agent must act in GOOD FAITH at all time
, Loyalty ✔Correct Answer-- agent must work in the BEST INTEREST of their client
- Agent must NOT force on their client a sale, lease or buying opportunity
Disclosure ✔Correct Answer-agent must COMMUNICATE with client & present their client ALL
OFFERS
Confidentiality ✔Correct Answer-all confidential info as described by the client MUST remain
confidential, unless given WRITTEN CONSENT by the client
- Agent is obligated to safeguard principal's secrets & lawful confidences
- Must keep any info that may weaken a principal's bargaining position confidential
- SELL AGENT → do NOT disclose seller can (or will) sell a property below listing price
- BUY AGENT → do NOT disclose buyer can (or will) pay more than what they have offered
- The duty of confidentiality does NOT include an obligation for a broker representing a seller to
withhold material facts about seller's property condition from buyer or to misrepresent
condition
Accountability ✔Correct Answer-agent must NOT change/modify the financial terms of a deal
& must act in BEST INTEREST of the client
- DON'T play with the #s & NO secret profits/side deals
Reasonable Care ✔Correct Answer-agent must be COMPETENT & NOT act in a negligent
manner
Disclosure (regarding RE Agency Relationship Form) ✔Correct Answer-a written explanation,
to be signed by a prospective buyer or seller of RE, explaining to the client the role the broker
plays in the transaction
- FIRST document to be submitted to all prospective clients
Exclusive Agency ✔Correct Answer-an agreement of employment of a broker to the
EXCLUSION OF ALL OTHER BROKERS
- If a sale is made by any other broker, the broker holding the EA, is entitled to COMMISSIONS in
addition to the commission of the broker who effected the transaction
- An agreement made between a broker & a seller
Principal ✔Correct Answer-the employer of a broker or client / the broker/agent's CLIENT
Price Fixing ✔Correct Answer-conspiring to establish FIXED FEES or PRICES for services (or
products)
Market Allocation ✔Correct Answer-an agreement between members of a trade to REFRAIN
FROM COMPETITION in SPECIFIC MARKET AREAS
Independent Contractor Relationship ✔Correct Answer-a person that provides services to
another under terms specified in a contract or within a verbal agreement
