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Real Estate U Final Exam Study Guide Questions and Answers 2024
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Real Estate U Final Exam Study Guide
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Real Estate U Final Exam Study GuideArticle 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 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 access. You must bring this with
you when taking the State exam.
Misdemeanor - answer A crime punishable by up to a year in prison and/or a $1,000
fine.
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.
- Must be carried by the agent at all times when serving as a 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; such relationship implies great
confidence and
trust.
OLD CAR - answer- Obedience
- Loyalty
- Disclosure
, - Confidentiality
- Accountability
- Reasonable Care
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.
Independent Contractor Relationship - answerA person that provides services to
another under
terms specified in a contract or within a verbal agreement. An independent contractor is
not an
employee.
- The agent does not have to work in a specific location
- The broker cannot control the agent's work activities
Bundle of Rights - answerThe 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
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