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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
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,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
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