Chapter 1 Review Flashcards
New York has established a point system to help determine the experience a Broker candidate needs. A total of_________ points and the equivalent to two years of full-time experience for broker candidates.
3500
Which penalty is not imposed by the DOS on a real estate broker for engaging in fraud?
Imprisonment
Real estate licensees should have a good knowledge of the loan programs that are currently available from local banks and other lenders so they can perform this stage of the real estate transaction?
Helping the purchaser with the financing process.
An___________ real estate broker is a licensed real estate broker who chooses to work under the name and supervision of a licensed real estate broker.
associate
A real estate salesperson works on behalf of a licensed real estate broker to perform any of the following duties associated with real estate transactions except?
Collect commissions
How many members does the Governor appoint to the Board of Real Estate?
3 brokers and 4 public members
A__________________ broker conducts business as a sole proprietorship, doing business under a name other than his or her personal name.
Trade Name
Which of the following real estate licenses has a fee of $65?
Salesperson
Which section of New York Real Property Law gives authority to the Department of State to regulate real estate brokers and salespersons?
Article 12-A
Passed exam results are only valid for a period of ____ years.
two
The Broker Exam is a written exam in a multiple-choice format and contains______questions.
100
In New York the real estate examinee must correctly answer at least ______percent of the questions to pass the exam.
70
The NYS Board of Real Estate consists of how many members?
15
Which of the following is NOT a real estate license issued in New York?
Sponsoring Broker license
Which additional requirement must a candidate meet to become a licensed associate broker?
Submit the name of a sponsoring broker
