NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
types of insurance policy's
-commercial
-contents
-flood
-homeowners'
-tenants/renters
-umbrella
License Requirements (age)
Salesperson - 18
Broker -20
License Requirements (citizenship)
Salesperson - yes
Broker - yes
License Requirements (qualifying course)
Salesperson - 75 hours
Broker - 120 hours total
License Requirements (experience)
Salesperson - none
Broker - 2 years as salesperson or 3 years' equivalent
License Requirements (fee/term of license)
Salesperson - $55/2 years
Broker - $155/2 years
License Requirements (continuing education)
Salesperson - 22.5/every 2 years
Broker - 22.5/every 2 years
License Requirements (licensing agency)
Salesperson - Dept. of state
Broker - Dept. of state
License Requirements (license law)
Salesperson - Article 12-A of the real property law
Broker - Article 12-A of the real property law
Brokers responsibility (broker initial license and renewal)
kept by - broker
displayed - yes
DOS fee - $155
Brokers responsibility (change of association)
DOS fee - $20
Brokers responsibility (change of name, personal address)
DOS fee - $10
Brokers responsibility (new branch office)
DOS fee - $155
Brokers responsibility (salesperson initial license and renewal)
, DOS fee - $55
Brokers responsibility (termination of association)
DOS fee - $0
Single Agent
representation - buyer or seller
The agent works for the buyer or seller
Seller's Agent
representation - seller
A listing agent who acts alone or corporates with other agents as a subagent or broker's
agent
Subagent
representation - buyer or seller
An agent of the principal under the agency relationship of the primary broker
Buyer's Agent
representation - buyer
the agent represents the buyer as principal and enters into a listing agreement with the
buyer
Dual Agent
representation - buyer and seller
represents both buyer and seller in the same transaction;undisclosed dual agency is a
breach of fiduciary duty and violation of license law
Broker's Agent
representation - broker (who may represent either buyer or seller)
A broker's agent cooperates with or is engaged by a listing agent, buyer's agent, or
tenant's agent
Cooperating agent
representation - buyer or seller
representation includes seller's agent, subagents, buyer's agents, and brokers agents.
these agents work to assist the listing broker in the sale of the property.
-may or may not work through MLS
Express agency
-in writing/orally
-listing agreement/covnersation
Implied agency
-action of parties
-ratification/estoppel
agency of ratification
confirms an earlier implied agency agreement such as when a principal signs a contract
of sale
agency by estoppel
Exists when a principal does not stop an individual from representing them thus creating
an agency relationship between the two
Anti-trust violations (Price fixing)
Competitors in the same industry conspire to charge the same or similar price for goods
and services
Law it violates - Sherman and Clayton antitrust acts; NYS antitrust laws
Quality Materials
types of insurance policy's
-commercial
-contents
-flood
-homeowners'
-tenants/renters
-umbrella
License Requirements (age)
Salesperson - 18
Broker -20
License Requirements (citizenship)
Salesperson - yes
Broker - yes
License Requirements (qualifying course)
Salesperson - 75 hours
Broker - 120 hours total
License Requirements (experience)
Salesperson - none
Broker - 2 years as salesperson or 3 years' equivalent
License Requirements (fee/term of license)
Salesperson - $55/2 years
Broker - $155/2 years
License Requirements (continuing education)
Salesperson - 22.5/every 2 years
Broker - 22.5/every 2 years
License Requirements (licensing agency)
Salesperson - Dept. of state
Broker - Dept. of state
License Requirements (license law)
Salesperson - Article 12-A of the real property law
Broker - Article 12-A of the real property law
Brokers responsibility (broker initial license and renewal)
kept by - broker
displayed - yes
DOS fee - $155
Brokers responsibility (change of association)
DOS fee - $20
Brokers responsibility (change of name, personal address)
DOS fee - $10
Brokers responsibility (new branch office)
DOS fee - $155
Brokers responsibility (salesperson initial license and renewal)
, DOS fee - $55
Brokers responsibility (termination of association)
DOS fee - $0
Single Agent
representation - buyer or seller
The agent works for the buyer or seller
Seller's Agent
representation - seller
A listing agent who acts alone or corporates with other agents as a subagent or broker's
agent
Subagent
representation - buyer or seller
An agent of the principal under the agency relationship of the primary broker
Buyer's Agent
representation - buyer
the agent represents the buyer as principal and enters into a listing agreement with the
buyer
Dual Agent
representation - buyer and seller
represents both buyer and seller in the same transaction;undisclosed dual agency is a
breach of fiduciary duty and violation of license law
Broker's Agent
representation - broker (who may represent either buyer or seller)
A broker's agent cooperates with or is engaged by a listing agent, buyer's agent, or
tenant's agent
Cooperating agent
representation - buyer or seller
representation includes seller's agent, subagents, buyer's agents, and brokers agents.
these agents work to assist the listing broker in the sale of the property.
-may or may not work through MLS
Express agency
-in writing/orally
-listing agreement/covnersation
Implied agency
-action of parties
-ratification/estoppel
agency of ratification
confirms an earlier implied agency agreement such as when a principal signs a contract
of sale
agency by estoppel
Exists when a principal does not stop an individual from representing them thus creating
an agency relationship between the two
Anti-trust violations (Price fixing)
Competitors in the same industry conspire to charge the same or similar price for goods
and services
Law it violates - Sherman and Clayton antitrust acts; NYS antitrust laws
