NYC Real Estate Ch. 1
Misdemeanor
A crime punishable by up to a year in prison and/or a $1,000 fine is known as a___
Misdemeanor
A crime punishable by up to a year in prison and/or a $1,000 fine is known as what...?
Sponsor
A licensed real estate broker that holds the license of a salesperson is known as a___
Real Estate Appraiser
A practitioner who has the knowledge and expertise necessary to estimate the value of an asset, or the likelihood of an event occurring, and the cost of such an occurrence is known as a___
Blind Ad
An ad that remains anonymous as to who is advertising is known as a___
Commingling of Funds
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...?
Must be at least 18 years of age
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...?
22.5 hours
How many hours of mandatory continuing education must a licensed real estate salesperson complete every two years...?
Must have at least a work permit
James wants to become a real estate salesperson. Which of the following requirements must James satisfy in order to obtain his license...?
Suspension
The right of the Department of State to deactivate a broker's or salesperson's license for wrongdoing is known as what...?
Real Estate Salesperson
This individual works for, or is sponsored by, a real estate broker...?
Commingling
To mingle or mix, for example, a client's funds in the broker's personal or general account is known as___
When a salesperson changes sponsors
When is a real estate salesperson required to give notice to the Department of State....?
Accepting a bonus from a sponsoring broker
Which of the following actions will NOT lead the suspension or revocation of a real estate license...?
Air Rights
Which of the following are NOT assessed by a home inspector...?
Architects
Which of the following is NOT exempt from having to obtain a real estate salespersons or broker license to practice real estate...?
Personal Address
Which of the following is NOT included on a real estate salesperson's pocket card...?
Must be proficient in the English language
Which of the following is a requirement for obtaining a real estate salespersons license...?
Pocket Card
A card issued by the Department of State to each licensee is known as a...?
Associate Real Estate Broker
A licensed real estate broker who shall by choice elect to work under the name and supervision of another individual broker or another broker who is licensed under a partnership, trade name, LLC or corporation is known as a___
Real Estate Salesperson
A person associated with a licensed real estate broker to list for sale, sell or offer for sale, to buy or offer to buy or to negotiate the purchase or sale or exchange of real estate, or to lease or rent or offer to lease, rent or place for rent any real estate of such real estate broker is known as a___
Net Price
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...?
Renting a property on behalf of another
According to Article 12-A of the NYS Real Property Law, which of the following actions requires a real estate license...?
Must have at least a work permit
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...?
Being a convicted sex offender
According to Article 12-A of the NYS Real Property Law, which of the following will prevent an individual from obtaining their real estate salespersons license...?
Violation
An act, deed or conditions contrary to law or permissible use of real property is known as a___
Blind Ad
An ad that remains anonymous as to who is advertising is known as a...?
Apartment Information Vendor
Any person who engages in the business of claiming, demanding, charging, receiving, collecting, or contracting for the collection of, a fee from a customer for furnishing information concerning the location and availability of real property, including apartment housing, which may be leased, rented, shared or sublet as a private dwelling, abode, or place of residence is known as a___
Apartment Sharing Agent
Any person who, for a fee, arranges, conducts, coordinates, handles or causes meetings between a customer and the current owner or occupant of legally occupied real property, including apartment housing, who wishes to share that housing with one or more individuals is known as a/an...?
Exemption
Conditions under which a property condition disclosure statement is not required is known as a/an...?
Article 12-A of the NYS Real Property Law
John wants to verify the license fees required by New York State. Where should John search to find this information...?
Kickback
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___
Multiple Listing Service
Under the ..................... arrangement, the listing broker and the selling broker split the commission for each sale?
A complaint is filed with the Department of State
What is often the first step in the process of a salesperson losing his/her license...?
NYS Disclosure Form for Buyer and Seller
Which document is used to disclose that an agent is acting as a dual agent in a transaction...?
Commingling of funds
Which illegal act may lead to a real estate salesperson losing his/her license...?
Practicing law without being a lawyer
Which of the following actions by a salesperson may lead to the loss of his/her license...?
Making a material misstatement in their license application
Which of the following actions may lead to a salesperson losing their license...?
Real Estate Attorney
Which professional is exempt from obtaining a real estate salespersons or brokers license to practice real estate...?
Both the buyer and the seller
Who is required to sign the Property Condition Disclosure Statement...?