chapter 2 quiz Real Estate

Which of the following is NOT required of a home inspector? Licensure Passing the appropriate examination Supervised apprenticeship A $2,500 interest-bearing escrow account

A $2,500 interest-bearing escrow account

The continuing education requirement does not apply to any broker who was licensed and engaged full time in the real estate business for at least_____consecutive years prior to July 2008.

15

When did New York begin to require home inspectors to be licensed

2005

Of the 22.5 hours of continuing education, the topic of fair housing and/or discrimination in the sale or rental of real property must be at least how many hours?

3

How many hours of continuing education is the licensee required to complete in fair housing?

3 hours

A broker must keep records of transactions on file for how long?

3 years

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

How would you define the following ad placed by a broker in NY, "Two-family home, $190,000, Call 212-123-4567"?

A blind ad which is illegal in NY.

The NY Department of State requires a broker to maintain what kind of bank account for client funds?

A separate, federally-insured trust or escrow account.

How often must a licensee renew his or her license?

Every two years

If the licensee changes brokers, what must he or she do?

Notify the DOS within 5 days of the change.

Where must the broker place his sign at his place of business?

Outside the building and visible from the sidewalk

What is required of a real property appraiser?

Pay a $300 licensure fee

A nonresident broker or salesperson living in a state that does not require New York licensees to take their exam or maintain an office in their state, does not have to do either of those things to get licensed in New York because of an exception to the license law called?

Reciprocity

Which of the following is NOT required for a broker from Rhode Island to legally practice real estate in New York?

Reciprocity agreement

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?

The exam is not required.

When a licensee terminates his or her association with a firm, which statement is true?

The licensee must turn over any and all listing information he or she obtained during the association.

Which statement is true about pocket cards?

They are a kind of miniature license that licensees must carry and show on demand.

Jayson is a NY licensed salesperson. A local moving company asks Jayson to recommend his moving company to clients looking to relocate. In exchange, the mover will pay Jayson $200 for every client who moves with his company. This type of arrangement is which of the following?

This type of kickback arrangement is prohibited by the Real Estate Settlement Procedures Act.

Why must the broker sign a salesperson's license renewal application?

To confirm the salesperson is sponsored by that broker

Other professions that deal with real estate but require other types of licenses other than a real estate broker or salesperson license include all of the following except? Apartment-Sharing Agent Appraiser Attorney Mortgage Banker

attorney

The Licensing Division may issue a license to a corporation to conduct business as a real estate brokerage only if the applicant

is an officer of the corporation prior to licensing.

A broker maintaining more than one place of business must apply for and secure an additional____________ for each of the branch offices.

license

How many continuing education credit hours does a licensee receive for completing a course in Sales Psychology?

none

Licensees must carry their_________________ with them and show them on demand.

pocket cards

Failure to notify the Department of State of a change of business address is grounds for which of the following?

suspension

No renewal license will be issued to any licensee unless

the licensee has completed 22 ½ hours of continuing education.