Real Estate U Final Exam Questions|
Johnes Update| With All Answers
Correct Latest Update!!
The Department of State's ability to enforce license laws through reprimand
and denial as well as the suspension and revocation of licenses is known
as...? - Ans--Administrative Discipline
To mingle or mix funds is known as what...? - Ans--Commingling
Chris is a real estate broker involved in a residential transaction. When Chris
illegally places his client's funds into his personal account, what is he
engaged in...? - Ans--Commingling of Funds
The post-license education required by salespersons and brokers is known
as what...? - Ans--Continuing Education
Conditions under which a property condition disclosure statement is not
required is known as a/an...? - Ans--Exemption
Which of the following are NOT assessed by a home inspector...? - Ans--Air
Rights
A card issued by the Department of State to each licensee is known as a...? -
Ans--Pocket Card
Any person who, for a fee, arranges, conducts, coordinates, handles or
causes meetings between a customer and the current owner or occupant of
legally occupied real property, including apartment housing, who wishes to
share that housing with one or more individuals is known as a/an...? - Ans--
Apartment Sharing Agent
A licensed real estate broker that holds the license of a salesperson is
known as what...? - Ans--Sponsor
,The discontinuance of an agent's relationship with his/her sponsoring
broker is known as what...? - Ans--Termination
A written document that terminates the relationship between an agent and
his/her sponsoring broker is known as what...? - Ans--Termination of
Association Notice
An act, deed or conditions contrary to law or permissible use of real property
is known as a...? - Ans--Violation
This law governs the practice of real estate salespersons and brokers...? -
Ans--Article 12-A of the NYS Real Property Law
Who is a real estate salesperson required to work under...? - Ans--A
licensed real estate broker
Which of the following individuals works under a real estate broker...? - Ans--
Real Estate Salesperson
Which of the following professionals works under and/or for a real estate
broker...? - Ans--Associate Broker
According to Article 12-A of the NYS Real Property Law, which of the
following is a general requirement for obtaining a real estate salespersons
license...? - Ans--Must have at least a work permit
James wants to become a real estate salesperson. Which of the following
requirements must James satisfy in order to obtain his license...? - Ans--
Must have at least a work permit
Mark is a real estate salesperson but wants to obtain his real estate broker's
license. Which of the following requirements must Mark satisfy in order to
obtain his broker's license...? - Ans--He must be at least 20 years of age
What must a licensed real estate salesperson keep on him or herself at all
times when practicing as an agent...? - Ans--A Pocket Card
,When is a real estate salesperson required to give notice to the Department
of State....? - Ans--When a salesperson changes sponsors
A licensed real estate broker who by choice elects to work under the name
and supervision of another real estate broker is known as a/an...? - Ans--
Associate Real Estate Broker
Which professional is exempt from obtaining a real estate salespersons or
brokers license to practice real estate...? - Ans--Real Estate Attorney
Which of the following individuals are exempt from having to obtain a real
estate salespersons or broker's license to practice real estate...? - Ans--
Court ordered officials
Which of the following is NOT exempt from having to obtain a real estate
salespersons or broker license to practice real estate...? - Ans--Architects
Which of the following are you NOT entitled to without a real estate
license...? - Ans--A commission
An ad that remains anonymous as to who is advertising is known as a...? -
Ans--Blind Ad
Which of the following may NOT lead to a salesperson losing his/her
license...? - Ans--Operating as a dual agent
Which of the following may NOT lead to a salesperson losing his/her
license...? - Ans--Not earning a commission in their first year as a
salesperson
What is often the first step in the process of a salesperson losing his/her
license...? - Ans--A complaint is filed with the Department of State
A written explanation, to be signed by a prospective buyer or seller of real
estate, explaining to the client the role that the broker plays in the transaction
is described on the...? - Ans--Agency Disclosure Form
, The release of relevant information about a property that may influence the
final sale, especially if it represents defects or problems is known as...? -
Ans--Disclosure
As a special agent in a transaction, a real estate salesperson cannot do
which of the following on behalf of the owner...? - Ans--Negotiate the terms
of the contract
In addition to the principal, the agent also owes fiduciary duties to which of
the following...? - Ans--The Customer
Which of the following may be considered a 3rd party to a transaction...? -
Ans--Customer
If a principal or agent provides a customer with a material fact, which of the
following must apply...? - Ans--The fact must be true and accurate
Although an agent or principal is not obligated to disclose all information in a
transaction, it is recommended that what information be revealed, in order to
help the customer make an informed decision...? - Ans--Material
information
Whose job is it to act as a middleman in a transaction...? - Ans--Broker
The broker, as a franchisee of a national brokerage, is considered what to
the national brokerage...? - Ans--Sub-agent
In a typical agency structure, a real estate salesperson is a sub-agent to
whom...? - Ans--Broker
Philip is a real estate salesperson who represents a seller in a transaction.
However, Philip violated several of his fiduciary duties to the client.
According to the concept of vicarious liability, who can be held liable for
Philip's actions...? - Ans--The broker
According to Section 442-C of the NYS Real Property Law, who may be held
liable for a salesperson's actions...? - Ans--The broker
Johnes Update| With All Answers
Correct Latest Update!!
The Department of State's ability to enforce license laws through reprimand
and denial as well as the suspension and revocation of licenses is known
as...? - Ans--Administrative Discipline
To mingle or mix funds is known as what...? - Ans--Commingling
Chris is a real estate broker involved in a residential transaction. When Chris
illegally places his client's funds into his personal account, what is he
engaged in...? - Ans--Commingling of Funds
The post-license education required by salespersons and brokers is known
as what...? - Ans--Continuing Education
Conditions under which a property condition disclosure statement is not
required is known as a/an...? - Ans--Exemption
Which of the following are NOT assessed by a home inspector...? - Ans--Air
Rights
A card issued by the Department of State to each licensee is known as a...? -
Ans--Pocket Card
Any person who, for a fee, arranges, conducts, coordinates, handles or
causes meetings between a customer and the current owner or occupant of
legally occupied real property, including apartment housing, who wishes to
share that housing with one or more individuals is known as a/an...? - Ans--
Apartment Sharing Agent
A licensed real estate broker that holds the license of a salesperson is
known as what...? - Ans--Sponsor
,The discontinuance of an agent's relationship with his/her sponsoring
broker is known as what...? - Ans--Termination
A written document that terminates the relationship between an agent and
his/her sponsoring broker is known as what...? - Ans--Termination of
Association Notice
An act, deed or conditions contrary to law or permissible use of real property
is known as a...? - Ans--Violation
This law governs the practice of real estate salespersons and brokers...? -
Ans--Article 12-A of the NYS Real Property Law
Who is a real estate salesperson required to work under...? - Ans--A
licensed real estate broker
Which of the following individuals works under a real estate broker...? - Ans--
Real Estate Salesperson
Which of the following professionals works under and/or for a real estate
broker...? - Ans--Associate Broker
According to Article 12-A of the NYS Real Property Law, which of the
following is a general requirement for obtaining a real estate salespersons
license...? - Ans--Must have at least a work permit
James wants to become a real estate salesperson. Which of the following
requirements must James satisfy in order to obtain his license...? - Ans--
Must have at least a work permit
Mark is a real estate salesperson but wants to obtain his real estate broker's
license. Which of the following requirements must Mark satisfy in order to
obtain his broker's license...? - Ans--He must be at least 20 years of age
What must a licensed real estate salesperson keep on him or herself at all
times when practicing as an agent...? - Ans--A Pocket Card
,When is a real estate salesperson required to give notice to the Department
of State....? - Ans--When a salesperson changes sponsors
A licensed real estate broker who by choice elects to work under the name
and supervision of another real estate broker is known as a/an...? - Ans--
Associate Real Estate Broker
Which professional is exempt from obtaining a real estate salespersons or
brokers license to practice real estate...? - Ans--Real Estate Attorney
Which of the following individuals are exempt from having to obtain a real
estate salespersons or broker's license to practice real estate...? - Ans--
Court ordered officials
Which of the following is NOT exempt from having to obtain a real estate
salespersons or broker license to practice real estate...? - Ans--Architects
Which of the following are you NOT entitled to without a real estate
license...? - Ans--A commission
An ad that remains anonymous as to who is advertising is known as a...? -
Ans--Blind Ad
Which of the following may NOT lead to a salesperson losing his/her
license...? - Ans--Operating as a dual agent
Which of the following may NOT lead to a salesperson losing his/her
license...? - Ans--Not earning a commission in their first year as a
salesperson
What is often the first step in the process of a salesperson losing his/her
license...? - Ans--A complaint is filed with the Department of State
A written explanation, to be signed by a prospective buyer or seller of real
estate, explaining to the client the role that the broker plays in the transaction
is described on the...? - Ans--Agency Disclosure Form
, The release of relevant information about a property that may influence the
final sale, especially if it represents defects or problems is known as...? -
Ans--Disclosure
As a special agent in a transaction, a real estate salesperson cannot do
which of the following on behalf of the owner...? - Ans--Negotiate the terms
of the contract
In addition to the principal, the agent also owes fiduciary duties to which of
the following...? - Ans--The Customer
Which of the following may be considered a 3rd party to a transaction...? -
Ans--Customer
If a principal or agent provides a customer with a material fact, which of the
following must apply...? - Ans--The fact must be true and accurate
Although an agent or principal is not obligated to disclose all information in a
transaction, it is recommended that what information be revealed, in order to
help the customer make an informed decision...? - Ans--Material
information
Whose job is it to act as a middleman in a transaction...? - Ans--Broker
The broker, as a franchisee of a national brokerage, is considered what to
the national brokerage...? - Ans--Sub-agent
In a typical agency structure, a real estate salesperson is a sub-agent to
whom...? - Ans--Broker
Philip is a real estate salesperson who represents a seller in a transaction.
However, Philip violated several of his fiduciary duties to the client.
According to the concept of vicarious liability, who can be held liable for
Philip's actions...? - Ans--The broker
According to Section 442-C of the NYS Real Property Law, who may be held
liable for a salesperson's actions...? - Ans--The broker
