Real Estate > QUESTIONS & ANSWERS > Real Estate U Final Exam Questions And Answers 2022/2023 (All)

Real Estate U Final Exam Questions And Answers 2022/2023

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Real Estate U Final Exam Questions And Answers 2022/2023 Article 12-A of the NYS Real Property Law 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 Answer: A licensed real estate broker that holds the license of a salesperson. "Summary of Your Submission" 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 Answer: A crime punishable by up to a year in prison and/or a $1,000 fine. Listing Agreement Answer: An employment contract between principal and agent, authorizing the agent to perform services for the principle involving the latter's property. Pocket Card 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 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 Answer: - Obedience - Loyalty - Disclosure - Confidentiality - Accountability - Reasonable Care Disclosure Regarding Real Estate Agency Relationships Form 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 [Show More]

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