License Law I

Question 1

What/who are the two entities within the DOS that regulate real estate activity?

Answer 1

Secretary of state and NYS Board of Real estate

Question 2

How many people does the board of real estate have?

Answer 2

15 total members that are appointed for 2 years

Secretary of State and Superintendent of the department of Financial services are 2 of the members

Question 3

T/F

At least 5 of the members of the board have to be real estate brokers?

Answer 3

True and they must have been engaged in real estate activity for 10 years

Question 4

These are the 3 cities that the board must hold at least one public hearing each year…

Answer 4

Albany, NYC, Buffalo

Question 5

The secretary of state and the _____ are members of the NYS Board of Real Estate as a matter of law

Answer 5

Superintendent of the Department of Financial Services

Question 6

T/F

An associate broker may agree to work as an office manager under the name and supervision of another individual broker or one who is licensed under a partnership, trade name, limited liability company or corporation.

Answer 6

True

Question 7

T/F

NY law exempts anyone who is acting under a court order or under the authority of a will or of a trust instrument

Answer 7

True

Question 8

Who is the executor?

Answer 8

Person named in a will to handle the property of someone who has died

Question 9

who is the administrator?

Answer 9

Person appointed by the court to handle the estate of someone who died without a will (intestate), with a will but no nominated executor, or the executor named in the will has died, has been removed from the case or does not desire to serve

Question 9

What class is an individual broker?

Answer 9

Class 35

Question 10

What class is an associate broker?

Answer 10

Class 30

Question 11

What class is a trade name broker?

Answer 11

Class 37

Question 12

T/F

Any license suspension or revocation or denial must be disclosed when applying for licenses

Answer 12

True

Question 13

How many hours must you satisfy for Broker Education course?

Answer 13

45 hours

Question 14

Completed pre-licensing education is good for how long

Answer 14

8 years

Question 15

Minimum accumulated points in order to apply for broker/associate broker license

Answer 15

3500

Question 16

T/F

Working full time for THREE YEARS in a general real estate business, such as buying and selling one’s own property or managing property owned by one’s employer, also qualifies you to apply for broker’s license without ever having earned your salesperson license?

Answer 16

True

Question 16

T/F

A Passing score on the licensing exam is good for two years

Answer 16

True

Question 17

When will the DOS send licensees reminder of their expiration date?

Answer 17

90 days prior

Question 18

T/F

If a licensee does not complete the renewal application within the assigned timeframe and the license is lapsed for a full two years, he or she must requalify by passing the state examination once again

Answer 18

True

Question 19

T/F

The broker course does satisfy the mandatory 3 hour fair housing requirement,

Answer 19

False

Question 20

Exemptions from continuing education are (2)

Answer 20

• attorneys who hold a license and are admitted to the NYS Bar
• Brokers with more than 15 years consecutive licensure before july 2008

Question 21

Notices of termination of association and new record of association must be made with the DOS within how many days?

Answer 21

5 days

Question 22

In the event of a death of a broker who is the sole proprietor of an office, a legally appointed admin or executor can be giving authority for how many days to complete any unfinished real estate transactions that were in process

Answer 22

120 days

Question 23

T/F

An associate broker can hire another licensed salesperson?

Answer 23

False