Real Estate U Final Exam Study Guide With Verified Answers Latest Updated 2024

Real Estate U Final Exam Study Guide With Verified Answers Latest Updated 2024 Article 12-A of the NYS Real Property Law Correct 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 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