Exam (elaborations)
Real Estate U Final Exam 2024 Updated Questions and Verified Answers, 100% Guarantee Pass
- Course
- Institution
Real Estate U Final Exam 2024 Updated Questions and Verified Answers, 100% Guarantee Pass
[Show more]
Content preview
Nys Realestateu final exam.pdf file:///C:/Users/HP/Desktop/New%20folder/Nys%20Realestateu%20NYS REALESTATEU FINAL EXAM
1. Article 12 A: The section of the New York Real Property Law pertaining to realestate
salespersons and brokers
2. Sponsor: A licensed real estate broker that holds the license of a salesperson
3. Misdemeanor: A crime punishable by up to a year in prison and / or a $ 1,000fine .
4. Listing Agreement: An employment contract between principal and agent , au-thorizing the
agent to perform services for the principle involving the latter's property
5. 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 caseof 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 appearsthereon is a licensed real estate broker or salesperson .Must
be carried by the agentat all times when serving as a salesperson .
6. 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 relationshipimplies great confidence
and trust
7. Disclosure Regarding Real Estate Agency Relationships Form: A written explanation , to
1/7
1 of 15 9/5/2024, 2:46
,Nys Realestateu final exam.pdf file:///C:/Users/HP/Desktop/New%20folder/Nys%20Realestateu%20
be signed by a prospective buyer or seller of real estate , explainingto the client the role that the
broker plays in the transaction . First document to be submitted to all prospective clients
8. Exclusive Agency: An agreement of employment of a broker to the exclusion ofall other
exclusive agency is entitled to commissions in addition to the commissionspayable to the brokers
; if sale is made by any other broker during term of employ-ment , broker holding broker who
effected the transaction
9. Principal: The employer of an agent or broker ; the broker's or agent's client .
10. Price Fixing: Conspiring to establish fixed fees or prices for services or products
11. Market Allocation: An agreement between members of a trade to refrain fromcompetition
in specific market areas
12. Independent Contractor Relationship: A person that provides services to another under
terms specified in a contract or within a verbal agreement .The agentdoes not have to work in a
specific location The broker cannot control the agent's work activities
13. Bundle of Rights: The premise that the ownership of real estate consists of theownership of
various rights associated with it . These rights include the right to useand / 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 quietenjoyment
2/7
2 of 15 9/5/2024, 2:46
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TIPSCORE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71498 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now