Chapter 1 Quiz

Misdemeanor

A crime punishable by up to a year in prison and/or a $1,000 fine is known as a

Sponsor

A licensed real estate broker that holds the license of a salesperson is known as a

She must be proficient in the English language

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...?

Collect rent 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...?

Violation

An act, deed or conditions contrary to law or permissible use of real property is known as a

Article 78 Proceeding

An appeal brought forth because of a ruling by a government agency is known as...?

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

Commingling

To mingle or mix funds is known as what...?

Commingling

To mingle or mix, for example, a client's funds in the broker's personal or general account is known as

Air Rights

Which of the following are NOT assessed by a home inspector...?

personal address

Which of the following is NOT included on a real estate salesperson's pocket card...?

kickback

1. A payment by a broker to anyone who is not licensed or who is not exempt from the license law is known as a...?

Buying real estate as an investment

1. According to Article 12-A of the NYS Real Property Law, which of the following actions does NOT require that an individual have a real estate license...?

Apartment Information Vendor

1. 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...?

Article 78 Proceeding

1. 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...?

3 hours

1. How many hours of Fair Housing training must a real estate salesperson complete every two years...?

22.5 hours

1. How many hours of mandatory continuing education must a licensed real estate salesperson complete every two years...?

Administrative Discipline

1. 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...?

Administrative Discipline

1. The Department of State's ability to enforce license laws through reprimand and denial as well as the suspension and revocation of licenses is known as...?

The salesperson may lose his/her license

1. What discipline may be taken if a salesperson takes a property listing of a broker, after leaving that broker...?

to protect the public

1. What is the primary purpose of Article 12-A of the NYS Real Property Law...?

When a salesperson changes his or her name

1. When is a real estate salesperson required to give notice to the Department of State....?

Commingling of funds

1. Which illegal act may lead to a real estate salesperson losing his/her license...?

Researching properties on behalf of another

1. Which of the following actions does NOT require a real estate license, according to Article 12-A of the NYS Real Property Law...?

A commission

1. Which of the following are you NOT entitled to without a real estate license...?

Not earning

1Which of the following may NOT lead to a salesperson losing his/her license...?

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

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

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

He must get sponsored by a licensed real estate broker

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...?

Multiple Listing Service

Under the ..................... arrangement, the listing broker and the selling broker split the commission for each sale?

Making a material misstatement in their license application

Which of the following actions may lead to a salesperson losing their license...?

Accepting a bonus from a sponsoring broker

Which of the following actions will NOT lead the suspension or revocation of a real estate license...?

Operating as a dual agent

Which of the following may NOT lead to a salesperson losing his/her 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...?

5 days

Within how many business days does the Department of State requires a salesperson to report any changes in name, status, or brokerage firm...?