NY REAL ESTATE EXAM -REVIEW QUESTIONS
NYS Dept of State - ANSWER agency that licenses real estate agents/brokers
Property law name - ANSWER Article 12A
Types of real estate licenses (3) - ANSWER salesperson, associate broker, broker
An associate broker... - ANSWER has no broker powers
A broker... - ANSWER sponsors salespeople and associate brokers
The salesperson's license is kept by... - ANSWER the broker for whom the salesperson is working for, kept in a secure place
Pocket ID card - ANSWER Kept with the agent, should be carried at all times
Any changes to a salesperson's license - ANSWER should be submitted to the Department of State with 5 days notice
Fees for license - ANSWER Salesperson: $50 every 2 years
Broker/Associate broker: $150 every 2 years
Education requirements - ANSWER 22.5 hours of continuing education prior to license renewal
Total educational hours for broker's license - ANSWER 120 hours (75 sales, 45 brokers)
3500 points sales experience, 2 yrs full time
5250 points for related experience, 3 years full time
reciprocal states to NY - ANSWER 9
Arkansas
Colorado
Connecticut
Georgia
Massachusetts
Mississippi
Oklahoma
Pennsylvania
West Virginia
What are the other DOS Licenses? (5) - ANSWER 1. Notary public
2. Apartment Information Vendor
3. Apartment Sharing Agent
4. Appraiser 5 Home inspector
Office regulations - ANSWER 1. Must have appropriate office signage
2. Kickbacks are illegal!
3. Blind ads are illegal! (bait and switch)
Administrative discipline for misdeeds (3) - ANSWER 1. suspension of license
2. Revocation of license (must wait one year before applying for licensing privilege)
3. Article 78 proceeding - Appeal a decision
Stigmatized property disclosure - ANSWER Article 443, sellers and seller agents do not have to disclose this info and may or may not disclose upon written request of
the buyer or buyer agent. A seller agent can disclose only with permission of the seller. A buyer or buyer agent may provide written request for disclosure to the seller
or seller agent during negotiations for purchase .
Do Attorneys need a license to practice real estate brokerage? - ANSWER No, except for when they employ licensee to work under their supervision
Commingling of funds - ANSWER ILLEGAL!
Net listings - ANSWER ILLEGAL!
Violation of license law - ANSWER misdemeanor and punishable by $1K fine and or a maximum sentence of a year in jail
Revocation of a broker's license... - ANSWER suspends the license of salespersons and associate brokers in the broker's employ
Property Condition Disclosure Statement - ANSWER must be provided to the buyer's agent before the sellers accept the purchase offer
Uncapped natural gas wells - ANSWER must be disclosed by seller to buyer before entering into a contract of sale.
Who can be an officer in a real estate company? - ANSWER Only full broker. Not an associate broker, not a salesperson
Who can show property? - ANSWER Only licensed salespeople or brokers
Agent - ANSWER usually works for seller, but can also work for a buyer, representation, looks for best interest of party, for the buyer an agent usually services, goes through motions but no fiduciary responsibilty
Customer - ANSWER the party whom the agent brings to the pricipal as a seller or buyer of the property
Client - ANSWER the person who selects the agent to acts on his behalf dual agency - ANSWER when agent acts for both buyer and seller (they only have fucidicary responsibilty to whom hired them)
Fudiciary responsibilities - ANSWER OLD CAR
Obedience
Loyalty
Disclosure of Info
Confidentiality
Accountability
Reasonable care, skill, dilligence
This is given to a client, never a customer
Real estate agent is known as... - ANSWER SPECIAL AGENT (one matter) special agent with specific authority
Vicarious liability - ANSWER the responsibility of one for the acts of another. In the
real estate business, this would be the case when a listing or buyer broker is an "agent" of the seller or buyer. The client can be held responsible for the actions of the broker agent if they have knowledge of an improper or negligent act.
Express Agency - ANSWER Listing agreement, usually in writing (exclusive)
Implied Agency - ANSWER open listing, handshake deal
All agency agreements whether express or implied are consensual.
Commission payout scenarios (2): - ANSWER 1. % of final price
2. Flat fee
NOTE: Next listing commission (aka: 'keep the change" is illegal in NY
Forms for Representation - ANSWER Buyer, seller or both, but can't exchange vital info if representing both
Buyer agent - ANSWER this is a CLIENT, not a customer
Exclusive Agency - ANSWER The seller reserves the right to sell the property on her own, without paying a commission to her agent. This is different from an "exclusive right" listing, in which the seller's broker will receive a commission from the seller, regardless of who brings the buyer into the purchase
Exclusive right to sell - ANSWER What a salesperson strives for!
Open listing - ANSWER nothing on paper
Full disclosure - ANSWER Agents must inform the principal of all matters through full disclosure. They must promptly communicate to the principal all information about the transaction relating to the agency relationship. A broker must present every offer to the seller.
NYS Dept of State - ANSWER agency that licenses real estate agents/brokers
Property law name - ANSWER Article 12A
Types of real estate licenses (3) - ANSWER salesperson, associate broker, broker
An associate broker... - ANSWER has no broker powers
A broker... - ANSWER sponsors salespeople and associate brokers
The salesperson's license is kept by... - ANSWER the broker for whom the salesperson is working for, kept in a secure place
Pocket ID card - ANSWER Kept with the agent, should be carried at all times
Any changes to a salesperson's license - ANSWER should be submitted to the Department of State with 5 days notice
Fees for license - ANSWER Salesperson: $50 every 2 years
Broker/Associate broker: $150 every 2 years
Education requirements - ANSWER 22.5 hours of continuing education prior to license renewal
Total educational hours for broker's license - ANSWER 120 hours (75 sales, 45 brokers)
3500 points sales experience, 2 yrs full time
5250 points for related experience, 3 years full time
reciprocal states to NY - ANSWER 9
Arkansas
Colorado
Connecticut
Georgia
Massachusetts
Mississippi
Oklahoma
Pennsylvania
West Virginia
What are the other DOS Licenses? (5) - ANSWER 1. Notary public
2. Apartment Information Vendor
3. Apartment Sharing Agent
4. Appraiser 5 Home inspector
Office regulations - ANSWER 1. Must have appropriate office signage
2. Kickbacks are illegal!
3. Blind ads are illegal! (bait and switch)
Administrative discipline for misdeeds (3) - ANSWER 1. suspension of license
2. Revocation of license (must wait one year before applying for licensing privilege)
3. Article 78 proceeding - Appeal a decision
Stigmatized property disclosure - ANSWER Article 443, sellers and seller agents do not have to disclose this info and may or may not disclose upon written request of
the buyer or buyer agent. A seller agent can disclose only with permission of the seller. A buyer or buyer agent may provide written request for disclosure to the seller
or seller agent during negotiations for purchase .
Do Attorneys need a license to practice real estate brokerage? - ANSWER No, except for when they employ licensee to work under their supervision
Commingling of funds - ANSWER ILLEGAL!
Net listings - ANSWER ILLEGAL!
Violation of license law - ANSWER misdemeanor and punishable by $1K fine and or a maximum sentence of a year in jail
Revocation of a broker's license... - ANSWER suspends the license of salespersons and associate brokers in the broker's employ
Property Condition Disclosure Statement - ANSWER must be provided to the buyer's agent before the sellers accept the purchase offer
Uncapped natural gas wells - ANSWER must be disclosed by seller to buyer before entering into a contract of sale.
Who can be an officer in a real estate company? - ANSWER Only full broker. Not an associate broker, not a salesperson
Who can show property? - ANSWER Only licensed salespeople or brokers
Agent - ANSWER usually works for seller, but can also work for a buyer, representation, looks for best interest of party, for the buyer an agent usually services, goes through motions but no fiduciary responsibilty
Customer - ANSWER the party whom the agent brings to the pricipal as a seller or buyer of the property
Client - ANSWER the person who selects the agent to acts on his behalf dual agency - ANSWER when agent acts for both buyer and seller (they only have fucidicary responsibilty to whom hired them)
Fudiciary responsibilities - ANSWER OLD CAR
Obedience
Loyalty
Disclosure of Info
Confidentiality
Accountability
Reasonable care, skill, dilligence
This is given to a client, never a customer
Real estate agent is known as... - ANSWER SPECIAL AGENT (one matter) special agent with specific authority
Vicarious liability - ANSWER the responsibility of one for the acts of another. In the
real estate business, this would be the case when a listing or buyer broker is an "agent" of the seller or buyer. The client can be held responsible for the actions of the broker agent if they have knowledge of an improper or negligent act.
Express Agency - ANSWER Listing agreement, usually in writing (exclusive)
Implied Agency - ANSWER open listing, handshake deal
All agency agreements whether express or implied are consensual.
Commission payout scenarios (2): - ANSWER 1. % of final price
2. Flat fee
NOTE: Next listing commission (aka: 'keep the change" is illegal in NY
Forms for Representation - ANSWER Buyer, seller or both, but can't exchange vital info if representing both
Buyer agent - ANSWER this is a CLIENT, not a customer
Exclusive Agency - ANSWER The seller reserves the right to sell the property on her own, without paying a commission to her agent. This is different from an "exclusive right" listing, in which the seller's broker will receive a commission from the seller, regardless of who brings the buyer into the purchase
Exclusive right to sell - ANSWER What a salesperson strives for!
Open listing - ANSWER nothing on paper
Full disclosure - ANSWER Agents must inform the principal of all matters through full disclosure. They must promptly communicate to the principal all information about the transaction relating to the agency relationship. A broker must present every offer to the seller.
