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NY Real Estate Exam Study > License Law and Regulations > Flashcards

License Law and Regulations Flashcards

1
Q

The Department of State is primarily responsible for issuing…

A

real estate licenses, pocket cards, and handing down disciplinary action. Article 12-A of the NYS Real Property Law outlines the roles/duties of the Department of State.

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2
Q

According to Article 12-A (NYS Real Property Law), the Attorney General shall…

A

prosecute criminal actions for violations of the Real Property Law.

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3
Q

The New York Court of Appeals is…

A

the highest court in New York State.

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4
Q

“Any person who violates any provision of this article shall be guilty of a misdemeanor. The commission of a single act prohibited by this article shall constitute a violation hereof. According to…

A

section 442-e of the NYS Real Property Law:

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5
Q

The Department of State may _______ __ ______ a real estate salesperson or broker’s license for__________ __ ___ ____ ________ __.

A

suspend or revoke

violations of the Real Property Law.

The DOS may also impose a fine not to exceed $1,000.

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6
Q

A real estate salesperson must be at least…

A

18 years old,

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7
Q

A real estate salespersons license is valid for…

A

2 years

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8
Q

Every 2 years, the salesperson must…

A

renew their license online through eAccessNY.

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9
Q

Before renewing a license the salesperson must…

A

complete 22.5-hours of Continuing Education.

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10
Q

If a real estate salesperson fails to renew their license within 2 years…

A

their license is considered expired.

The salesperson must retake the State exam and reapply for their license.

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11
Q
A

Have at least two years of experience as a real estate salesperson.

  • Be at least 20 years of age.
  • Complete the 45-hour NYS real estate broker’s course (120 hours of total coursework including the 75-hour real estate salespersons course).
  • Pass the State real estate broker’s exam
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12
Q

A brokers license must be renewed every…

A

2 years.

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13
Q

Associate real estate brokers must fulfill the same requirements as a broker (they must…

A

obtain their brokers license), but their status in the firm is the same as that of a salesperson.

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14
Q

The Department of State issues

A

a real estate license and a pocket card.

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15
Q

The salesperson’s license is held with…

A

their sponsoring broker.

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16
Q

The salesperson must carry their…

A

pocket card at all times when doing business and show it on demand.

17
Q

If a broker’s license is suspended or revoked…

A

each real estate salesperson working under that broker shall also have their licenses suspended.
In this case, the State deems the salesperson’s license as a ‘discontinuance of association with the broker being suspended’.

18
Q

Attorneys admitted to the NY State Bar are exempt from obtaining a license if they…

A

represent a client.

19
Q

If an attorney wants to employ salespersons, they then must…

A

obtain a broker’s license.

20
Q

Public officers are exempt (from having a license) when…

A

performing official duties

21
Q

Persons under the judgment or order of a court are…

A

exempt from needing a license.

22
Q

According to section 175.25 of Article 12-A of the NY Real Property Law:

“All advertisements placed by a broker must indicate that …

A

the advertiser is a broker or give the name of the broker and his telephone number.

23
Q

All advertisements placed by a broker which state that property is in the vicinity of a geographical area or territorial subdivision must indicate as part of such advertisement…

A

the name of the geographical area or territorial subdivision in which such property is actually located.”

24
Q

Ads that do not contain this information are called…

A

blind ads. Blind ads are illegal in New York State.

25
Q

According to Article 443-a of the NY Real Property Law, sellers and seller agents do not have to disclose the following facts when selling or leasing residential property:

A

1) Occupants who have AIDS or other illnesses not transmitted through occupancy.
2) Properties that were a site of death due to natural causes, accidents, suicide, homicide, crime and other reasons.

26
Q

Brokers must maintain records of all transactions for at least…

A

3 years.

NY Real Estate Exam Study (21 decks)

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