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New York Real Estate Saleperson Exam > Ch. 1-3 transaction, rules and regs, unlicensed assistants, law violations > Flashcards

Ch. 1-3 transaction, rules and regs, unlicensed assistants, law violations Flashcards

1
Q

Four parts of the real estate transaction

A

L- listing the property
N- negotiating the purchase contract
F-financing the purchase
S- settling the transaction

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2
Q

Listing the property

A

Stipulates the terms and agreements including price of property and and length of listing period

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3
Q

Listing agreement authorized the broker/associate to do what

A

Find a ready, wiling and able buyer

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4
Q

Negotiating the purchase contract

A

Licensee must impart all important information to seller including

  • buyers qualifications
  • quality of offer
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5
Q

Financing the purchase

A

Some or all of transaction will most likely be financed

Licensee needs to have good knowledge on current loan programs from banks/lenders to quality buyers and property

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6
Q

Settling the transaction

A

AKA Closing
Buyer receives deed to property
Seller gets proceeds from sale
Broker gets commission

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7
Q

Prior to closing, licensee must

A
  • Coordinate an appraisal and title survey

- Arrange a home inspection of a federally backed loan

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8
Q

NY Department of State three goals

A
  • protect health safety and welfare of consumers
  • provide efficient processing and examination services to applicants
  • provide accurate information and qualified licenses to the business community
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9
Q

NY Dept. of State, Division of Licensing does what

A

Issues licenses and enforces real estate law

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10
Q

Purpose of real property law Article 12-A

A

Gives authority to the DOS to regulate brokers and salespersons

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11
Q

Artical 12-A, Section 441-C purpose

A

Allows DOS to revoke, suspend, fine or reprimand brokers and salespersons is the

  • violate any provision of 12-A
  • engage in fraud or fraudulent behavior
  • demonstrate untrustworthiness or incompetence
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12
Q

Arrival 12-A, Section 441-i purpose

A

Established Board of Real Estate

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13
Q

Board of Real Estate consists of how many members

A

15 members total:

  • secretary of state
  • superintendent of financial survives
  • 13 appointed members
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14
Q

Minimum number of brokers in the appointed members on the Boars of Real Estate

A

At least 5 brokers

-must have at least 10 years experience

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15
Q

Term information for Board of Real Estate members

A
  • 2 years in length, up to 10 consecutive years
  • removal by the appointee
  • if death replaced by OG appointee
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16
Q

If a member of the Board of RealEstate misses 3 consecutive meetings they need what to continue to serve

A

A written note from Secretary of State excusing actions based on illness or death in family

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17
Q

Governor can appoint how many Board of Real Estate members

A

3 brokers, 4 public

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18
Q

Senate majority leader can appoint how many Board of Real Estate members

A

1 broker, 1 public

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19
Q

Speaker of assembly can appoint how many Board of Real Estate members

A

1 broker, 1 public

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20
Q

Senate minority leader can appoint how many Board of Real Estate members

A

1 broker OR public

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21
Q

Assembly minority leader can appoint how many Board of Real Estate members

A

1 broker OR public

22
Q

How does a vote pass on the Board of real estate

A

By majority (8+)

23
Q

How often does the board of real estate meet (minimum) per year

A

3 times a year at the call of the Secretary of State or majority of members

Plus public hearing in NYC, Albany and Buffalo to solicit public comment, suggestions and observations about real estate practice in NY

24
Q

Secretary of State duties

A

Administer all licensing, examination, education and compliance provision of 12-A

Rules of the board

Rules of Secretary of State

25
Q

Powers and duties of the board of real estate

A

Prescribe content for course exams

Advise Secretary of State

Establish rules and regulations of schools as continuing education

Annually submit report to senate assembly judiciary committees on types of complaints, status of cases and length of time from complaint to final disposition

26
Q

Responsibilities of lincensees

A

To be fair and competent when dealing with the public

27
Q

Salesperson can only receive payment of commission from

A

Their broker

28
Q

Exemptions to licensure

A

Owner selling their own property

Landlord renting their own property

Attorney performing duties of an attorney

Court-appointed guardian

29
Q

License qualifications for salespersons

A

Fair knowledge of the English language

18+ for salespersons

Never been convicted of felony

75 hour pre-licensing course

Pass NYS licensing exam

Obtain sponsoring broker before exam

$55 fee

30
Q

License qualifications for broker

A

Fair knowledge of the English language

20+ for brokers

Never been convicted of felony

120 hour pre-licensing course (75 sales and 45 broker)

Pass NYS licensing exam

Proof of 2 years experience as salesperson (3,500 pts) or 3 years equivalent experience (5,250 pts) or proof of license in reciprocating state

$155 fee

31
Q

What must be on your person at all times to show at request

A

Pocket ID card

32
Q

How many days to notify DOS of change of broker or address

A

5 days

Suspension viable if not filed

33
Q

Change of association process

A

Broker fields termination of association notice with DOS

Managing broker files change of association on behalf of licensee and $20 fee

34
Q

Continuing education requirements

A

22.5 hours every two years

3 hours much be fair housing or discrimination

1 hour for law of agency (2 hours in first term

1 hour ethics taught by attorney

35
Q

When could continuing education be waived

A

With proof of bonafide hardship provided with application and a written request

36
Q

All courses are approved by

A

The department of state

37
Q

Who sets the rules for content and other requirements

A

Secrets of State

38
Q

Process for non-resident (with no reciprocity)

A

Pass exam, submit application, pay fee send DOS copy of current license

Sign and file an irrevocable consent form

Salesperson must have sponsoring broker w NYS license

39
Q

Irrevocable consent form

A

Waiver stating the signee will be prosecuted under NY law for any unlawful actions done in-state

40
Q

Apartment information vendor

A

Furnished information about location and availability of residential rental property

18+ years old
$400 for 1 year term
$5000 interest bearing escrow account plus $2500 for each branch office

41
Q

Apartment sharing agent

A

Arranges meetings between potential roommates and property owners

$400 for 1 year term
$2500 trust account plus $1250 for each additional office

42
Q

Appraiser

A

Determines value of property

License or certification

  • assistant
  • real estate appraiser
  • residential appraiser
  • general appraiser

$300 for a 2 year term

43
Q

Mortgage banker

A

Individual of entity licensed to make residential mortgage loans

License issues by Dept. of financial services

$1000 for 1 year term

Net worth $250,000

Line of credit min. $1 million

$50,000 surety bond

5 years experience

44
Q

Mortgage broker

A

Person or entity registered to solicit, process, place or negotiate residential mortgage loans

Brings together lender and borrower for a fee paid by borrower

2 years credit experience

Surety bind of $250,000 trust fund

$500 for 1 year term

45
Q

Home inspector

A

Hired to inspect property to determine the condition and provide a written report

Edu, exams and supervised apprenticeship

MUST be licensed and can check online

46
Q

Commingling

A

Mixing of personal and business funds

Broker must NOT commingle his money

47
Q

Kickbacks

A

A fee or rebate paid to an agent for a referral of a customer

ILEGAL IN NY

48
Q

Blind ad

A

An ad WITHOUT name and license

ILEGAL IN NY

49
Q

Business cards must include

A

Name and address of brokerage or branch office

Personal name as on license

Type of license held

Firms business telephone number

50
Q

Unlicensed personal assistants may perform what tasks

A

Any office function not described in the license laws

51
Q

Unlicensed personal assistants are paid

A

By their broker or employing salesperson as an employee (hourly rate, per activity or salaries)

New York Real Estate Saleperson Exam (2 decks)

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