Real estate chapter 2 review

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. 5 10 15 20

15

When did New York begin to require home inspectors to be licensed 2005 2006 2007 Inspectors are not required to be licensed.

2005

To renew his or her license, a licensee must complete ___ hours of continuing education during the two-year period preceding the renewal date.

22.5

Every licensed broker must keep and maintain a file of agency disclosures, listings, offers, closing statements and other transaction-related documents for a period of _________ years. 3 4 5 6

3

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 5 7 10

3

Can a licensee hold more than one license? Explain.

A broker may hold two broker's licenses. A licensed broker may also become an associate broker with another firm. A salesperson or an associate broker can work under the association and supervision of more than one broker, as long as each sponsoring broker acknowledges it to the DOS and the person pays for two licenses.

Dual Licensure

A broker may hold two broker's licenses. A licensed broker may also become an associate broker with another firm. A salesperson or associate broker can work under the supervision of more than one broker.

Home Inspector

A person hired to inspect a property to determine the condition of the improvements and then provide a written report of the findings

Mortgage Broker

A person or an entity registered to solicit, process, place, or negotiate residential mortgage loans

Apartment-Sharing Agent

A person who arranges meetings between potential roommates and property owners who want to share their apartments and homes with others.

Appraiser

A person who determines the value of a piece of property.

Apartment Information Vendor

A person who is at least 18 years old who furnishes information about the location and availability of residential rental property, including apartments, and collects a fee for providing that information

Which of the following statements is TRUE? An associate broker who wants additional licenses must submit a statement to the Department from each sponsoring broker acknowledging each licensure. A broker may hold only one broker license. A licensed broker may also hold a salesperson license with another firm. A licensed broker may be an associate broker with only one firm.

An associate broker who wants additional licenses must submit a statement to the Department from each sponsoring broker acknowledging each licensure.

Mortgage Banker

An individual or an entity licensed to make residential mortgage loans

Several other professions deal with real estate but require other types of licenses that are not broker or salesperson licenses.

Apartment Vendor Apartment-Sharing Agent Appraiser Mortgage Banker Mortgage Broker Home Inspector

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

What kind of bank account must a broker maintain for client funds?

Because a real estate broker must not commingle money or other property belonging to others with his own funds, the broker must maintain a separate, federally-insured trust or escrow account exclusively for the deposit of client monies, and the broker must make the deposits as soon as possible.

Which would be a service charged by the NYS Commission? Change from individual to a corporate license Access to one's real estate account online Joining the local association of REALTORS Resolving a commission dispute

Change from individual to a corporate license

Record Maintenance

Every licensed broker must keep and maintain a file of agency disclosures, listings, offers, closing statements and other transaction-related documents for a period of three years.

Brokerage Regulations

Every licensed real estate broker must maintain a definite place of business within New York State. The broker must post a sign conspicuously on the outside of the office building. Broker must apply for and secure an additional license for each of the branch offices.

How often must a licensee renew his or her license? Every year Every two years Every three years Every four years

Every two years

Define a net listing and give an example.

For example, a seller tells a broker that he or she needs to "net" $100,000 from the sale, and if the property sells for $135,000, the broker gets to keep $35,000 as the commission.A net listing is a contract in which the broker receives as commission all monies over and above a minimum sales price agreed upon by the broker and the seller.

Define reciprocity.

If a nonresident broker or salesperson lives in a state that does not require New York licensees to take their exam or maintain an office in that state, then the nonresident can get a New York license without having to do either of those things.

How often must a licensee renew his or her license, and what happens if the license is not renewed within the specified time frame?

Licensees must renew their licenses every two (2) years. The Department will require any applicant who does not apply for license renewal within the two-year period to qualify by retaking and passing the written examination

Which of the following is required of an apartment-sharing vendor? Pay a $250 licensure fee Hold a 2-year license Maintain a trust account of $2,500 Maintain a trust account with deposits of $1,500 for each branch office

Maintain a trust account of $2,500

Under what conditions may a broker allow an associate broker to operate a branch office? If the associate broker is licensed as an affiliate broker Only under the broker's direct supervision Only if the associate broker is hired specifically for branch office management After the associate broker has been licensed for 5 years.

Only under the broker's direct supervision

Which of the following is required of an apartment information vendor? Pay a $400 licensure fee Maintain a $5,000 non-interest-bearing escrow account Maintain an escrow account with deposits of $5,000 for each branch office Hold a 2-year license

Pay a $400 licensure fee

Explain what happens when a licensee receives his or her license and pocket card.

The broker keeps the license in a safe place. The licensee must carry the pocket card with him or her and show it on demand.

What information must a broker include in an advertisement?

The broker must indicate that the advertiser is a broker or give the broker's name and telephone number.

To avoid consumer confusion a business card must include all of the following information except? The brokers social security number. Name and address of the brokerage or the branch office. Type of license held. The firm's business telephone number.

The brokers social security number.

Is anyone exempt from the continuing education requirement?

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 15 consecutive years prior to July 2008. However, any broker who had less than 15 years of real estate business experience as of July 2008 will be required to complete the 22.5 hours of continuing education prior to his or her 2010 renewal and every renewal period thereafter.

Which of the following is NOT a requirement regarding real estate business signs? The sign must be readable from the sidewalk. The sign must indicate the business is that of a licensed real estate broker. The sign must include the business telephone number. The sign must be posted conspicuously on the outside of the building.

The sign must include the business telephone number.

What happens when a salesperson or associate broker wants to leave his or her current employing broker?

The sponsoring broker must file a termination of association notice. The salesperson or associate broker then files a change of association notice, pays a $20 filing fee and starts working for the new sponsoring broker.

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? A great source of additional income to Jayson by simply networking. May be a source of income and is legal in NY if the payments are under $500. This type of kickback arrangement is prohibited by the Real Estate Settlement Procedures Act. This type of rebate or fee arrangement is prohibited by the NY Board of Real Estate.

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

Can a broker receive compensation from more than one party in a transaction?

Yes, but only with the full knowledge and consent of all parties.

Is every licensed broker required to maintain a definite place of business in New York?

Yes, except for nonresident brokers who are licensed and maintain a definite place of business in another state.

A licensed _______________ must display his or her license conspicuously in the principal place of business at all times. salesperson broker affiliate broker associate broker

broker

A net listing is a contract in which the broker receives as commission all monies over and above a minimum sales price agreed upon by the broker and the seller. This type of listing is____________in New York. illegal frowned-upon mandatory implied

illegal

kickback

is a fee or rebate that is paid to an agent or another participant in a transaction as an incentive to refer customers to a particular vendor.

The Licensing Division may issue a license to a corporation to conduct business as a real estate brokerage only if the applicant Is a manager in the corporation. Pays additional fees required for a corporate license. Is an employee of the corporation. is an officer of the corporation prior to licensing.

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. branch certificate performance bond license sponsoring branch license

license

Net Listings

net listing is a contract in which the broker receives as commission all monies over and above a minimum sales price agreed upon by the broker and the seller. net listings are illegal in NY