Real Estate U Final Exam Study Guide Questions with Correct Answers 2023
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Real Estate U Final Exam Study Guide
Questions with Correct Answers 2023
Article 12-A of the NYS Real Property Law - Correct Answer 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
Sponsor - Correct Answer A licensed real estate broker that holds the license of a
salesperson.
"Summary of Your Submission" - Correct Answer Obtained after your register for the
New York State
Salesperson exam using eAccessNY. You must bring this with
you when taking the State exam.
Misdemeanor - Correct Answer A crime punishable by up to a year in prison and/or a
$1,000 fine.
Listing Agreement - Correct Answer An employment contract between principal and
agent, authorizing the
agent to perform services for the principle involving the latter's property.
Pocket Card - 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.
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.
OLD CAR - Correct Answer - Obedience
- Loyalty
- Disclosure
- Confidentiality
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