COLIBRI REAL ESTATE ACTUAL EXAM WITH VERIFIED
ANSWERS GUARANTEED PASS
Which of the following is required of an apartment
information vendor?
Pay a $400 licensure fee
Maintain a $5,000 non-interest-bearing escrow account
Maintain an escrow account with deposits of $5,000 for
each branch office
Hold a 2-year license - answer-Pay a $400 licensure fee
During which stage of a real estate transaction must the
licensee remember to impart information to the seller
regarding the potential buyer's qualifications and the quality
of the offer being presented? - answer-During the
negotiation stage
Why should real estate licensees have good knowledge of
the loan programs that are currently available from local
banks and other lenders? - answer-Financing is a critical
part of the transaction. Licensees need to stay current on
lenders' guidelines so they can qualify both the buyers and
the property.
What is the mission of the Division of Licensing Services? -
answer-To protect the health, safety and welfare of
consumers.
,To provide efficient processing and examination services to
license applicants.
To provide accurate information and qualified licensees to
the business community. The Division of Licensing issues
licenses and enforces the real estate law.
What are the duties of the Secretary of State? - answer-All
licensing, examination, education, and compliance
provisions of Article 12-A.
The rules of the Board.
The rules of the Secretary of State
How is an associate broker different from a broker? -
answer-An associate broker must meet the same
qualifications as a licensed broker; however, an associate
broker chooses to work under the name and supervision of
a licensed real estate broker.
How do licensees collect their commissions? - answer-A
broker can collect commissions from the clients. However,
the licensees working for the broker can only receive
commission payments from their sponsoring broker.
How old must a person be who wishes to become licensed
in New York? - answer-Salespersons must be 18 years old;
brokers must be 20 years old.
,How many hours of instruction are required to become
licensed in New York? - answer-Salespersons are required
to complete 77 hours of instruction; brokers must complete
152 hours.
How are exam scores reported, and what percentage is
needed to pass the exam? - answer-ASAP after the exam as
either pass or fail; 70%
Besides individual and associate broker, name 2 classes of
broker licenses available. - answer-Trade name broker,
corporate broker, partnership broker
What are the experience requirements to become a broker?
- answer-Two full years of experience as a licensed
salesperson and 3,500 points.
Three years of equivalent experience in some other aspect
of real estate and 5,250 points, subject to approval by the
Department of State.
Which penalty is not imposed by the DOS on a real estate
broker for engaging in fraud?
License revocation
Fine
Imprisonment
Reprimand - answer-Imprisonment
, An___________ real estate broker is a licensed real estate
broker who chooses to work under the name and
supervision of a licensed real estate broker. - answer-
Associate
Associate brokers may receive commission payments from
Seller
Buyer
Cooperating broker
Sponsoring broker - answer-Sponsoring broker
Passed exam results are only valid for a period of ____
years. - answer-2
For what are members of the Board compensated?
Their time
Their expertise
Contractual terms
Expense reimbursements - answer-Expense
reimbursements
How much is the fee charged by the DOS for an associate
broker license?
$50
ANSWERS GUARANTEED PASS
Which of the following is required of an apartment
information vendor?
Pay a $400 licensure fee
Maintain a $5,000 non-interest-bearing escrow account
Maintain an escrow account with deposits of $5,000 for
each branch office
Hold a 2-year license - answer-Pay a $400 licensure fee
During which stage of a real estate transaction must the
licensee remember to impart information to the seller
regarding the potential buyer's qualifications and the quality
of the offer being presented? - answer-During the
negotiation stage
Why should real estate licensees have good knowledge of
the loan programs that are currently available from local
banks and other lenders? - answer-Financing is a critical
part of the transaction. Licensees need to stay current on
lenders' guidelines so they can qualify both the buyers and
the property.
What is the mission of the Division of Licensing Services? -
answer-To protect the health, safety and welfare of
consumers.
,To provide efficient processing and examination services to
license applicants.
To provide accurate information and qualified licensees to
the business community. The Division of Licensing issues
licenses and enforces the real estate law.
What are the duties of the Secretary of State? - answer-All
licensing, examination, education, and compliance
provisions of Article 12-A.
The rules of the Board.
The rules of the Secretary of State
How is an associate broker different from a broker? -
answer-An associate broker must meet the same
qualifications as a licensed broker; however, an associate
broker chooses to work under the name and supervision of
a licensed real estate broker.
How do licensees collect their commissions? - answer-A
broker can collect commissions from the clients. However,
the licensees working for the broker can only receive
commission payments from their sponsoring broker.
How old must a person be who wishes to become licensed
in New York? - answer-Salespersons must be 18 years old;
brokers must be 20 years old.
,How many hours of instruction are required to become
licensed in New York? - answer-Salespersons are required
to complete 77 hours of instruction; brokers must complete
152 hours.
How are exam scores reported, and what percentage is
needed to pass the exam? - answer-ASAP after the exam as
either pass or fail; 70%
Besides individual and associate broker, name 2 classes of
broker licenses available. - answer-Trade name broker,
corporate broker, partnership broker
What are the experience requirements to become a broker?
- answer-Two full years of experience as a licensed
salesperson and 3,500 points.
Three years of equivalent experience in some other aspect
of real estate and 5,250 points, subject to approval by the
Department of State.
Which penalty is not imposed by the DOS on a real estate
broker for engaging in fraud?
License revocation
Fine
Imprisonment
Reprimand - answer-Imprisonment
, An___________ real estate broker is a licensed real estate
broker who chooses to work under the name and
supervision of a licensed real estate broker. - answer-
Associate
Associate brokers may receive commission payments from
Seller
Buyer
Cooperating broker
Sponsoring broker - answer-Sponsoring broker
Passed exam results are only valid for a period of ____
years. - answer-2
For what are members of the Board compensated?
Their time
Their expertise
Contractual terms
Expense reimbursements - answer-Expense
reimbursements
How much is the fee charged by the DOS for an associate
broker license?
$50
