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REAL ESTATE U FINAL EXAM
QUESTIONS AND ANSWER S
Question 1: Article 12-A of the NYS Real Property Law
pertains to real estate salespersons and brokers. What is its primary purpose?
CORRECT ANSWER: Protect the Public
Question 2: What is the minimum age requirement for a
real estate salesperson under Article 12-A of the NYS Real Property Law?
CORRECT ANSWER: 18 years of age
Question 3: What is the minimum age requirement for a
real estate broker under Article 12-A of the NYS Real Property Law?
CORRECT ANSWER: 20 years of age
Question 4: What is a Sponsor in the context of real
estate?
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CORRECT ANSWER: A licensed real estate broker that
holds the license of a salesperson.
Question 5: What is the "Summary of Your Submission"
in the context of the New York State Salesperson exam?
CORRECT ANSWER: Obtained after you register for
the New York State Salesperson exam using eAccessNY.You must bring this with you when taking the State exam.
Question 6: What is a Misdemeanor?
CORRECT ANSWER: A crime punishable by up to a
year in prison and/or a $1,000 fine.
Question 7: What is a Listing Agreement?
CORRECT ANSWER: An employment contract
between principal and agent, authorizing the agent to perform services for the principal involving the latter's property.
Question 8: What is a Pocket Card?
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CORRECT 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 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.
Question 9: What is a Fiduciary?
CORRECT 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.
Question 10: What does OLD CAR stand for in the
context of fiduciary duties?
CORRECT ANSWER: Obedience, Loyalty, Disclosure,
Confidentiality, Accountability, Reasonable Care
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Question 11: What is the Disclosure Regarding Real
Estate Agency Relationships Form?
CORRECT 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.
Question 12: What is an Exclusive Agency?
CORRECT ANSWER: 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.
Question 13: Who is a Principal in real estate?
CORRECT ANSWER: The employer of an agent or
broker; the broker's or agent's client.