Real Estate U Final Exam Questions And Correct Detailed
Answers 2022/2023 Already Graded A+
Article 12-A of the NYS Real Property Law - ANSWER-- Primary
person 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 you Submission" - ANSWER-Obtained after you
register for the New York State Salesperson exam using
eAccessNY. You must bring you "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
Principle 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
,Real Estate U Final Exam Questions And Correct Detailed
Answers 2022/2023 Already Graded A+
whose name appears thereon is a licensed real estate broker or
salesperson
- Must be carried bu 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"
-Obedience
-Loyalty
-Disclosure
-Confidentiality
-Accountability
-Reasonable Care
Disclosure Regarding Real Estate Agency Relationship 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
, Real Estate U Final Exam Questions And Correct Detailed
Answers 2022/2023 Already Graded A+
other broker during the term of employment, broker this are
entitled to commissions in addition to the commissions payable to
the broker who effected the transaction
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 to refrain from competition in specific market areas
Independent Contractor relationship - ANSWER-A person that
provides services to another under terms specified in a contract or
within a verbal agreement. 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 - ANSWER-The premise that the ownership of
real estate consist of the ownership of various rights associated
with it. These rights include the right to use and/or occupy, the
right to sell in the 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
Answers 2022/2023 Already Graded A+
Article 12-A of the NYS Real Property Law - ANSWER-- Primary
person 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 you Submission" - ANSWER-Obtained after you
register for the New York State Salesperson exam using
eAccessNY. You must bring you "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
Principle 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
,Real Estate U Final Exam Questions And Correct Detailed
Answers 2022/2023 Already Graded A+
whose name appears thereon is a licensed real estate broker or
salesperson
- Must be carried bu 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"
-Obedience
-Loyalty
-Disclosure
-Confidentiality
-Accountability
-Reasonable Care
Disclosure Regarding Real Estate Agency Relationship 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
, Real Estate U Final Exam Questions And Correct Detailed
Answers 2022/2023 Already Graded A+
other broker during the term of employment, broker this are
entitled to commissions in addition to the commissions payable to
the broker who effected the transaction
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 to refrain from competition in specific market areas
Independent Contractor relationship - ANSWER-A person that
provides services to another under terms specified in a contract or
within a verbal agreement. 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 - ANSWER-The premise that the ownership of
real estate consist of the ownership of various rights associated
with it. These rights include the right to use and/or occupy, the
right to sell in the 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
