REAL ESTATE U FINAL EXAM AND FINAL
PRACTICE EXAM LATEST 2024-2025 ACTUAL
EXAM 120 QUESTIONS AND CORRECT DETAILED
ANSWERS
Practice questions for this set
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Paper you get after registering for NYS test. Bring to tes with you
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1 Misedemanor 2 Chain of Title
Summary of Submission 4 Building Department
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Terms in this set (109)
NYS Real Estate Property Law (1) Protect the public (2)
Article 12 A
Salesperson at least 18 (3) broker at least 20 years .
, Sponsor Broker that holds salesperson license
Paper you get after registering for NYS test. Bring to tes
Summary of Submission
with you
Misedemanor Crime with no more than 1 year prison or $1,000 fine
Agreement between salesperson and property owner,
Listing Agreement allowing salesperson to provide services to the owner
involving their porperty
Has salesperson photo, name, and business address of
Pocket Card
broker. Carry at all times
Person responsible for other people's property and/or
Fiduciary
funds
Obedience, Loyalty, Diclosure, Confidentiality,
OLD CAR
Accountability, and Reasonable Care
Disclosure Regarding Real First form given to clien that establishes the business
Estate Agency Relationship relationship and understandings
Form
When client agees that only one broker is going to sell a
Exclsive Agency property. Even if someone else sells, the exclusive agent
is entitled to commisions.
Principal Client / Propert owner or buyer
When multiple agents/brokers work together to
Price Fixing determine the price of a service so that noone can get a
better of worse deal. Illegal
Market Allocation Anti-competition. Illegal
Not an employee. Agrees to do something for someon
else based on a contract. Does not have to work
Independent Contractor
anywhere specifically and broker cannot control the
person's activities
Ownership comes with an array of rights including livign,
Bundle of Rights leasing, selling (in part or whole). Includes quiet
enjoyment
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