Real Estate U Final Exam Study Guide With Verified Solutions.
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Course
Real Estate U
Institution
Real Estate U
Real Estate U Final Exam Study Guide With
Verified Solutions.
Article 12-A of the NYS Real Property Law - answerThe 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 leas...
Real Estate U Final Exam Study Guide With
Verified Solutions.
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 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 eAccessNY. 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 - 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.
- Must be carried by the agent at all times when serving as a salesperson.
Fiduciary - answer✔✔A person who on behalf of or for the benefit of another transacts business
or
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
, 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 - 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's or agent's 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.
Independent Contractor Relationship - answer✔✔A 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
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
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