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Real Estate U Final Exam Study Guide with Complete 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...

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  • November 11, 2024
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Real Estate U Final Exam Study Guide

with Complete 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




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, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


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.


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




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