Chp. 1 Quiz - The Real Estate Transaction Flashcards
The final step of the real estate transaction when the buyer gets the deed to the property, the seller gets the proceeds from the sale, and the broker gets his or her commission is called?
Settling the transaction.
How many hours of education is a broker candidate required to complete in addition to those required for a salesperson’s license?
45 hours
From whom can a salesperson receive compensation?
From his or her sponsoring broker only
A listing contract gives the broker the authority to
Market the property.
Those who are exempt from needing a license include all of the following except?
A person selling property for a friend or associate if the fee charged is under $1000.
For what are members of the Board compensated?
Expense reimbursements
What are the experience requirements for a broker candidate?
Two full years of experience as a licensed salesperson OR three years of equivalent experience in some other aspect of real estate
The mission of the New York Department of State, Division of Licensing Services (DOS) includes all of the following except?
To administer the compliance provisions of Article 12-A
Which of the following is NOT a real estate license issued in New York?
Sponsoring Broker license
The Broker Exam is a written exam in a multiple-choice format and contains______questions.
100
Which of the following real estate licenses has a fee of $155?
Broker and Associate Broker
A real estate transaction has four stages. Which of the following is NOT one of those states?
Marketing the property
Which of the following is a requirement for becoming a licensed real estate broker in NY?
Demonstrate fair knowledge of the English language
The Salesperson Exam is a written exam in a multiple-choice format and contains ______ questions.
75
Which of the following must hold a real estate license?
An owner selling his neighbor’s property for a fee
