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Realestateu Final Exam Questions And Answers Latest Update 2024/2025
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Realestateu Final Exam Questions And Answers Latest Update 2024/2025
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Realestateu Final Exam Questions AndAnswers Latest Update 2024/2025
article 12-A of the NYS Real Property Law Answer: 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
Sponsor Answer: A licenced real estate broker that holds the licence of a salesperson
"Summary of your Submission Answer: Obtained after your 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.
Misdemeanor Answer: crime punishable by up to one year in jail, a fine of less than $1,000, or both
Listing Agreement Answer: An employment contract between principal and agent, authorizing the
agent to perform services for the principle involving the latter's property.
Pocket Card Answer: 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.
2024
, Fiduciary Answer: 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.
OLD CAR
Disclosure Regarding Real Estate Agency Relationships Form Answer: 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.
Exclusive Agency Answer: 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
Principal Answer: The employer of an agent or broker, the broker or agents client.
price fixing Answer: Conspiring to establish fixed fees or prices for services or products.
market allocation Answer: An agreement between members of a trade to refrain from competition
in specific market areas.
Independant Contractor Relationship Answer: A person that provides services to another under
terms specified in a contract or within a verbal agreement. An independant contractor is not an
employee.
The agent does not have to work in a specific location
The broker cannot control the agents work activities.
2024
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