Work Status & Real Estate License Law Flashcards
What agency issues real estate licenses?
The New York State Department of State (NYDOS), Division of Licensing Services
At what age can you become a real estate salesperson?
18
Do you need experience in the field to become a salesperson?
No
What is the minimum age to become a real estate broker?
20
Do you need experience in the field to become a broker?
Yes, evidenced by two years in the business and the buildup of 3,500 points
On the broker license application, how many points are assigned for a residential sale? Rental?
250 per residential, 25 per rental
If a broker’s license is revoked, what happens to the salespersons who work for them?
Their licenses are suspended until they associate with another broker.
If your license is revoked, how long do you have to wait to re-apply for it?
One full year
As a licensed salesperson, I can receive compensation from ____________.
Only from my sponsoring broker
As a real estate licensee, you will more often than not be an ____________, will receive a ____________ from your broker, and will file a ____________ on your tax return to detail your earnings vs. your expenses.
Independent contractor, 1099, schedule C
Attorneys admitted to the bar in NYS are ____________ from the licensure law, unless they take on salespeople.
Exempt
If you mix your client’s money with the office operating funds, it’s called ____________ and you have violated which of the fiduciary obligations?
Commingling, Accountability
For how long does a broker need to keep all of his/her paperwork and records?
Three Years
Your real estate license with the pocket card will be sent to your sponsoring broker. Who holds the license? Who holds the pocket card?
The Broker, Me
As a real estate salesperson, you have to take continuing education every ____________ years.
Two Years
How many hours of CE are required?
22.5
There is also a three-hour CE component of ____________ required every two years.
Fair Housing
Are real estate brokers also required to fulfill the CE requirement?
Yes
If a seller decides not to provide the purchaser with the ‘Property Condition Disclosure Form,’ how much of a reduction in price does he have to give?
$500.00
When is the ‘Property Condition Disclosure Form’ not needed?
For residential new constructions, foreclosure sales, co-ops & condos, and commercial sales
If you are truly an independent contractor, what is it that your broker can provide for you?
Telephone
As an independent contractor, are you paid for the number of hours you put into a deal of for your ‘production’?
Production
What is the term of real estate licensure?
Two Years
I want to make an application to become a ‘mortgage broker.’ I can use my experience as a real estate licensee on my application to the NYS Department of Banking. How many years of experience do I need?
Two Years
A violation of license law (Article 12A) is a ____________.
Misdemeanor. Up to a fine of $1000 and/or up to a jail term of one year.
Licensees (brokers & salespersons) are not allowed to place _____________ which don’t have certain info.
“Blind ads”
What two pieces of information are required in any ad placed?
Specific location & mention that you have a real estate license
