Real Estate U Final Exam Study Guide
Real Practice Questions (2026) |
Verified Answers | A+
• Sponsor broker. CORRECT ANSWER: A licensed real estate broker
that holds the license of a salesperson
• "Summary of Your Submission". CORRECT ANSWER: Obtained
after your 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. CORRECT ANSWER: A crime punishable by up to a
year in prison and/or a $1,000 fine
• Listing Agreement. CORRECT ANSWER: An employment contract
between principal and agent, authorizing the agent to perform services
for the principle involving the latter's property.
• Pocket Card. CORRECT 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. CORRECT 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
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
• Disclosure Regarding Real Estate Agency Relationships Form.
CORRECT 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. CORRECT 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. CORRECT ANSWER: The employer of an agent or broker;
the broker's or 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. An independent contractor is not an
employee.
- The agent does not have to work in a specific location
- The broker cannot control the agent's work activities
• Bundle of Rights. CORRECT ANSWER: 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. CORRECT ANSWER: 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. CORRECT ANSWER: 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".
• Specific Lien. CORRECT ANSWER: A lien that only binds to a
specific asset or property (Example: mortgage).
• Voluntary Lien. CORRECT ANSWER: A contractual or consensual
lien that is created by an action taken by the debtor, such as a mortgage
loan to buy real estate (Example: mortgage).
• Tax Lien. CORRECT ANSWER: A lien imposed by law upon a
property to secure the payment of taxes.
• Easement. CORRECT ANSWER: A right to cross or otherwise use
someone else's property for a specified purpose.
• Encumbrance. CORRECT ANSWER: Any right to or interest in the
land interfering with its use or transfer, or subjecting it to an obligation
Real Practice Questions (2026) |
Verified Answers | A+
• Sponsor broker. CORRECT ANSWER: A licensed real estate broker
that holds the license of a salesperson
• "Summary of Your Submission". CORRECT ANSWER: Obtained
after your 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. CORRECT ANSWER: A crime punishable by up to a
year in prison and/or a $1,000 fine
• Listing Agreement. CORRECT ANSWER: An employment contract
between principal and agent, authorizing the agent to perform services
for the principle involving the latter's property.
• Pocket Card. CORRECT 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. CORRECT 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
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
• Disclosure Regarding Real Estate Agency Relationships Form.
CORRECT 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. CORRECT 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. CORRECT ANSWER: The employer of an agent or broker;
the broker's or 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. An independent contractor is not an
employee.
- The agent does not have to work in a specific location
- The broker cannot control the agent's work activities
• Bundle of Rights. CORRECT ANSWER: 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. CORRECT ANSWER: 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. CORRECT ANSWER: 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".
• Specific Lien. CORRECT ANSWER: A lien that only binds to a
specific asset or property (Example: mortgage).
• Voluntary Lien. CORRECT ANSWER: A contractual or consensual
lien that is created by an action taken by the debtor, such as a mortgage
loan to buy real estate (Example: mortgage).
• Tax Lien. CORRECT ANSWER: A lien imposed by law upon a
property to secure the payment of taxes.
• Easement. CORRECT ANSWER: A right to cross or otherwise use
someone else's property for a specified purpose.
• Encumbrance. CORRECT ANSWER: Any right to or interest in the
land interfering with its use or transfer, or subjecting it to an obligation
