chapter 1

Question 1

What agreement does the seller use to list their property?

Answer 1

A listing agreement

Question 2

sellers market their property using a listing agreement

Answer 2

listing the property

Question 3

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

Answer 3

Negotiating the purchase contract

Question 4

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

Answer 4

Financing the purchase

Question 5

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.

Answer 5

Settling the Transaction (closing)

Question 6

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

Answer 6

The New Department of State (dos)

Question 7

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

Answer 7

The New Department of State (dos)

Question 8

what do DOS allow to reprimand of a real estate broker

Answer 8

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

Question 9

The Board of real estate has how many members

Answer 9

15

Question 10

The board consists of

Answer 10

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

Question 11

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

Answer 11

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

Question 12

who is the chairperson

Answer 12

The secretary of state

Question 13

Vice- chairperson and secretary are

Answer 13

elected from among the other members of the board

Question 14

What happens if a member fails to attend three consecutive meetings

Answer 14

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

Question 15

what are the power and duties of the secretary of state

Answer 15

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

Question 16

what are the power and duties of the board

Answer 16

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

Question 17

real estate broker

Answer 17

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

Question 18

associate real estate broker

Answer 18

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

Question 19

real estate salesperson

Answer 19

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.

Question 20

exemptions from needing a license

Answer 20

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

Question 21

how to be a licensed salesperson in NY

Answer 21

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.

Question 22

how to be a licensed broker in NY

Answer 22

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,

Question 23

to become a licensed associated broker

Answer 23

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

Question 24

Education required for obtaining a license

Answer 24

• salespersons- 75 hours

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

Question 25

what happens during the exam

Answer 25

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

Question 26

applying for License procedure

Answer 26

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

Question 27

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

Answer 27

3 brokers and 4 public members

Question 28

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

Answer 28

2

Question 29

for what are members of the board compensated

Answer 29

expense reimbursement

Question 30

a _________ has a 55 real easte license fee

Answer 30

salesperson

Question 31

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

Answer 31

NYS board of real estate members

Question 32

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

Answer 32

5250

Question 33

What are the experience requirement for a broker candidate?

Answer 33

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

Question 34

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

Answer 34

imprisonment

Question 35

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

Answer 35

Trade Name

Question 36

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

Answer 36

$155

Question 37

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

Answer 37

the secretary of state

Question 38

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

Answer 38

governor, senate, majority leaders, Speaker of the Assembly, Senate Minority Leader, and the Assembly minority leader. is a non-appointed member of the board

Question 39

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

Answer 39

Demonstrate fair knowledge of the English language

Question 40

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

Answer 40

1 1/2 hours and 75 questions

Question 41

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

Answer 41

2 1/2 hours and 100 question

Question 42

License classes for brokers: individual broker

Answer 42

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

Question 43

License classes for brokers: associate broker

Answer 43

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

Question 44

License classes for brokers: trade name broker

Answer 44

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

Question 45

License classes for brokers: partnership broker

Answer 45

a partner or partners in a partnership

Question 46

License classes for brokers: corporate broker

Answer 46

applicants must be an officer prior to licensing

Question 47

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

Answer 47

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

Question 48

senate majority leader appoints

Answer 48

1 broker and 1 public member

Question 49

speaker of the assembly appoints

Answer 49

1 broker and 1 public member

Question 50

Senate minority leader appoints

Answer 50

1 member which can be a broker or public member

Question 51

assembly minority leader appoints

Answer 51

1 member which can be a broker or public member

Question 52

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

Answer 52

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

Question 53

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

Answer 53

real estate broker

Question 54

salespersons duties

Answer 54

``` listing selling exchange auctioning collecting rent selling condo and cooperatives ```

Question 55

appropriate paperwork and fees ones' broker will receive both

Answer 55

a license and a pocket card

Question 56

what must a licensee carry to show on demand

Answer 56

a pocket card which is only valid for two years

Question 57

what must a licensee broker show conspicuously

Answer 57

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

Question 58

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

Answer 58

pocket card

Question 59

what is dual licensure?

Answer 59

- 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

Question 60

what legal entities do the department of state issue licenses to

Answer 60

- partnership - corporate broker - LLC or LLP

Question 61

a salesperson can or can't be a legal entity

Answer 61

can not

Question 62

Brokerage regulation are

Answer 62

- 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.

Question 63

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

Answer 63

five

Question 64

failure to notify change of broker address is grounds for

Answer 64

license suspension

Question 65

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

Answer 65

$155

Question 66

what the fee for changing a salesperson's name

Answer 66

$55

Question 67

branch office requirements

Answer 67

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

Question 68

when a salesperson change of association or termination of sponsoring broker

Answer 68

the broker must file a termination of association notice

Question 69

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

Answer 69

$20

Question 70

licensees must renew their licenses every

Answer 70

two years

Question 71

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

Answer 71

granting the license renewal

Question 72

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

Answer 72

the license, the pocket card

Question 73

can a licensee hold more than one license

Answer 73

- 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

Question 74

every licensed broker

Answer 74

are required to maintain a definite palace of business

Question 75

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

Answer 75

is not required to maintain a definite palace of business

Question 76

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

Answer 76

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

Question 77

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

Answer 77

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

Question 78

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

Answer 78

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

Question 79

one or two months before renewal the DOS sends what

Answer 79

renewal applications to the broker of licensees

Question 80

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

Answer 80

they should call the DOS to get one

Question 81

A renewal application must be signed by

Answer 81

broker, confirming the licensees is sponsored by that broker

Question 82

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

Answer 82

the salesperson or an associate broker

Question 83

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

Answer 83

22.5

Question 84

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

Answer 84

3 hours, 1 hour

Question 85

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

Answer 85

by an attorney

Question 86

what happens when the licensee is within their first license term

Answer 86

the requirement is 2 hours of agency law

Question 87

a salesperson may receive continuing education credit

Answer 87

for completing any approved broker's course

Question 88

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

Answer 88

once within two years

Question 89

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

Answer 89

it doesn't grandfather fowarrd

Question 90

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

Answer 90

two hours of CE credit for each hour of actual teaching

Question 91

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

Answer 91

issue a temp renewal license

Question 92

which entities offer CE courses

Answer 92

- 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

Question 93

these don't meet CE requirements ( not accepted)

Answer 93

- gen. training or edu to prepare a student to pass a RE broker's or Salesperson exam - offering office and business skills

Question 94

nonresident licenses and reciprocity for obtaining ny license

Answer 94

- 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.