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Nys Realestateu Final Exam With Questions And Correct Answers Latest Version
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Nys Realestateu Final Exam With Questions And Correct Answers Latest Version
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Nys Realestateu Final Exam With QuestionsAnd Correct Answers Latest Version
Article 12 A Answer: The section of the New York Real Property Law pertaining to real estate
salespersons and brokers
Sponsor Answer: A licensed real estate broker that holds the license of a salesperson
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
handles money or property not the person's own ; such relationship implies great confidence and trust
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
exclusive agency is entitled to commissions in addition to the commissions payable to the brokers ; if
2024
, sale is made by any other broker during term of employment , broker holding broker who effected the
transaction
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 . The agent does not have to work in a
specific location The broker cannot control the agent's work activities
Bundle of Rights Answer: The 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
Littoral Rights Answer: The right of a property owner whose land borders on a body of water , such
as a lake , ocean or sea to reasonable use and enjoyment of the shore and water the property borders
on .
Riparian Rights Answer: The right of a property owner whose land borders a natural water course
such as a river , to reasonable use and enjoyment of the water that flows past the property . Riparian
literally means " riverbank
Specific Lien Answer: A lien that only binds to a specific asset or property Example : mortgage
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