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Real Estate U Pass the NY State Exam Study Guide Solutions The Department of State - ANSWER-- Primarily responsible for issuing real estate licenses, pocket cards, and handing down disciplinary action - Provides advertising guidelines for brokers Article 12-A of the NYS Real Property Law - ANS...

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  • November 11, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • real estate u pass the ny state exam study guide s

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




Real Estate U Pass the NY State Exam

Study Guide Solutions


The Department of State - ANSWER✔✔-- Primarily responsible for issuing real estate licenses, pocket

cards, and handing down disciplinary action


- Provides advertising guidelines for brokers


Article 12-A of the NYS Real Property Law - ANSWER✔✔-Outlines the roles/duties of the Department of

State


Commissions - ANSWER✔✔-- Commissions are paid by the client (buyer or seller depending on the

transaction) to the brokers involved in the transaction.


- A typical commission in New York is 6%.


- Commissions are always negotiable, and are determined by both the client and broker.


Blind Ad - ANSWER✔✔-An ad that remains anonymous as to who is advertising is known as a Blind Ad.

Blind ads are illegal.


175.25 of Article 12-A of the NY Real Property Law - ANSWER✔✔-" All advertisements placed by a broker

must indicate that the advertiser is a broker or give the name of the broker and his telephone number.


All advertisements placed by a broker which state that property is in the vicinity of a geographical area

or territorial subdivision must indicate as part of such advertisement the name of the geographical area

or territorial subdivision in which such property is actually located."



Copyright ©Stuvia International BV 2010-2024 Page 1/24

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


Suspensions - ANSWER✔✔-The revocation or suspension of a broker's license suspends the license of

the salespersons and associate brokers affiliated with the broker.


OLDCAR - ANSWER✔✔-Obedience - Agent must act in accordance to clients demands/instructions


Loyalty - Agent must work in the best interest of his client


Disclosure of Information - Agent must communicate with client / must present all offers


Confidentiality - All confidential information as described by client must remain so unless given

permission in writing.


Accountability - One of the more serious fiduciary responsibilities.


Reasonable Care and Duty to Account - Agent may be liable for costly mistakes.


Agency Disclosure 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.


- The Agency Disclosure Form is signed at the first substantive contact.


- Outlines the agent's duties to the client


- Explains that an agent owes a fiduciary duty to the client


- Allows for advance consent to dual agency


The Property Condition Disclosure Act - ANSWER✔✔-- Requires the seller to submit to the buyer, a

'Property Condition Disclosure Statement, prior to signing the contract of sale. If the statement is not

signed, the buyer shall receive a $500 credit against the purchase price of the property.


- Most seller attorneys advise their clients NOT to sign the statement, as it opens them up to a vast

amount of liability.

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


Undisclosed Dual Agency - ANSWER✔✔-- A relationship in which the real estate agent is found to be the

agent of both the buyer and seller in a transaction, but without the knowledge and informed consent of

both parties.


- Undisclosed Dual Agency is illegal in New York State.


- Instead, the agent should notify both parties and have them sign the Agency Disclosure form, which

states that the agent is acting as a dual agent. This is known as Advance Consent to Dual Agency.


General Agent - ANSWER✔✔-Someone authorized to transact every kind of business for the principal.


Example: Property Manager


Special Agent - ANSWER✔✔-An agent with limited authority to act on behalf of the principal, such as

created by a listing.


Example: Real Estate Agent / Real Estate Broker


Exclusive Right to Sell - ANSWER✔✔-An agreement of employment by a broker under which the

exclusive right to sell for a specified period is granted to the broker; if a sale during the term of the

agreement is made by the owner or by any other broker, the broker holding such exclusive right to sell is

nevertheless entitled to compensation.


Principal or Client - ANSWER✔✔-The buyer and/or seller


Agent - ANSWER✔✔-The salesperson or broker


Salesperson / Broker Relationships - ANSWER✔✔-- Real Estate Salespersons/Agents DO NOT collect

money or commissions.




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