Chapter 2 Review

Question 1

In a partnership brokerage, what else do the partners need besides a broker license?

Answer 1

A partnership certificate

Question 2

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

Answer 2

$185

Question 3

Who can maintain a branch office?

Answer 3

Only the owner broker to whom the branch office license is issued

Question 4

When a licensee terminates his or her association with a firm, which statement is true?

Answer 4

The licensee must turn over any and all listing information he or she obtained during the association.

Question 5

When a salesperson or an associate broker wants to leave the service of his or her sponsoring broker, that broker must file a ___________________________ with the Department of State.

Answer 5

termination of association notice

Question 6

Which of the following courses would not be acceptable to meet the continuing education requirement?

Answer 6

Basic Computer Skills

Question 7

How many continuing education credit hours does a licensee receive for completing a course in Sales Psychology?

Answer 7

None

Question 8

Which of the following is required of a real property appraiser?

Answer 8

Pay a $300 licensure fee

Question 9

Brokers may share compensation with any of the following licensed persons except?

Answer 9

Certified residential appraisers

Question 10

Under what conditions may a broker allow an associate broker to operate a branch office?

Answer 10

Only under the broker’s direct supervision (and an active Broker Associate for a minimum of two years of four years licensure)

Question 11

Why must the broker sign a salesperson’s license renewal application?

Answer 11

To confirm the salesperson is sponsored by that broker

Question 12

If a broker changes his or her business address and does not notify the DOS, what can happen?

Answer 12

The broker’s license can be suspended.

Question 13

Failure to notify the Department of State of a change of business address is grounds for which of the following?

Answer 13

Suspension

Question 14

Licensee Tim forgot to renew his license within the extended two-year period. He can qualify by:

Answer 14

retaking and passing the written examination.

Question 15

Which would be a service charged by the NYS Commission?

Answer 15

change from individual to a corporate license

Question 16

Which statement is true about pocket cards?

Answer 16

They are a kind of miniature license that licensees must carry and show on demand.

Question 17

How would you define the following ad placed by a broker in NY, “Two-family home, $190,000, Call 212-123-4567”?

Answer 17

A blind ad which is illegal in NY.

Question 18

Who sets the rules for the content of continuing education courses?

Answer 18

Secretary of State