Real Estate - Chapter 1

How many members are on the Board of Real Estate? 13 9 12 15

15

In order to become a licensed broker in New York, a candidate must be at least____years of age. 18 21 20 16

20

How many members does the Governor appoint to the Board of Real Estate? 5 brokers and no public members 4 brokers and 3 public members 3 brokers and 4 public members 1 broker and 1 public member

3 brokers and 4 public members

How many points are given for hotel sales experience? 400 300 250 125

400

How many members of the NYS Board of Real Estate must be real estate brokers? 5 7 All None

5

In New York the real estate examinee must correctly answer at least ______ percent of the questions to pass the exam. 70 75 80 90

70

The Salesperson Exam is a written exam in a multiple-choice format and contains ______ questions. 100 50 75 90

75

Those who are exempt from needing a license include all of the following except? An owner selling his or her own property. A landlord renting his or her own property. A person selling property for a friend or associate if the fee charged is under $1000. An attorney performing his or her duties as an attorney.

A person selling property for a friend or associate if the fee charged is under $1000.

A real estate transaction can be described as having four stages, including all of the following except? Settling the transaction. Administering and enforcing the provisions of Article 78-A. Listing the property. Negotiating the purchase contract.

Administering and enforcing the provisions of Article 78-A.

Which of the following statements is false? A real estate broker means any person, firm, limited liability company or corporation who performs real estate activities for a fee, commission or other consideration. An associate broker may not maintain a separate real estate broker's license. A broker is responsible for managing and supervising all affiliated licensees. An associate broker has a responsibility to be fair and competent when dealing with the public.

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

Which of the following real estate licenses has a fee of $155? Salesperson Broker and Associate Broker Foreign Branch Office

Broker and Associate Broker

The final step of the real estate transaction is Accepting the offer. Paying the purchase price. Closing. Clearing the title.

Closing

A real estate salesperson works on behalf of a licensed real estate broker to perform any of the following duties associated with real estate transactions except? List property Sell property Lease property Collect commissions

Collect commissions

Real estate licensees should have a good knowledge of the loan programs that are currently available from local banks and other lenders so they can perform this stage of the real estate transaction? Settling the transaction. Negotiating the purchase contract. Helping the purchaser with the financing process. Listing the property.

Helping the purchaser with the financing process.

Which penalty is not imposed by the DOS on a real estate broker for engaging in fraud? License revocation Fine Imprisonment Reprimand

Imprisonment

Which NY law allows the DOS to revoke, suspend, fine, or reprimand a real estate broker? NY Real Property Law, Article 13 NY Real Property Law, Section 442-a NY Real Property Law, Section 441-c NY Real Property Law, Article 15-A

NY Real Property Law, Section 441-c

Who is authorized to prescribe the content of real estate courses? NYS Board of Real Estate members The NYS Governor The Department of State The Secretary of State

NYS Board of Real Estate members

Which of the following is NOT one of the real estate broker license types? Salesperson Trade name broker Partnership broker Corporate broker

Salesperson

Which of the following licensees can only receive commission payments from his or her sponsoring broker? Broker Salesperson Affiliate Broker Apprentice

Salesperson

Which of the following real estate licenses has a fee of $55? Salesperson Associate Broker Broker Branch Office

Salesperson

Which of the following does NOT appoint members to the Board? Governor Secretary of State Senate Minority Leader Speaker of the Assembly

Secretary of State

The final step of the real estate transaction when the buyer gets the deed to the property, the seller gets the proceeds from the sale, and the broker gets his or her commission is called? Settling the transaction. Negotiating the purchase contract. Financing the purchase. Listing the property.

Settling the transaction.

Who has the duty to administer all licensing provisions of Article 12-A? NYS Board of Real Estate members The NYS Governor The Department of State The Secretary of State

The Secretary of State

How will an examinee know what percent of the exam questions he or she answered correctly? The percentage score will be mailed to the examinee within 15 days of the exam. The percentage score will available online only for those examinees who fail the exam. The percentage score is not given to the examinee. The percentage score will be mailed to the examinee for a $25 fee.

The percentage score is not given to the examinee.

Which of the following is NOT a mission of the Division of Licensing? To protect the health, safety and welfare of consumers. To provide accurate information and qualified licensees to the business community. To provide a vehicle for hearings for license law violations. To provide efficient processing and examination services to license applicants.

To provide a vehicle for hearings for license law violations.

A__________________ broker conducts business as a sole proprietorship, doing business under a name other than his or her personal name. Limited Liability Company Foreign Trade Name Listing

Trade Name

What are the experience requirements for a broker candidate? One full year of experience as a licensed salesperson OR two years of equivalent experience in some other aspect of real estate Two full years of experience as a licensed salesperson AND three years of equivalent experience in some other aspect of real estate One full year of experience as a licensed salesperson AND two years of equivalent experience in some other aspect of real estate Two full years of experience as a licensed salesperson OR three years of equivalent experience in some other aspect of real estate

Two full years of experience as a licensed salesperson OR three years of equivalent experience in some other aspect of real estate

When does the broker receive his or her commission for listing and selling a property? When the listing agreement is signed. When an offer to purchase is received. When the seller and buyer agree on the final purchase price. When the transaction is settled.

When the transaction is settled.