Real Estate U Pass the NY State Exam|Questions and Answers, 100% correct| 2023/2024

Real Estate U Pass the NY State Exam|Questions and Answers, 100% correct| 2023/2024 The Department of State - 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 Outlines the roles/duties of the Department of State Commissions - 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 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 " 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." Suspensions The revocation or suspension of a broker's license suspends the license of the salespersons and associate brokers affiliated with the broker. OLDCAR 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 - 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 - 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. Undisclosed Dual Agency - 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