COLIBRI SCHOOL EXAM NJ COMPLETE
COURSE REVIEW GUIDE
◉ Why should real estate licensees have good knowledge of the loan
programs that are currently available from local banks and other
lenders?
Answer: Financing is a critical part of the transaction. Licensees
need to stay current on lenders' guidelines so they can qualify both
the buyers and the property.
◉ What is the mission of the Division of Licensing Services?
Answer: To protect the health, safety and welfare of consumers.
To provide efficient processing and examination services to license
applicants.
To provide accurate information and qualified licensees to the
business community. The Division of Licensing issues licenses and
enforces the real estate law.
◉ What are the duties of the Secretary of State?
Answer: All licensing, examination, education, and compliance
provisions of Article 12-A.
The rules of the Board.
The rules of the Secretary of State
,◉ How is an associate broker different from a broker?
Answer: An associate broker must meet the same qualifications as a
licensed broker; however, an associate broker chooses to work
under the name and supervision of a licensed real estate broker.
◉ How do licensees collect their commissions?
Answer: A broker can collect commissions from the clients.
However, the licensees working for the broker can only receive
commission payments from their sponsoring broker.
◉ How old must a person be who wishes to become licensed in New
York?
Answer: Salespersons must be 18 years old; brokers must be 20
years old.
◉ How many hours of instruction are required to become licensed in
New York?
Answer: Salespersons are required to complete 77 hours of
instruction; brokers must complete 152 hours.
◉ How are exam scores reported, and what percentage is needed to
pass the exam?
Answer: ASAP after the exam as either pass or fail; 70%
,◉ Besides individual and associate broker, name 2 classes of broker
licenses available.
Answer: Trade name broker, corporate broker, partnership broker
◉ What are the experience requirements to become a broker?
Answer: Two full years of experience as a licensed salesperson and
3,500 points.
Three years of equivalent experience in some other aspect of real
estate and 5,250 points, subject to approval by the Department of
State.
◉ Which penalty is not imposed by the DOS on a real estate broker
for engaging in fraud?
License revocation
Fine
Imprisonment
Reprimand
Answer: Imprisonment
◉ An___________ real estate broker is a licensed real estate broker
who chooses to work under the name and supervision of a licensed
real estate broker.
Answer: Associate
, ◉ Associate brokers may receive commission payments from
Seller
Buyer
Cooperating broker
Sponsoring broker
Answer: Sponsoring broker
◉ Passed exam results are only valid for a period of ____ years.
Answer: 2
◉ For what are members of the Board compensated?
Their time
Their expertise
Contractual terms
Expense reimbursements
Answer: Expense reimbursements
◉ How much is the fee charged by the DOS for an associate broker
license?
$50
$185
COURSE REVIEW GUIDE
◉ Why should real estate licensees have good knowledge of the loan
programs that are currently available from local banks and other
lenders?
Answer: Financing is a critical part of the transaction. Licensees
need to stay current on lenders' guidelines so they can qualify both
the buyers and the property.
◉ What is the mission of the Division of Licensing Services?
Answer: To protect the health, safety and welfare of consumers.
To provide efficient processing and examination services to license
applicants.
To provide accurate information and qualified licensees to the
business community. The Division of Licensing issues licenses and
enforces the real estate law.
◉ What are the duties of the Secretary of State?
Answer: All licensing, examination, education, and compliance
provisions of Article 12-A.
The rules of the Board.
The rules of the Secretary of State
,◉ How is an associate broker different from a broker?
Answer: An associate broker must meet the same qualifications as a
licensed broker; however, an associate broker chooses to work
under the name and supervision of a licensed real estate broker.
◉ How do licensees collect their commissions?
Answer: A broker can collect commissions from the clients.
However, the licensees working for the broker can only receive
commission payments from their sponsoring broker.
◉ How old must a person be who wishes to become licensed in New
York?
Answer: Salespersons must be 18 years old; brokers must be 20
years old.
◉ How many hours of instruction are required to become licensed in
New York?
Answer: Salespersons are required to complete 77 hours of
instruction; brokers must complete 152 hours.
◉ How are exam scores reported, and what percentage is needed to
pass the exam?
Answer: ASAP after the exam as either pass or fail; 70%
,◉ Besides individual and associate broker, name 2 classes of broker
licenses available.
Answer: Trade name broker, corporate broker, partnership broker
◉ What are the experience requirements to become a broker?
Answer: Two full years of experience as a licensed salesperson and
3,500 points.
Three years of equivalent experience in some other aspect of real
estate and 5,250 points, subject to approval by the Department of
State.
◉ Which penalty is not imposed by the DOS on a real estate broker
for engaging in fraud?
License revocation
Fine
Imprisonment
Reprimand
Answer: Imprisonment
◉ An___________ real estate broker is a licensed real estate broker
who chooses to work under the name and supervision of a licensed
real estate broker.
Answer: Associate
, ◉ Associate brokers may receive commission payments from
Seller
Buyer
Cooperating broker
Sponsoring broker
Answer: Sponsoring broker
◉ Passed exam results are only valid for a period of ____ years.
Answer: 2
◉ For what are members of the Board compensated?
Their time
Their expertise
Contractual terms
Expense reimbursements
Answer: Expense reimbursements
◉ How much is the fee charged by the DOS for an associate broker
license?
$50
$185
