NYS Real Estate Brokers License

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A mortgage banker licensee must have a net worth of at least

$250,000

If a license is revoked, the licensee may not reapply for licensing for a period of

1 year

If his or her license has been revoked, how long must the licensee wait to be eligible for re-licensing?

1 year

How old must a candidate for a broker's license be?

20

Administrative discipline includes:

A fine up to $1,000 payable to the Department of State

In applying for the broker's license, the applicant must submit

A listing of points allocated to the transactions the applicant has participated in

What is a hearing appeal to the NY Supreme Court called?

Article 78 proceeding

A sales manager/branch manager is responsible for

Conducting sales meetings

A licensee must return a revoked or suspended license and pocket card to the Department within ___ of receiving notice.

Five days

Broker Bob did all of the following things. Which one is a violation of regulations?

Induced a party to break a listing agreement and sign with another broker

An unlicensed assistant may

Submit a change of a property listed on a MLS

Which of the following was an outcome of the 1950 United States v. National Real Estate Boards antitrust case?

The Sherman Act applies to intrastate activities.

Who holds the licenses of salespeople and associate brokers?

The sponsoring broker

An item that usually should NOT be included in a Policies and Procedures manual is

a list of completed transactions for the previous year.

The IRS safe harbor test to determine independent contractor status includes the requirement that

a written contract states that the individual is not an employee.

One disadvantage of a corporate business entity is

corporations have to file a lot of paperwork.

A sales manager/branch manager is responsible for

maintaining communication between licensees and brokers

An unlicensed assistant may perform any of the following activities EXCEPT

make cold calls to find business for a licensee.

What is the line of credit that a mortgage banking company must have to do business in New York?

$1 Million

Mary lists a home for $220,000. An agent in another firm sells it for $200,000. The commission on the sale is 6%. Mary's broker splits 50-50 with other brokers. Mary's broker takes 25% of all commissions generated by his firm. What is Mary's commission split?

$4,500

The broker and licensee must have drawn up their written independent contractor agreement within the past __________.

15 months

How many hours of continuing education are required for license renewal?

22.5

For how long must a broker maintain records of all his or her sales transactions

3 years

DOS requires that brokers must keep transaction records for how long?

3 years for the sale or mortgage of one-to-four family dwellings

If a license application is denied, the applicant has ____ from the time of receiving notice to ask for a hearing

30 days

2 - Which of the following statements is TRUE?

A branch office must be supervised by the broker to whom the license is issued

Which of the following statements is true?

A broker is responsible for managing and supervising all affiliated licensees.

Which of the following statements is true?

A real estate broker is defined as any person, firm, limited liability company or corporation who performs real estate activities for a fee, commission or other consideration

Which of these actions would be a license law violation?

Accepting compensation from more than one party in a transaction without the knowledge and written consent of all parties

Which of the following statements is true?

An associate broker has a responsibility to be fair and competent when dealing with the public.

Which of the following statements is FALSE?

An associate broker may not maintain a separate real estate broker's license.

In a corporation, who may be licensed as a real estate broker for the corporation?

Any officer of the corporation

Loyalty, confidentiality, accountability, fairness and care

Are fiduciary duties that an agent owes to his or her principal

Which of the following gives authority to the Department of State to regulate real estate brokers and salespersons?

Article 12-A of New York Real Property Law

Brokers may share compensation with

Attorneys

Which of the following is not a fiduciary duty that an agent owes to his or her principal?

Blind obedience

Brokers may share compensation with

Brokers from another state

John is the listing agent for Susan. Susan went to John, even though he is not familiar with her neighborhood, because they are old friends and she trusted him. Before John agreed to a listing price for Susan's home, he spent a few days researching the local MLS to find the selling price of other properties in Susan's area. This action by John would be an example of which of the traditional common law agency duties

Care

Which of these activities is allowed for a multiple listing service?

Charging a reasonable fee for the service.

Which of these activities could an unlicensed assistant perform?

Collect information for an appraisal

Which of the following was NOT an outcome of the 1950 United States v. National Real Estate Boards antitrust case?

Consent decrees can be used to settle antitrust cases

Mary asks Broker Jim to sell her house for her. Jim shows her house to Broker Sara, who is showing houses to Agnes. What is the role of Agnes in this situation

Customer

How often does the NYS Independent Contractor Law require the written agreement between the contractor and the broker be renewed?

Every 15 months

A "principal-agent" relationship may arise from:

Explicit appointment, implication, the actions of the parties involved

What prevents employers from making hiring and firing decisions based on factors not related to job performance?

Fair employment laws

Which of the following duties best describes what an agent owes customers?

Fairness, care, honesty

Failure to provide proper disclosure, even when done unintentionally, could be considered:

Fraud

Which of the following states has a reciprocal agreement with New York?

Georgia

What license or licenses must a sponsoring broker display?

His or her own license plus any licenses issued for branch offices.

Only a licensee may

Hold an Open House

What is the main dilemma a broker faces in employing independent contractors?

How much supervision to provide without looking like they are controlling the contractor

An agency that is created because the agent's actions can imply their intentions to create such a relationship is a

Implied agency

The form that nonresident brokers must submit allowing them to be sued in NY State is the

Irrevocable consent form

When taking a condominium listing, the broker must provide a written explanation of the difference between exclusive right to sell and exclusive agency listings.

Is False

A broker will be guilty of a misdemeanor if he or she employs a salesperson who is not properly licensed.

Is True

Brokers are prohibited from commingling the funds of others with their own funds.

Is True

Boycott

Is a violation of antitrust laws

Market Allocation

Is a violation of antitrust laws

Price fixing

Is a violation of antitrust laws

The greater the return the greater the risk

Is generally true regarding real estate investments

Which of these actions is a power that belongs to the Department of State?

Issue a reprimand upon a licensee's conviction of a violation.

What level of control does a broker have over a salesperson affiliated as an independent contractor?

Less than the level for an employee

Which of the following was an outcome of the 1950 United States v. National Real Estate Boards antitrust case?

Mandatory fee schedules set by real estate boards violate the Sherman Act.

One broker says to another "I'll take the east side of town and your company can take the west side." What is this an example of?

Market allocation

Which of these states has a reciprocity agreement with New York?

Massachusetts

Which of the following is a start-up cost an independent contractor might be expected to pay to the brokerage?

Monthly desk fee

What kind of license is required for a landlord who rents his or her own property?

None

Brokers may share compensation with

Other NY brokers

A broker who shares a commission with an unlicensed, non-exempt person is guilty of

Paying an illegal kickback

An unlicensed assistant may

Prepare a property flyer

Connecticut, Pennsylvania, Massachusetts, Georgia all have...

Reciprocity agreements with NYS

Which of these is NOT a violation of antitrust laws?

Redlining

What do we call the unreasonable restriction of business activities that results from conspiracy among members of a trade?

Restraint of trade

An unlicensed assistant may

Schedule a showing

Which of the following activities may an individual perform for another, and receive compensation for, WITHOUT holding a valid real estate license?

Selling a business where real estate comprises 25% of the transaction value

Which of the following would not be a condition you would find in an independent contractor agreement?

The broker will withhold taxes from the licensee's commission.

Which of the following was an outcome of the 1950 United States v. National Real Estate Boards antitrust case?

The concept of "restraint of trade" applies to the real estate brokerage business.

Where must a salespersons license be kept?

The license must be kept by the sponsoring broker for whom the salesperson works

If a licensee received a commission for a transaction that violated license law:

The licensee may be held liable for up to four times the amount of the commission

When a licensee's association with a firm is terminated, what happens to the licensee's listings ?

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

What is one consequence for a licensee if an IRS audit determines that the licensee is an employee instead of an independent contractor?

The licensee will not be able to claim any deductions for self-employment

If a licensee is in arrears in child support payments, what may happen?

The licensee's license may be suspended by the Department of State

What is the purpose of an MLS?

To provide accurate and structured data about properties for sale

Applicants for a real estate broker license must have ____ years salesperson experience

Two

For how long is a license valid?

Two years

A broker may not compensate the salesperson or other employee of another broker

Without the knowledge of the employing broker.

In many states a real estate agent may not sue for a commission unless there is a(n) ________ commission agreement

Written

An unlicensed assistant may NOT

assist a client with a purchase contract

One of the duties a principal owes to his or her agent

availability to consult and make timely decisions

A person who is paid for arranging meetings between potential roommates and property owners looking for roommates

must be licensed as an apartment-sharing agent.

One advantage of operating as a corporate entity is

personal assets of owners are not at risk.

A sales manager/branch manager is NOT responsible for

providing clients with legal advice.

One of the major functions of a relocation management company is to

purchase and sell the home of the person being relocated.

Brokers may NOT share compensation with

salespersons affiliated with another broker.

In addition to meeting the license requirements for a broker, the applicant for an associate broker's license must

submit the name of a sponsoring broker.

A sales manager/branch manager is responsible for

supervising advertising.

To avoid liabilities in the recruiting and hiring process, a broker should have a written policy taking into account

the Americans with Disabilities Act.

In the absence of any extenuating circumstances, if a licensee fails to complete the required continuing education hours before the renewal deadline,

the licensee's license is no longer in effect.

An important question for an independent contractor to ask a broker before signing a contract is

which expenses the contractor will be responsible for

One of the factors used to determine the status of a salesperson as employee or independent contractor is

who pays for the worker's tools, supplies and expenses.


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