real estate CHAPTER 1

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

A

According to Article 12-A of the NYS Real Property Law, which of the following is a general requirement for obtaining a real estate salespersons license...? A. Must have at least a work permit B. Must have a college diploma C. Must have at least 2 years of experience in the field of real estate D. Must be able to read efficiently

A

According to the Department of State, blind ads are considered what...? A. Illegal B. Good for Business C. Ethical D. Beneficial

A

An act, deed or conditions contrary to law or permissible use of real property is known as a _____ a. Violation b. Misdemeanor c. Kickback d. Commingling e. Blind Ad

A

An examination of a property's condition, usually performed in connection with the property's sale is known as a/an...? A. Home Inspection B. Environmental Report C. Appraisal D. Architectural Review

A

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

A

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

A

The discontinuance of an agent's relationship with his/her sponsoring broker is known as what...? A. Termination B. Suspension C. Rescind D. Revocation

A

The post-license education required by salespersons and brokers is known as what...? A. Continuing Education B. Graduate School C. Adult Education D. Real Estate School

A

The section of the New York Real Property Law pertaining to real estate salespersons and brokers is known as...? A. Article 12-A B. Article 78 Proceeding C. Section 233 D. Multiple Listing Service

A

Which of the following actions by a salesperson may lead to the loss of his/her license...? A. Practicing law without being a lawyer 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

A

Which of the following are NOT assessed by a home inspector... ? A. Air Rights B. Electrical Work C. Insect Damage D. Foundations

A

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

A

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

A

A crime punishable by up to a year in prison and/or a $1,000 fine is known as a_____. a. Violation b. Misdemeanor c. Kickback d. Commingling e. Blind Ad

B

An act, deed or conditions contrary to law or permissible use of real property is known as a...? A. Misdemeanor B. Violation C. Felony D. Exemption

B

An employment contract between principal and agent, authorizing the agent to perform services for the principal involving the latter's property is known as a...? A. Net Listing B. Listing Agreement C. Sponsor D. Broker Agreement

B

Chris is a real estate broker involved in a residential transaction. When Chris illegally places his client's funds into his personal account, what is he engaged in...? A. Blending of Funds B. Commingling of Funds C. Combining of Funds D. Escrow

B

David, a real estate salesperson, was subject to a fine by the Department of State for a material misrepresentation on his license application. David challenged the State's fine through this proceeding...? A. Article 12-A Proceeding B. Article 78 Proceeding C. Article 10 Proceeding D. Article 1 Proceeding

B

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

B

Which of the following is a requirement for obtaining a real estate salespersons license...? A. Must have a college diploma B. Must be at least 18 years of age C. Must have at least 2 years of experience in the field of real estate D. Must be able to read efficiently

B

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

B

A licensed individual that charges a fee to serve as the mediator between the buyer and seller is known as a...? A. Real Estate Appraiser B. Real Estate Salesperson C. Real Estate Broker D. Home Inspector

C

A service provided by a group of real estate brokers that allows each of them to list each other's houses is known as what...? A. Listing Platform B. Craigslist C. Multiple Listing Service D. Listing Service

C

An individual who is licensed to negotiate and arrange real estate sales is known as a...? A. Real Estate Appraiser B. Home Inspector C. Real Estate Salesperson D. Mortgage Broker

C

David recently graduated from High School and wants to get his real estate license. Which of the following is a requirement for all real estate salesperson licensees...? A. Must have a Masters in Real Estate Finance B. Must have a college diploma C. Must be at least 18 years of age D. Must have at least 2 years of experience in the field of real estate

C

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. Eminent Domain B. Administrative Enforcement C. Administrative Discipline D. Law Enforcement

C

Mark is a newly licensed real estate salesperson who wants to start selling real estate. What must Mark do first in order to begin selling real estate...? A. He must notify the State that he will begin selling real estate B. He must subscribe to the MLS C. He must get sponsored by a licensed real estate broker D. He must find an individual looking to buy real estate

C

Payment by a broker of any part of compensation to a real estate transaction to anyone who is not licensed or who is not exempt from the license law is known as a _______ a. Violation b. Misdemeanor c. Kickback d. Commingling e. Blind Ad

C

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

C

What discipline may be taken if a salesperson takes a property listing of a broker, after leaving that broker...? A. The salesperson may be fined by the broker B. The salesperson may have to share his/her commission with the original broker C. The salesperson may lose his/her license D. No discipline will be taken

C

What is often the first step in the process of a salesperson losing his/her license.. ? A. A lien is filed against the agent B. A fine is issued by an individual C. A complaint is filed with the Department of State D. A court hearing is ruled against the agent

C

Which document is used to disclose that an agent is acting as a dual agent in a transaction...? A. Termination of Association Notice B. Listing Agreement C. NYS Disclosure Form for Buyer and Seller D. Article 12-A

C

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

C

A licensed real estate broker who by choice elects to work under the name and supervision of another real estate broker is known as a/an...? A. Listing Agent B. Real Estate Agent C. Real Estate Broker D. Associate Real Estate Broker

D

A written document that terminates the relationship between an agent and his/her sponsoring broker is known as what...? A. Change of Sponsor Notice B. Rescission Notice C. Resignation Letter D. Termination of Association Notice

D

Abby is a high school teacher but wants to get her salesperson's license in order to rent real estate during the summer months. Which of the following requirements must Abby satisfy in order to obtain her license...? A. She must be able to read efficiently B. She must have at least 2 years of experience in the field of real estate C. She must have a college diploma D. She must be proficient in the English language

D

How many hours of course study must an individual take in order to sit for the New York State real estate salespersons exam...? A. 22.5 B. 40 C. 120 D. 75

D

The process by which a salesperson's license changes sponsorship is known as what...? A. Termination B. Kickback C. Change of Broker D. Change of Association

D

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

D

To mingle or mix, for example, a client's funds in the broker's personal or general account is known as _____ a. Violation b. Misdemeanor c. Kickback d. Commingling e. Blind Ad

D

Which of the following are you NOT entitled to without a real estate license...? A. The property owner's name B. Access to a property C. A copy of a survey D. A commission

D

Which of the following individuals are exempt from having to obtain a real estate salespersons or broker's license to practice real estate...? A. Architects B. Real Estate Appraisers C. Engineers D. Court ordered Officials

D

Which of the following is NOT included on a real estate salesperson's pocket card...? A. Name B. Photo C. Business Address D. Personal Address

D

Which of the following must an applicant bring with them when taking the New York State real estate salespersons exam...? A. A letter of employment from a broker B. A copy of their high school diploma C. A check written out to the NYS Department of State D. A copy of their "Summary of Your Submission"

D

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

D

An ad that remains anonymous as to who is advertising is known as a________ a. Violation b. Misdemeanor c. Kickback d. Commingling e. Blind Ad

E