License Law I Flashcards
What/who are the two entities within the DOS that regulate real estate activity?
Secretary of state and NYS Board of Real estate
How many people does the board of real estate have?
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
T/F
At least 5 of the members of the board have to be real estate brokers?
True and they must have been engaged in real estate activity for 10 years
These are the 3 cities that the board must hold at least one public hearing each year…
Albany, NYC, Buffalo
The secretary of state and the _____ are members of the NYS Board of Real Estate as a matter of law
Superintendent of the Department of Financial Services
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.
True
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
True
Who is the executor?
Person named in a will to handle the property of someone who has died
who is the administrator?
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
What class is an individual broker?
Class 35
What class is an associate broker?
Class 30
What class is a trade name broker?
Class 37
T/F
Any license suspension or revocation or denial must be disclosed when applying for licenses
True
How many hours must you satisfy for Broker Education course?
45 hours
Completed pre-licensing education is good for how long
8 years
Minimum accumulated points in order to apply for broker/associate broker license
3500
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?
True
T/F
A Passing score on the licensing exam is good for two years
True
When will the DOS send licensees reminder of their expiration date?
90 days prior
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
True
T/F
The broker course does satisfy the mandatory 3 hour fair housing requirement,
False
Exemptions from continuing education are (2)
- attorneys who hold a license and are admitted to the NYS Bar
- Brokers with more than 15 years consecutive licensure before july 2008
Notices of termination of association and new record of association must be made with the DOS within how many days?
5 days
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
120 days
T/F
An associate broker can hire another licensed salesperson?
False
