Real Estate U Final Exam Study Guide WITH MULTIPLE QUESTIONS AND 100% AUTHENTIC ANSWERS|NEWEST 2025|ALREADY GRADED A | GET A PASS

Article 12-A of the NYS Real Property Law - CORRECT ANSWERS️️The 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 - CORRECT ANSWERS️️A licensed real estate broker that holds the license of a salesperson. "Summary of Your Submission" - CORRECT ANSWERS️️Obtained after your register for the New York State Salesperson exam using eAccessNY. You must bring this with you when taking the State exam. Misdemeanor - CORRECT ANSWERS️️A crime punishable by up to a year in prison and/or a $1,000 fine. Listing Agreement - CORRECT ANSWERS️️An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. Pocket Card - CORRECT ANSWERS️️A 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 ANSWERS️️A 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 - CORRECT ANSWERS️️- Obedience - Loyalty - Disclosure - Confidentiality - Accountability - Reasonable Care Disclosure Regarding Real Estate Agency Relationships Form - CORRECT ANSWERS️️A 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 ANSWERS️️An 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 ANSWERS️️The employer of an agent or broker; the broker's or agent's client. Price Fixing - CORRECT ANSWERS️️Conspiring to establish fixed fees or prices for services or products. Market Allocation - CORRECT ANSWERS️️An agreement between members of a trade to refrain from competition in specific market areas. Independent Contractor Relationship - CORRECT ANSWERS️️A 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 ANSWERS️️The 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 ANSWERS️️The 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 ANSWERS️️The 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. This term literally means "riverbank"