Real Estate U Final Exam Questions and Answers (Already Graded A)
Question : 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
Correct answer: Article 12-A of the NYS Real Property Law
Question : A licensed real estate broker that holds the license
of a salesperson.
Correct answer: Sponsor
Question : Obtained after your register for the New York
State Salesperson exam using eAccessNY. You must bring this with you when taking the State exam.
Correct answer: "Summary of Your Submission"
Question : A crime punishable by up to a year in prison
and/or a $1,000 fine.
Correct answer: Misdemeanor
Question : An employment contract between principal and
agent, authorizing the agent to perform services for the principle involving the latter's property.
Correct answer: Listing Agreement
Question : 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.
Correct answer: Pocket Card
Question : 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.
Correct answer: Fiduciary
Question : What does OLD CAR stand for?
Correct answer: - Obedience
Loyalty
Disclosure
Confidentiality
Accountability
Reasonable Care
Question : 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
Correct answer: Disclosure Regarding Real Estate Agency
Relationships Form
Question : 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
Correct answer: Exclusive Agency
Question : The employer of an agent or broker; the broker's or
agent's client.