Nys Realestateu final exam UPDATED ACTUAL QUESTIONS
AND CORRECT Answers
Article 12 A The section of the New York Real Property Law pertaining to real estate
salespersons and brokers
Sponsor A licensed real estate broker that holds the license of a salesperson
, Misdemeanor A crime punishable by up to a year in prison and / or a $ 1,000 fine .
Listing Agreement An employment contract between principal and agent , authorizing the agent to
perform services for the principle involving the latter's property
Pocket Card 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 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
Disclosure Regarding Real Estate Agency Relationships A written explanation , to be signed by a prospective buyer or seller of real estate
Form , explaining to the client the role that the broker plays in the transaction . First
document to be submitted to all prospective clients
Exclusive Agency An agreement of employment of a broker to the exclusion of all other exclusive
agency is entitled to commissions in addition to the commissions payable to the
brokers ; if sale is made by any other broker during term of employment , broker
holding broker who effected the transaction
Principal The employer of an agent or broker ; the broker's or agent's client .
Price Fixing Conspiring to establish fixed fees or prices for services or products
Market Allocation An agreement between members of a trade to refrain from competition in specific
market areas
Independent Contractor Relationship A person that provides services to another under terms specified in a contract or
within a verbal agreement . The agent does not have to work in a specific location
The broker cannot control the agent's work activities
Bundle of Rights 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 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 .
AND CORRECT Answers
Article 12 A The section of the New York Real Property Law pertaining to real estate
salespersons and brokers
Sponsor A licensed real estate broker that holds the license of a salesperson
, Misdemeanor A crime punishable by up to a year in prison and / or a $ 1,000 fine .
Listing Agreement An employment contract between principal and agent , authorizing the agent to
perform services for the principle involving the latter's property
Pocket Card 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 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
Disclosure Regarding Real Estate Agency Relationships A written explanation , to be signed by a prospective buyer or seller of real estate
Form , explaining to the client the role that the broker plays in the transaction . First
document to be submitted to all prospective clients
Exclusive Agency An agreement of employment of a broker to the exclusion of all other exclusive
agency is entitled to commissions in addition to the commissions payable to the
brokers ; if sale is made by any other broker during term of employment , broker
holding broker who effected the transaction
Principal The employer of an agent or broker ; the broker's or agent's client .
Price Fixing Conspiring to establish fixed fees or prices for services or products
Market Allocation An agreement between members of a trade to refrain from competition in specific
market areas
Independent Contractor Relationship A person that provides services to another under terms specified in a contract or
within a verbal agreement . The agent does not have to work in a specific location
The broker cannot control the agent's work activities
Bundle of Rights 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 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 .
