NYC Real Estate Ch. 1

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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...?


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