Colibri Real Estate Exam
During which stage of a real estate transaction must the licensee
remember to impart information to the seller regarding the potential
buyer's qualifications and the quality of the offer being presented? correct
answersDuring the negotiation stage
Why should real estate licensees have good knowledge of the loan
programs that are currently available from local banks and other lenders?
correct answersFinancing 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? correct
answersTo 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? correct answersAll
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? correct answersAn
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? correct answersA 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? correct answersSalespersons must be 18 years old; brokers must
be 20 years old.
How many hours of instruction are required to become licensed in New
York? correct answersSalespersons 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? correct answersASAP after the exam as either pass or fail;
70%
Besides individual and associate broker, name 2 classes of broker licenses
available. correct answersTrade name broker, corporate broker,
partnership broker
,What are the experience requirements to become a broker? correct
answersTwo 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
Imprisonme
nt
Reprimand
correct
answersImp
risonment
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. correct answersAssociate
Associate brokers may receive commission
payments from Seller
Buyer
Cooperating broker
Sponsoring broker correct answersSponsoring
broker
Passed exam results are only valid for a period of years. correct
answers2 For what are members of the Board compensated?
Their time
Their
expertise
Contractual
terms
Expense
reimburseme
nts correct
answersExpe
nse
reimburseme
nts
How much is
the fee
charged by
the DOS for
an associate
broker
license?
$50
$185
$15
No fee is
charged
, From the broker or another licensee in the same firm correct answersFrom
his or her sponsoring broker only
How many points are given for 3 years of certain types of real estate
activities? 1,000
3,500
5,250
7,625 correct answers5,250
Which of the following is a requirement for becoming a licensed real
estate broker in NY?
Be at least 21 years old
No misdemeanor convictions
Demonstrate fair knowledge of the English language
Be a US citizen correct answersDemonstrate fair knowledge of the
English language
A real estate transaction has four stages. Which of the following is NOT
one of those stages?
Listing the property
Marketing the
property
Negotiating the
purchase contract
Settling the
transaction correct
answersMarketing
the property
How many members of the NYS Board of Real Estate must be real estate
brokers? 5
7
All
None correct answers5
How many members are on the Board of Real
Estate? 13
9
12
15 correct answers15
In New York the real estate examinee must correctly answer at least
percent of the questions to pass the exam. correct answers70
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
correct
answersColle
During which stage of a real estate transaction must the licensee
remember to impart information to the seller regarding the potential
buyer's qualifications and the quality of the offer being presented? correct
answersDuring the negotiation stage
Why should real estate licensees have good knowledge of the loan
programs that are currently available from local banks and other lenders?
correct answersFinancing 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? correct
answersTo 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? correct answersAll
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? correct answersAn
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? correct answersA 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? correct answersSalespersons must be 18 years old; brokers must
be 20 years old.
How many hours of instruction are required to become licensed in New
York? correct answersSalespersons 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? correct answersASAP after the exam as either pass or fail;
70%
Besides individual and associate broker, name 2 classes of broker licenses
available. correct answersTrade name broker, corporate broker,
partnership broker
,What are the experience requirements to become a broker? correct
answersTwo 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
Imprisonme
nt
Reprimand
correct
answersImp
risonment
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. correct answersAssociate
Associate brokers may receive commission
payments from Seller
Buyer
Cooperating broker
Sponsoring broker correct answersSponsoring
broker
Passed exam results are only valid for a period of years. correct
answers2 For what are members of the Board compensated?
Their time
Their
expertise
Contractual
terms
Expense
reimburseme
nts correct
answersExpe
nse
reimburseme
nts
How much is
the fee
charged by
the DOS for
an associate
broker
license?
$50
$185
$15
No fee is
charged
, From the broker or another licensee in the same firm correct answersFrom
his or her sponsoring broker only
How many points are given for 3 years of certain types of real estate
activities? 1,000
3,500
5,250
7,625 correct answers5,250
Which of the following is a requirement for becoming a licensed real
estate broker in NY?
Be at least 21 years old
No misdemeanor convictions
Demonstrate fair knowledge of the English language
Be a US citizen correct answersDemonstrate fair knowledge of the
English language
A real estate transaction has four stages. Which of the following is NOT
one of those stages?
Listing the property
Marketing the
property
Negotiating the
purchase contract
Settling the
transaction correct
answersMarketing
the property
How many members of the NYS Board of Real Estate must be real estate
brokers? 5
7
All
None correct answers5
How many members are on the Board of Real
Estate? 13
9
12
15 correct answers15
In New York the real estate examinee must correctly answer at least
percent of the questions to pass the exam. correct answers70
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
correct
answersColle
