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NYU real estate Final test Questions and Answers 100% Accurate
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NYU real estate Final test
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NYU real estate Final testArticle 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 - answerA licensed real estate broker that holds the license of a salesperson.
"Summary of Your Submission" - answer Obtained after your register for the New York
State Salesperson exam using eAccess NY. 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 - answerAn employment contract between principal and agent,
authorizing the agent to perform services for the principle involving the latter's property.
Pocket Card - answerA 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.
Fiduciary - answerA person who on behalf of or for the benefit of another transacts
business or handles money or property not the person's own, relationship implies great
confidence and trust.
-Old car
-obedience
-loyalty
-Disclosure
-Confidentially
-accountability
-Reasonable Carr
Obedience - answerThe fiduciary relationship obligates the agent to act in good faith at
all times, obeying the client's instructions in accordance with the contract
, Undivided Loyalty - answerThe fiduciary duty that prohibits the agent from advancing
any interests adverse to the principal's interest or conducting the principal's business in
such a way as to benefit a customer, a subagent, the agent or any other party to the
detriment of the principal's interest unless required by statute, regulation or common law
- e.g., disclosing material facts and defects of a property.
Disclosure - answerThe release of relevant information about a property that may
influence the final sale, especially if it represents defects or problems
Confidentiality - answerAn agent is obligated to safeguard his/her principal's lawful
confidences and secrets. Therefore, a real estate broker must keep confidential any
information that may weaken a principal's bargaining position. The duty of confidentiality
precludes a broker who represents a seller from disclosing to a buyer that the seller
can, or must, sell a property below the listed price. Conversely, a broker who represents
a buyer is prohibited from disclosing to a seller that the buyer can, or will, pay more than
what has been offered for a property. The duty of confidentiality does not include an
obligation by a broker who represents a seller to withhold know material facts about the
condition of the seller's property from the buyer, or to misrepresent the property's
condition. To do so constitutes misrepresentation and may impose liability on both the
broker and/or the seller.
Accountability - answerfinancial accountability the agent must not change or modify the
financial terms of a deal and must act in the best interest of his or her client
Reasonable Care - answerthe agent must be competent and not act in a negligent
manner.
-an agent may be held liable for costly mistakes
Disclosure Regarding Real Estate Agency Relationships Form - answerA 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 - answerAn 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 - answerThe employer of an agent or broker; the broker's or agent's client.
Price Fixing - answerConspiring to establish fixed fees or prices for services or
products.
Market Allocation - answerAn agreement between members of a trade to refrain from
competition in specific market areas.
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