Chapter 2: License Law Rules and Regulations
The fee for changing a broker's name or status is ______, except if the change is made on the renewal application.
$155
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.
15
How many hours of continuing education credit will a licensee receive for teaching an approved real estate course?
2 hours for each teaching hour
When did New York begin to require home inspectors to be licensed
2005
How many hours of continuing education are required for license renewal?
22.5
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
If there is a change of broker and/or address, how long does the licensee have to complete and submit the appropriate form to the Department of State?
5 days
Which of the following is NOT required of a home inspector?
A $2,500 interest-bearing escrow account
How would you define the following ad placed by a broker in NY, "Two-family home, $190,000, Call 212-123-4567"?
A blind ad which is illegal in NY.
The NY Department of State requires a broker to maintain what kind of bank account for client funds?
A separate, federally-insured trust or escrow account.
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.
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?
Attorney
Which of the following courses would not be acceptable to meet the continuing education requirement?
Basic Computer Skills
Brokers may share compensation with any of the following licensed persons except?
Certified residential appraisers
Which would be a service charged by the NYS Commission?
Change from individual to a corporate license
How often must a licensee renew his or her license?
Every two years
What is the form called that nonresident brokers must submit that allows them to be sued in NY State?
Irrevocable consent form
How many continuing education credit hours does a licensee receive for completing a course in Sales Psychology?
None
If a licensee completes 25 hours of continuing education in one renewal period, how many hours will be applied to the following renewal period?
None
What score is required to pass the written examination if an individual failed to renew his or her license on time because the individual enlisted in the U.S. armed forces?
None
If the licensee changes brokers, what must he or she do?
Notify the DOS within 5 days of the change.
Who can maintain a branch office?
Only the owner broker to whom the branch office license is issued
Under what conditions may a broker allow an associate broker to operate a branch office?
Only under the broker's direct supervision
Where must the broker place his sign at his place of business?
Outside the building and visible from the sidewalk
Which of the following is required of a real property appraiser?
Pay a $300 licensure fee
Which of the following is required of an apartment information vendor?
Pay a $400 licensure fee
A nonresident broker or salesperson living in a state that does not require New York licensees to take their exam or maintain an office in their state, does not have to do either of those things to get licensed in New York because of an exception to the license law called?
Reciprocity
Which of the following is NOT required for a broker from Rhode Island to legally practice real estate in New York?
Reciprocity agreement
What must a licensee do to renew a license after the 2-year renewal date?
Retake and pass the licensure examination
Who sets the rules for the content of continuing education courses?
Secretary of State
Failure to notify the Department of State of a change of business address is grounds for which of the following?
Suspension
If a broker changes his or her business address,
The broker must pay a $10 change of address filing fee to the DOS for each licensee affiliated with the broker.
If a broker changes his or her business address and does not notify the DOS, what can happen?
The broker's license can be suspended.
To avoid consumer confusion a business card must include all of the following information except?
The brokers social security number.
When a licensee terminates his or her association with a firm, which statement is true?
The licensee must turn over any and all listing information he or she obtained during the association.
Which of the following is NOT a requirement regarding real estate business signs?
The sign must include the business telephone number.
Which statement is true about pocket cards?
They are a kind of miniature license that licensees must carry and show on demand.
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?
This type of kickback arrangement is prohibited by the Real Estate Settlement Procedures Act.
A broker must keep records of transactions on file for how long?
Three years
How can a broker from Connecticut legally practice real estate in New York?
Through reciprocity
Why must the broker sign a salesperson's license renewal application?
To confirm the salesperson is sponsored by that broker
A licensed _______________ must display his or her license conspicuously in the principal place of business at all times.
broker
An officer of a legal entity may only be licensed as
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
The Licensing Division may issue a license to a corporation to conduct business as a real estate brokerage only if the applicant
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.
license
Licensees must carry their_________________ with them and show them on demand.
pocket cards
No renewal license will be issued to any licensee unless
the licensee has completed 22 ½ hours of continuing education.
