Chapter 1 Quiz

How much time is given to complete the New York State real estate salespersons exam...? A. 1.5 hours B. 1 hour C. 2 hours D. 2.5 hours

1.5 hours

How many hours of Fair Housing training must a real estate salesperson complete every two years...? A. 3 hours B. 1 hour C. 1.5 hours D. 2 hours

3 hours

Within how many business days does the Department of State require a salesperson to report any changes in name, status, or brokerage firm...? A. 5 B. 10 C. 15 D. 7

5

What must a licensed real estate salesperson keep on him or herself at all times when practicing as an agent...? A. A Pocket Card B. A NYS Driver's License C. A Business Card D. A Cell Phone

A Pocket Card

Who is a real estate salesperson required to work under...? A. A licensed real estate broker B. An attorney C. A licensed Associate Broker D. A real property owner

A licensed real estate broker

Which of the following actions will NOT lead the suspension or revocation of a real estate license...? A. Accepting a bonus from a sponsoring broker B. Commingling of funds C. Using blind ads D. Practicing Law without being a lawyer

Accepting a bonus from a sponsoring broker

John was found guilty of a misdemeanor and as a result, the Department of State revoked his license. What did the Department of State exercise in revoking John's license...? A. Administrative Discipline B. Eminent Domain C. Administrative Enforcement D. Law Enforcement

Administrative Discipline

Which of the following is NOT exempt from having to obtain a real estate salespersons or broker license to practice real estate...? A. Architects B. Real Estate Attorneys C. Court ordered officials D. Government officials pertaining to real estate

Architects

Which of the following professionals works under and/or for a real estate broker...? A. Associate Broker B. Real Estate Attorney C. Mortgage Broker D. Mortgage Banker

Associate Broker

An ad that remains anonymous as to who is advertising is known as a...? A. Blind Ad B. Craigslist Ad C. Multiple Listing D. Sponsor

Blind Ad

To mingle or mix funds is known as what...? A. Commingling B. Escrow C. Sponsoring D. Blending

Commingling

A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition is known as what...? A. Escrow B. Disclosure C. Contract D. Lease

Escrow

Conditions under which a property condition disclosure statement is not required is known as a/an...? A. Exemption B. Full Disclosure C. Exception D. Listing

Exemption

Which of the following would prevent an individual from obtaining their real estate salesperson license...? A. Having a felony conviction B. Not having enough experience in the field of real estate C. Not having a college diploma D. Not being able to read efficiently

Having a felony conviction

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...? A. He must be at least 20 years of age B. He must have a college diploma C. He must have a Masters degree in Real Estate Finance D. He must have at least 5 years of experience in the field of real estate

He must be at least 20 years of age

Which of the following actions may lead to a salesperson losing their license...? A. Making a material misstatement in their license application B. Not earning a commission in their first year as a salesperson C. Operating as a dual agent D. Accepting a bonus from their sponsoring broker

Making a material misstatement in their license application

A crime punishable by up to a year in prison and/or a $1,000 fine is known as what...? A. Misdemeanor B. Felony C. Violation D. Proceeding

Misdemeanor

Under the ..................... arrangement, the listing broker and the selling broker split the commission for each sale? A. Multiple Listing Service B. Net Listing C. Listing Agreement D. Listing Service

Multiple Listing Service

Which of the following is a requirement for obtaining a real estate broker's license...? A. Must be at least 20 years of age B. Must have a college diploma C. Must have a Masters degree in Real Estate D. Must be able to read efficiently

Must be at least 20 years of age

A price below which an owner will not sell the property, and at which price a broker will not receive a commission is referred to as what...? A. Net Listing B. Net Price C. Below Market Value D. Distressed Price

Net Listing

A practitioner who has the knowledge and expertise necessary to estimate the value of a property is known as a...? A. Real Estate Appraiser B. Real Estate Broker C. Real Estate Salesperson D. Sponsor

Real Estate Appraiser

Which professional is exempt from obtaining a real estate salespersons or brokers license to practice real estate...? A. Real Estate Attorney B. Architect C. Engineer D. Home Inspector

Real Estate Attorney

This individual works for, or is sponsored by, a real estate broker...? A. Real Estate Salesperson B. Real Estate Appraiser C. Home Inspector D. Real Estate Attorney

Real Estate Salesperson

Which of the following individuals works under a real estate broker...? A. Real Estate Salesperson B. Real Estate Attorney C. A homeowner looking to sell their property D. Mortgage broker

Real Estate Salesperson

The act of recalling a power of authority is known as what...? A. Revocation B. Enforcement C. Eminent Domain D. Discipline

Revocation

A licensed real estate broker that holds the license of a salesperson is known as what...? A. Sponsor B. Associate Broker C. Employer D. Manager

Sponsor

The right of the Department of State to deactivate a broker's or salesperson's license for wrongdoing is known as what...? A. Suspension B. Misdemeanor C. Revocation D. Withdraw

Suspension

When is a real estate salesperson required to give notice to the Department of State....? A. When a salesperson becomes a broker B. When a salesperson completes a transaction C. When an individual no longer works full time as a salesperson D. When a salesperson earns a commission

When a salesperson becomes a broker

When is a real estate salesperson required to give notice to the Department of State....? A. When a salesperson changes his or her name B. When a salesperson completes a transaction C. When an individual no longer works full time as a salesperson D. When a salesperson earns a commission

When a salesperson changes his or her name

When is a real estate salesperson required to give notice to the Department of State....? A. When a salesperson changes sponsors B. When a salesperson completes a transaction C. When an individual no longer works full time as a salesperson D. When a salesperson earns a commission

When a salesperson changes sponsors