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NY real estate Guide > chapter 1 > Flashcards

chapter 1 Flashcards

1
Q

What agreement does the seller use to list their property?

A

A listing agreement

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2
Q

sellers market their property using a listing agreement

A

listing the property

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3
Q

when the licensee has a buyers brokerage agreement with a purchaser the best interests of the buyer rather than the seller

A

Negotiating the purchase contract

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4
Q

in most cases, the buyer cannot make a purchase w/o financing at least some part of the transaction.

A

Financing the purchase

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5
Q

What transaction happens the buyer gets the dead to the property, the seller gets the proceeds from the sale and the broker gets a commission.

A

Settling the Transaction (closing)

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6
Q

what is responsible for the licensure, registration and regulation of a number of occupations.

A

The New Department of State (dos)

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7
Q

Who mission is to
To protect the health, safety, and welfare of consumers.
To provide efficient processing and examination service to license applicants
To provide accurate info and qualified licensees to the business community

A

The New Department of State (dos)

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8
Q

what do DOS allow to reprimand of a real estate broker

A

Violated any provision of Article 12-a of the real property law.
Engaged in fraud or fraudulent practices.
demonstrated untrustworthiness or incompetence.

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9
Q

The Board of real estate has how many members

A

15

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10
Q

The board consists of

A

The secretary of state, the superintendent of financial services and the 13 appointed members

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11
Q

The board’s minority leaders will be composed of appointments (brokers REB or public members PM) how many of each

A

7 REB and 6 PM
6 REB AND 7 PM
5 REB AND 8 PM

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12
Q

who is the chairperson

A

The secretary of state

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13
Q

Vice- chairperson and secretary are

A

elected from among the other members of the board

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14
Q

What happens if a member fails to attend three consecutive meetings

A

the member shall forfeit seat on the board which is only excused due to illness or death in the family

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15
Q

what are the power and duties of the secretary of state

A

all licensing, examination, education, and compliance provisions of article 12-a
the rules of the board
the rules of the secretary of state

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16
Q

what are the power and duties of the board

A

delegating things specifically to the secretary of state, the board has the authority to promulgate rules and regulations affecting real estate brokers and salespersons in order to admin article 12-a of the real property law

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17
Q

real estate broker

A
  • has a responsibility to be fair and competent when dealing with the public
  • is responsible for managing and supervising all affiliated licensees.
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18
Q

associate real estate broker

A

licensed real estate broker who chooses to work under the name and supervision of a licensed real estate broker. also can maintain a separate real estate broker’s license. can only receive commission payments from their sponsoring broker

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19
Q

real estate salesperson

A

works on behalf of a licensed real estate broker to perform any of the duties associated with real estate transactions. can only receive commission payments from sponsoring broker.

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20
Q

exemptions from needing a license

A

an owner selling/landlord renting own property
an attorney performing duties as an attorney/admitted to the bar in NY
a receiver or trustee in bankruptcy

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21
Q

how to be a licensed salesperson in NY

A

be 18 and us residency
complete 75 hours pre li-license course and pass the NY state licensing exam
obtain a sponsoring broker before obtaining the license.

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22
Q

how to be a licensed broker in NY

A

be 20 and us residency
120 hours course and pass the NY state broker exam
submit proof off one of these requirement:
2 full years experience as a licensed salesperson and 3500 points
or
3 years of equivalent experience in some other aspect of real estate and 5250 points,

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23
Q

to become a licensed associated broker

A

meet all the same qualifications as for a BROKER license and submit the name of a sponsoring broker

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24
Q

Education required for obtaining a license

A
  • salespersons- 75 hours

- brokers 120 hours the 75 hours salesperson and additional 45 hours broker course

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25
Q

what happens during the exam

A

the examinee must correctly answer 70 percent of the questions to pass the exam
passes exam results are only valid for a period of two years
Exam results are reported as either passed or failed; numerical scores are not given

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26
Q

applying for License procedure

A

complete the license application
Provide proof of having complete coursework/licensing exam
Pay the appropriate fee

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27
Q

How many members does the governor appoint to the board of real estate?

A

3 brokers and 4 public members

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28
Q

passed exam results are only valid for a period of __ years

A

2

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29
Q

for what are members of the board compensated

A

expense reimbursement

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30
Q

a _________ has a 55 real easte license fee

A

salesperson

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31
Q

who is authorized to prescribe the content of real estate courses?

A

NYS board of real estate members

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32
Q

How many points are given for 3 years of certain types of real estate activities?

A

5250

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33
Q

What are the experience requirement for a broker candidate?

A

Two full years of experience as a licensed salesperson or three years of equivalent experience in some other aspect of real estate

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34
Q

which penalty is not imposed by the DOS on a real estate broker for engaging in fraud

A

imprisonment

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35
Q

a _____ broker conducts business as a sole proprietorship, during business under a name other than his or her personal name

A

Trade Name

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36
Q

How much is the fee charged by the DOS for an associate broker license

A

$155

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37
Q

Who has the duty to administer all licensing provisions of article 12-a

A

the secretary of state

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38
Q

Thirteen members of the board are appointed by the ____, ____, _____, ____, ____, ______. The Secretary of state is a _____ member of the board

A

governor, senate, majority leaders, Speaker of the Assembly, Senate Minority Leader, and the Assembly minority leader.

is a non-appointed member of the board

39
Q

What is a requirement for becoming a licensed real estate broker in NY?

A

Demonstrate fair knowledge of the English language

40
Q

One is allowed how many hours to complete the test based on the pre-licensing curriculum and how many questions

A

1 1/2 hours and 75 questions

41
Q

One is allowed how many hours to complete the test based on the pre-licensing and BROKER curriculum and how many questions

A

2 1/2 hours and 100 question

42
Q

License classes for brokers: individual broker

A

the license is for a broker who will be conducting business using his or her personal name ONLY”licensed real estate broker” after his or her name

43
Q

License classes for brokers: associate broker

A

as mentioned earlier, an associate broker is a licensed broker who chooses to work under the name and supervision of another licensed individual broker

44
Q

License classes for brokers: trade name broker

A

conducts business as a sole proprietorship, doing business under a name other than the personal name.

45
Q

License classes for brokers: partnership broker

A

a partner or partners in a partnership

46
Q

License classes for brokers: corporate broker

A

applicants must be an officer prior to licensing

47
Q

License classes for brokers limited liability company LLC or limited liability partnership LLP

A

a member or manager of an LLC or LLP who meets the qualifications for licensure may be issued a license to conduct real estate brokerage

48
Q

senate majority leader appoints

A

1 broker and 1 public member

49
Q

speaker of the assembly appoints

A

1 broker and 1 public member

50
Q

Senate minority leader appoints

A

1 member which can be a broker or public member

51
Q

assembly minority leader appoints

A

1 member which can be a broker or public member

52
Q

depending on the appointment by the minority leaders the board will be composed of 3 of the following

A

7 REB and 6 PM
6 REB and 7 PM
5 REB and 8 PM

53
Q

a _____ _____ _____ means any person, firm, LLC, or Corp who performs a fee or the expectation of a fee. commission or other consideration any negotiates, exchanges, collections, relocating, auction, land or sells

A

real estate broker

54
Q

salespersons duties

A 
listing
selling 
exchange
auctioning
collecting rent 
selling condo and cooperatives
55
Q

appropriate paperwork and fees ones’ broker will receive both

A

a license and a pocket card

56
Q

what must a licensee carry to show on demand

A

a pocket card which is only valid for two years

57
Q

what must a licensee broker show conspicuously

A

in the principal place of business at all times plus the broker must display any licenses issued for branch office

58
Q

if lost or damaged ____ ___ there’s a $10 fee

A

pocket card

59
Q

what is dual licensure?

A
  • A broker may hold two broker’s licenses.
  • A licensed broker may also become an associate broker with another firm
  • A salesperson or an associate broker can work under the association & supervision of more than one broker
60
Q

what legal entities do the department of state issue licenses to

A
  • partnership
  • corporate broker
  • LLC or LLP
61
Q

a salesperson can or can’t be a legal entity

A

can not

62
Q

Brokerage regulation are

A
  • brokers must maintain a definite place of business within NYS
  • broker must post a sign conspicuously on the OUTSIDE of the office BUILDING
  • apply and secure an additional license for each of the branch offices.
63
Q

when a change of broker/or address for Maintaining a licensed one must submit a form withing how many days

A

five

64
Q

failure to notify change of broker address is grounds for

A

license suspension

65
Q

what the fee for changing a broker’s name or status, except if the change is made on the renewal application

A

$155

66
Q

what the fee for changing a salesperson’s name

A

$55

67
Q

branch office requirements

A

must be owned, maintained, and operated only by the licensed broker issued to.

  • a branch must be directly supervised by a licensed broker
  • a broker may not relocate his or her principal office or any branch w/o prior approval
68
Q

when a salesperson change of association or termination of sponsoring broker

A

the broker must file a termination of association notice

69
Q

the managing broker can file a change of association notice of salesperson or associate broker for

A

$20

70
Q

licensees must renew their licenses every

A

two years

71
Q

the department may require the licensee to pass the written exam BEFORE

A

granting the license renewal

72
Q

The broker keeps______ in a safe place. And the licensee must carry _____ to show it on demand

A

the license, the pocket card

73
Q

can a licensee hold more than one license

A
  • A broker may hold two broker’s licenses
  • a licensed broker may also become an associate broker with another firm
  • a salesperson or an associate broker can work under the association and supervision of more than one broker just pay for 2 licenses and both brokers know
74
Q

every licensed broker

A

are required to maintain a definite palace of business

75
Q

a nonresident broker who is licensed and maintain a definite place of business in another state

A

is not required to maintain a definite palace of business

76
Q

what happens when a salesperson or associate broker wants to leave their current employing broker

A

The sponsoring broker must file a termination of association notice
- the salesperson or AB then files a change of association notice pay a $20 filing fee and start working for a new sponsoring broker

77
Q

what happens when a licensee doesn’t renew their license in two year

A

after the two year period, one would need to complete their continuing education

78
Q

what happens when a licensee doesn’t renew their license in two years and the are inducted into the armed forces of the USA

A

it will waive that licensee’s requirement to take or pass the written exam

79
Q

one or two months before renewal the DOS sends what

A

renewal applications to the broker of licensees

80
Q

what happens if the licensee doesn’t receive a renewal application

A

they should call the DOS to get one

81
Q

A renewal application must be signed by

A

broker, confirming the licensees is sponsored by that broker

82
Q

who is responsible to complete the renewal form and pay the fee before the license expires

A

the salesperson or an associate broker

83
Q

for con. edu a licensee must complete how many hours during the two year period preceding the renewal date

A

22.5

84
Q

con. edu must complete at least __ of fair housing and/ or discrimination and at least __ of the law of agency

A

3 hours, 1 hour

85
Q

who is to teach the ethics course is required to be taught by who

A

by an attorney

86
Q

what happens when the licensee is within their first license term

A

the requirement is 2 hours of agency law

87
Q

a salesperson may receive continuing education credit

A

for completing any approved broker’s course

88
Q

no continuing edu course will be considered for con edu credit more than __________ cycle of renewal

A

once within two years

89
Q

if a student takes more than 22 1/2 hours of ce

A

it doesn’t grandfather fowarrd

90
Q

what happens if a licensee teaches an approved RE or CE course

A

two hours of CE credit for each hour of actual teaching

91
Q

what may the department choose to allow extra time to acquire the proof of completion when provided proof it was not the licensee’s fault

A

issue a temp renewal license

92
Q

which entities offer CE courses

A
  • college or univer by the commissioner of edu of NY or by a regional agency
  • public or private voc schools
  • RE boards
  • RE professional societies and organizations
  • approved distance learning providers
93
Q

these don’t meet CE requirements ( not accepted)

A
  • gen. training or edu to prepare a student to pass a RE broker’s or Salesperson exam
  • offering office and business skills
94
Q

nonresident licenses and reciprocity for obtaining ny license

A
  • pass ny state exam
  • submit appl and pay the fee
  • maintain a current license in their home state & send a copy to DOS
  • FILE AN IRREVOCABLE CONSENT FORM
  • reciprocal salesperson license must approval & sponsorship in their home state with a NY broker’s license
  • corporate RE broker’s license must file the corp. with NYS corp. bureau as a foreign corp.

NY real estate Guide (1 decks)

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