Real Estate U Final Exam Study Guide Questions And Answers 100% Verified.
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Course
Real Estate U
Institution
Real Estate U
Real Estate U Final Exam Study Guide Questions And Answers 100%
Verified.
Article 12-A of the NYS Real Property Law - correct answer. The section of the New York Real Property Law
pertaining to real estate salespersons and brokers.
- Primary purpose is to "Protect the Public"
- Requ...
Real Estate U Final Exam Study Guide
Questions And Answers 100%
Verified.
Article 12-A of the NYS Real Property Law - correct 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 - correct answer. A licensed real estate broker that holds the license of a
salesperson.
"Summary of Your Submission" - correct 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 - correct answer. A crime punishable by up to a year in prison and/or a
$1,000 fine.
Listing Agreement - correct answer. An employment contract between principal and
agent, authorizing the
agent to perform services for the principle involving the latter's property.
Pocket Card - correct 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 - correct 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.
OLD CAR - correct answer. - Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
Disclosure Regarding Real Estate Agency Relationships Form - correct 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 - correct 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 - correct answer. The employer of an agent or broker; the broker's or agent's
client.
Price Fixing - correct answer. Conspiring to establish fixed fees or prices for services
or products.
Market Allocation - correct answer. An agreement between members of a trade to
refrain from competition in specific market areas.
Independent Contractor Relationship - correct 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
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