Real Estate U Pass the NY
State Exam/ Questions with
Correct Answers, 2025 /
2026.
Terms in this set (118)
- Primarily responsible for issuing real estate licenses, pocket cards,
and handing down disciplinary action - Provides advertising
The Department of State
guidelines for brokers
Article 12-A of the NYS Real Outlines the roles/duties of the Department of State
Property Law
- Commissions are paid by the client (buyer or seller dependingon
the transaction) to the brokers involved in the transaction.
Commissions - A typical commission in New York is 6%.
- Commissions are always negotiable, and are determined byboth
the client and broker.
An ad that remains anonymous as to who is advertising is known as a
Blind Ad Blind Ad. Blind ads are illegal.
" All advertisements placed by a broker must indicate that the
advertiser is a broker or give the name of the broker and his
telephone number.
175.25 of Article 12-A of the NY All advertisements placed by a broker which state that property is in the
vicinity of a geographical area or territorial subdivision must indicate as
Real Property Law
part of such advertisement the name of the geographical area or
territorial subdivision in which such property is actually located."
The revocation or suspension of a broker's license suspends the license of
the salespersons and associate brokers affiliated with the broker.
Suspensions
, Obedience - Agent must act in accordance to clients demands/instructions
Loyalty - Agent must work in the best interest of his client
Disclosure of Information - Agent must communicate with client / must
present all offers
Confidentiality - All confidential information as described by client
OLDCAR must remain so unless given permission in writing. Accountability -
One of the more serious fiduciary responsibilities.
Reasonable Care and Duty to Account - Agent may be liable for costly
mistakes.
- A written explanation, to be signed by a prospective buyer orseller
of real estate, explaining to the client the role that the broker plays in the
transaction.
- The Agency Disclosure Form is signed at the first substantivecontact.
Agency Disclosure Form
- Outlines the agent's duties to the client
- Explains that an agent owes a fiduciary duty to the client
- Allows for advance consent to dual agency
- Requires the seller to submit to the buyer, a 'Property
ConditionDisclosure Statement, prior to signing the contract of sale. If the
The Property Condition statement is not signed, the buyer shall receive a $500 credit against the
Disclosure Act purchase price of the property.
- Most seller attorneys advise their clients NOT to sign thestatement,
as it opens them up to a vast amount of liability.
- A relationship in which the real estate agent is found to be the agent
of both the buyer and seller in a transaction, but without the
knowledge and informed consent of both parties. - Undisclosed Dual
Agency is illegal in New York State. - Instead, the agent should notify
both parties and have them sign the Agency Disclosure form, which
Undisclosed Dual Agency
states that the agent is acting as a dual agent. This is known as Advance
Consent to Dual Agency.
Someone authorized to transact every kind of business for the principal.
General Agent Example: Property Manager
An agent with limited authority to act on behalf of the principal, such as
Special Agent created by a listing.
Example: Real Estate Agent / Real Estate Broker
An agreement of employment by a broker under which the exclusive right
to sell for a specified period is granted to the broker; if a sale during the
term of the agreement is made by the owner or by any other broker, the
Exclusive Right to Sell broker holding such exclusive right to sell is nevertheless entitled to
compensation.
Principal or Client The buyer and/or seller
Agent The salesperson or broker
State Exam/ Questions with
Correct Answers, 2025 /
2026.
Terms in this set (118)
- Primarily responsible for issuing real estate licenses, pocket cards,
and handing down disciplinary action - Provides advertising
The Department of State
guidelines for brokers
Article 12-A of the NYS Real Outlines the roles/duties of the Department of State
Property Law
- Commissions are paid by the client (buyer or seller dependingon
the transaction) to the brokers involved in the transaction.
Commissions - A typical commission in New York is 6%.
- Commissions are always negotiable, and are determined byboth
the client and broker.
An ad that remains anonymous as to who is advertising is known as a
Blind Ad Blind Ad. Blind ads are illegal.
" All advertisements placed by a broker must indicate that the
advertiser is a broker or give the name of the broker and his
telephone number.
175.25 of Article 12-A of the NY All advertisements placed by a broker which state that property is in the
vicinity of a geographical area or territorial subdivision must indicate as
Real Property Law
part of such advertisement the name of the geographical area or
territorial subdivision in which such property is actually located."
The revocation or suspension of a broker's license suspends the license of
the salespersons and associate brokers affiliated with the broker.
Suspensions
, Obedience - Agent must act in accordance to clients demands/instructions
Loyalty - Agent must work in the best interest of his client
Disclosure of Information - Agent must communicate with client / must
present all offers
Confidentiality - All confidential information as described by client
OLDCAR must remain so unless given permission in writing. Accountability -
One of the more serious fiduciary responsibilities.
Reasonable Care and Duty to Account - Agent may be liable for costly
mistakes.
- A written explanation, to be signed by a prospective buyer orseller
of real estate, explaining to the client the role that the broker plays in the
transaction.
- The Agency Disclosure Form is signed at the first substantivecontact.
Agency Disclosure Form
- Outlines the agent's duties to the client
- Explains that an agent owes a fiduciary duty to the client
- Allows for advance consent to dual agency
- Requires the seller to submit to the buyer, a 'Property
ConditionDisclosure Statement, prior to signing the contract of sale. If the
The Property Condition statement is not signed, the buyer shall receive a $500 credit against the
Disclosure Act purchase price of the property.
- Most seller attorneys advise their clients NOT to sign thestatement,
as it opens them up to a vast amount of liability.
- A relationship in which the real estate agent is found to be the agent
of both the buyer and seller in a transaction, but without the
knowledge and informed consent of both parties. - Undisclosed Dual
Agency is illegal in New York State. - Instead, the agent should notify
both parties and have them sign the Agency Disclosure form, which
Undisclosed Dual Agency
states that the agent is acting as a dual agent. This is known as Advance
Consent to Dual Agency.
Someone authorized to transact every kind of business for the principal.
General Agent Example: Property Manager
An agent with limited authority to act on behalf of the principal, such as
Special Agent created by a listing.
Example: Real Estate Agent / Real Estate Broker
An agreement of employment by a broker under which the exclusive right
to sell for a specified period is granted to the broker; if a sale during the
term of the agreement is made by the owner or by any other broker, the
Exclusive Right to Sell broker holding such exclusive right to sell is nevertheless entitled to
compensation.
Principal or Client The buyer and/or seller
Agent The salesperson or broker
