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Real Estate U Final Exam Questions with Complete Solutions Graded A+
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Real Estate U Final Exam Questions with Complete Solutions Graded A+
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Real Estate U FinalExam Questions
and Complete
Solutions Graded
A+
Denning [Date] [Course title]
,- 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 - Answer: Article 12-A of the NYS Real Property Law
- A licensed real estate broker that holds the license of a salesperson. - Answer: Sponsor
- Obtained after you 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. - Answer: "Summary of Your Submission"
- A crime punishable by up to a year in prison and/or a $1,000 fine. - Answer: Misdemeanor
- An employment contract between principal and agent, authorizing the
agent to perform services for the principle involving the latter's property - Answer: Listing Agreement
- 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. - Answer: Pocket Card
- 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. - Answer: Fiduciary
- Obedience
- Loyalty
- Disclosure
, - Confidentiality
- Accountability
- Reasonable Care - Answer: OLD CAR
- Agent must act in accordance to clients demands/instructions. - Answer: Obedience
- Agent must work in the best interest of the client. - Answer: Loyalty
- Agent must communicate with client/must present all offers. - Answer: Disclosure of Information
- All confidential information as described by client must remain so unless given permission in writing. -
Answer: Confidentiality
- One of the more serious fiduciary responsibilities. - Answer: Accountability
- Agent may be liable for costly mistakes. - Answer: Reasonable Care
- 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 - Answer: Disclosure Regarding Real Estate
Agency Relationships Form
- An 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 - Answer: Exclusive Agency
- The employer of an agent or broker; the broker's or agent's client. - Answer: Principal
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