Colibri Real Estate Exam 100 %verified answers with questions graded a+
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Mortgage Banker - answer-Attorney
The fee for changing a broker's name or status is ______, except if the change is made
on the renewal application.
$185
$100
$200
$10 - answer-$185
If a broker changes his or her business address,
The broker must pay a $10 change of address filing fee to the DOS for each licensee
affiliated with the broker.
The broker must apply for new licenses for each affiliated broker under the new
address.
The broker must not cross out the old address on his or her broker license.
The broker is not required to notify the DOS. - answer-The broker must pay a $10
change of address filing fee to the DOS for each licensee affiliated with the broker.
A net listing is a contract in which the broker receives as commission all monies over
and above a minimum sales price agreed upon by the broker and the seller. This type of
listing is___________in New York.
illegal
frowned-upon
mandatory
implied - answer-illegal
A licensed _______________ must display his or her license conspicuously in the
principal place of business at all times.
salesperson
broker
affiliate broker
associate broker - answer-broker
A broker must keep records of transactions on file for how long?
One year
Two years
,Three years
Until the Department of State audits the records - answer-Three years
Why must the broker sign a salesperson's license renewal application?
To confirm the salesperson holds a valid license
To waive the salesperson's continuing education requirements
To confirm the salesperson is sponsored by that broker
The broker does not need to sign the application. - answer-To confirm the salesperson
is sponsored by that broker
Failure to notify the Department of State of a change of business address is grounds for
which of the following?
Censure
Suspension
$50 fine
Revocation - answer-Suspension
How many hours of continuing education are required for salesperson license renewal?
21.5
22.5
23.5
24.5 - answer-22.5
How many hours of continuing education credit will a licensee receive for teaching an
approved real estate course?
2 hours for each teaching hour
3 hours for each teaching hour
5 hours regardless of the number of teaching hours
None - answer-2 hours for each teaching hour
What score is required to pass the written examination if an individual failed to renew
his or her license on time because the individual enlisted in the U.S. armed forces?
70
75
60
The exam is not required. - answer-The exam is not required.
Where must the broker place his sign at his place of business?
Inside the office door
Above the broker's desk
On the mailbox
Outside the building and visible from the sidewalk - answer-Outside the building and
visible from the sidewalk
Under what conditions may a broker allow an associate broker to operate a branch
office?
, If the associate broker is licensed as an affiliate broker
Only under the broker's direct supervision (and an active Broker Associate for a
minimum of two years of four years licensure)
Only if the associate broker is hired specifically for branch office management
After the associate broker has been licensed for 4 years. - answer-Only under the
broker's direct supervision (and an active Broker Associate for a minimum of two years
of four years licensure)
What must a licensee do to renew a license after the 2-year renewal date?
Retake and pass the licensure examination
Notify the DOS in writing the reason why the renewal is late
Pay an additional fee for late renewal
Licenses cannot be renewed after the renewal date. - answer-Retake and pass the
licensure examination
If there is a change of broker and/or address, how long does the licensee have to
complete and submit the appropriate form to the Department of State?
5 days
7 days
2 weeks
1 month - answer-5 days
When a salesperson or an associate broker wants to leave the service of his or her
sponsoring broker, that broker must file a ___________________________ with the
Department of State.
termination of association notice
notice of licensee termination
termination of sponsorship affidavit
notice of non-sponsorship form - answer-termination of association notice
Who can maintain a branch office?
The branch office manager hired by the business owner
Any affiliated broker assigned by the owner broker
Only the owner broker to whom the branch office license is issued
Any salesperson assigned by the owner broker - answer-Only the owner broker to
whom the branch office license is issued
Which of the following statements is TRUE?
An associate broker who wants additional licenses must submit a statement to the
Department from each sponsoring broker acknowledging each licensure.
A broker may hold only one broker license.
A licensed broker may also hold a salesperson license with another firm.
A licensed broker may be an associate broker with only one firm. - answer-An
associate broker who wants additional licenses must submit a statement to the
Department from each sponsoring broker acknowledging each licensure.
\\\pass!!!
Mortgage Banker - answer-Attorney
The fee for changing a broker's name or status is ______, except if the change is made
on the renewal application.
$185
$100
$200
$10 - answer-$185
If a broker changes his or her business address,
The broker must pay a $10 change of address filing fee to the DOS for each licensee
affiliated with the broker.
The broker must apply for new licenses for each affiliated broker under the new
address.
The broker must not cross out the old address on his or her broker license.
The broker is not required to notify the DOS. - answer-The broker must pay a $10
change of address filing fee to the DOS for each licensee affiliated with the broker.
A net listing is a contract in which the broker receives as commission all monies over
and above a minimum sales price agreed upon by the broker and the seller. This type of
listing is___________in New York.
illegal
frowned-upon
mandatory
implied - answer-illegal
A licensed _______________ must display his or her license conspicuously in the
principal place of business at all times.
salesperson
broker
affiliate broker
associate broker - answer-broker
A broker must keep records of transactions on file for how long?
One year
Two years
,Three years
Until the Department of State audits the records - answer-Three years
Why must the broker sign a salesperson's license renewal application?
To confirm the salesperson holds a valid license
To waive the salesperson's continuing education requirements
To confirm the salesperson is sponsored by that broker
The broker does not need to sign the application. - answer-To confirm the salesperson
is sponsored by that broker
Failure to notify the Department of State of a change of business address is grounds for
which of the following?
Censure
Suspension
$50 fine
Revocation - answer-Suspension
How many hours of continuing education are required for salesperson license renewal?
21.5
22.5
23.5
24.5 - answer-22.5
How many hours of continuing education credit will a licensee receive for teaching an
approved real estate course?
2 hours for each teaching hour
3 hours for each teaching hour
5 hours regardless of the number of teaching hours
None - answer-2 hours for each teaching hour
What score is required to pass the written examination if an individual failed to renew
his or her license on time because the individual enlisted in the U.S. armed forces?
70
75
60
The exam is not required. - answer-The exam is not required.
Where must the broker place his sign at his place of business?
Inside the office door
Above the broker's desk
On the mailbox
Outside the building and visible from the sidewalk - answer-Outside the building and
visible from the sidewalk
Under what conditions may a broker allow an associate broker to operate a branch
office?
, If the associate broker is licensed as an affiliate broker
Only under the broker's direct supervision (and an active Broker Associate for a
minimum of two years of four years licensure)
Only if the associate broker is hired specifically for branch office management
After the associate broker has been licensed for 4 years. - answer-Only under the
broker's direct supervision (and an active Broker Associate for a minimum of two years
of four years licensure)
What must a licensee do to renew a license after the 2-year renewal date?
Retake and pass the licensure examination
Notify the DOS in writing the reason why the renewal is late
Pay an additional fee for late renewal
Licenses cannot be renewed after the renewal date. - answer-Retake and pass the
licensure examination
If there is a change of broker and/or address, how long does the licensee have to
complete and submit the appropriate form to the Department of State?
5 days
7 days
2 weeks
1 month - answer-5 days
When a salesperson or an associate broker wants to leave the service of his or her
sponsoring broker, that broker must file a ___________________________ with the
Department of State.
termination of association notice
notice of licensee termination
termination of sponsorship affidavit
notice of non-sponsorship form - answer-termination of association notice
Who can maintain a branch office?
The branch office manager hired by the business owner
Any affiliated broker assigned by the owner broker
Only the owner broker to whom the branch office license is issued
Any salesperson assigned by the owner broker - answer-Only the owner broker to
whom the branch office license is issued
Which of the following statements is TRUE?
An associate broker who wants additional licenses must submit a statement to the
Department from each sponsoring broker acknowledging each licensure.
A broker may hold only one broker license.
A licensed broker may also hold a salesperson license with another firm.
A licensed broker may be an associate broker with only one firm. - answer-An
associate broker who wants additional licenses must submit a statement to the
Department from each sponsoring broker acknowledging each licensure.
