Real Estate U Final Exam

Real Estate U Final Exam
k k k k k




ThekDepartmentkofkState'skabilityktokenforceklicenseklawskthroughkreprimandkandkdenialkaskwellkasktheksus
pensionkandkrevocationkofklicenseskiskknownkas...?kcorrectkanswerAdministrativekDiscipline



Tokminglekorkmixkfundskiskknownkaskwhat...?kcorrectkanswerCommingling



Chriskiskakrealkestatekbrokerkinvolvedkinkakresidentialktransaction.kWhenkChriskillegallykplaceskhiskclient'skfu
ndskintokhiskpersonalkaccount,kwhatkiskhekengagedkin...?kcorrectkanswerComminglingkofkFunds



Thekpost-
licensekeducationkrequiredkbyksalespersonskandkbrokerskiskknownkaskwhat...?kcorrectkanswerContinuingkE
ducation



Conditionskunderkwhichkakpropertykconditionkdisclosurekstatementkisknotkrequiredkiskknownkaska/an...?kco
rrectkanswerExemption



WhichkofkthekfollowingkarekNOTkassessedkbykakhomekinspector...?kcorrectkanswerAirkRights



AkcardkissuedkbykthekDepartmentkofkStatektokeachklicenseekiskknownkaska...?kcorrectkanswerPocketkCard



Anykpersonkwho,kforkakfee,karranges,kconducts,kcoordinates,khandleskorkcauseskmeetingskbetweenkakcusto
merkandkthekcurrentkownerkorkoccupantkofklegallykoccupiedkrealkproperty,kincludingkapartmentkhousing,kw
hokwishesktoksharekthatkhousingkwithkonekorkmorekindividualskiskknownkaska/an...?kcorrectkanswerApartm
entkSharingkAgent



Aklicensedkrealkestatekbrokerkthatkholdsktheklicensekofkaksalespersonkiskknownkaskwhat...?kcorrectkanswerS
ponsor



Thekdiscontinuancekofkankagent'skrelationshipkwithkhis/herksponsoringkbrokerkiskknownkaskwhat...?kcorrect
kanswerTermination

,Akwrittenkdocumentkthatkterminateskthekrelationshipkbetweenkankagentkandkhis/herksponsoringkbrokerkisk
knownkaskwhat...?kcorrectkanswerTerminationkofkAssociationkNotice



Ankact,kdeedkorkconditionskcontraryktoklawkorkpermissiblekusekofkrealkpropertykiskknownkaska...?kcorrectkans
werViolation



Thisklawkgovernskthekpracticekofkrealkestateksalespersonskandkbrokers...?kcorrectkanswerArticlek12-
AkofkthekNYSkRealkPropertykLaw



Whokiskakrealkestateksalespersonkrequiredktokworkkunder...?kcorrectkanswerAklicensedkrealkestatekbroker



Whichkofkthekfollowingkindividualskworkskunderkakrealkestatekbroker...?kcorrectkanswerRealkEstatekSalespe
rson



Whichkofkthekfollowingkprofessionalskworkskunderkand/orkforkakrealkestatekbroker...?kcorrectkanswerAssoci
atekBroker



AccordingktokArticlek12-
AkofkthekNYSkRealkPropertykLaw,kwhichkofkthekfollowingkiskakgeneralkrequirementkforkobtainingkakrealkestat
eksalespersonsklicense...?kcorrectkanswerMustkhavekatkleastkakworkkpermit



Jameskwantsktokbecomekakrealkestateksalesperson.kWhichkofkthekfollowingkrequirementskmustkJamesksatisf
ykinkorderktokobtainkhisklicense...?kcorrectkanswerMustkhavekatkleastkakworkkpermit



Markkiskakrealkestateksalespersonkbutkwantsktokobtainkhiskrealkestatekbroker'sklicense.kWhichkofkthekfollowi
ngkrequirementskmustkMarkksatisfykinkorderktokobtainkhiskbroker'sklicense...?kcorrectkanswerHekmustkbekat
kleastk20kyearskofkage




Whatkmustkaklicensedkrealkestateksalespersonkkeepkonkhimkorkherselfkatkallktimeskwhenkpracticingkaskankag
ent...?kcorrectkanswerAkPocketkCard

,WhenkiskakrealkestateksalespersonkrequiredktokgiveknoticektokthekDepartmentkofkState....?kcorrectkanswer
Whenkaksalespersonkchangesksponsors



Aklicensedkrealkestatekbrokerkwhokbykchoicekelectsktokworkkunderktheknamekandksupervisionkofkanotherkre
alkestatekbrokerkiskknownkaska/an...?kcorrectkanswerAssociatekRealkEstatekBroker



Whichkprofessionalkiskexemptkfromkobtainingkakrealkestateksalespersonskorkbrokersklicensektokpracticekreal
kestate...?kcorrectkanswerRealkEstatekAttorney




Whichkofkthekfollowingkindividualskarekexemptkfromkhavingktokobtainkakrealkestateksalespersonskorkbroker'
sklicensektokpracticekrealkestate...?kcorrectkanswerCourtkorderedkofficials



WhichkofkthekfollowingkiskNOTkexemptkfromkhavingktokobtainkakrealkestateksalespersonskorkbrokerklicensekt
okpracticekrealkestate...?kcorrectkanswerArchitects



WhichkofkthekfollowingkarekyoukNOTkentitledktokwithoutkakrealkestateklicense...?kcorrectkanswerAkcommissi
on



Ankadkthatkremainskanonymouskasktokwhokiskadvertisingkiskknownkaska...?kcorrectkanswerBlindkAd



WhichkofkthekfollowingkmaykNOTkleadktokaksalespersonklosingkhis/herklicense...?kcorrectkanswerOperatingk
askakdualkagent



WhichkofkthekfollowingkmaykNOTkleadktokaksalespersonklosingkhis/herklicense...?kcorrectkanswerNotkearnin
gkakcommissionkinktheirkfirstkyearkaskaksalesperson



Whatkiskoftenkthekfirstkstepkinkthekprocesskofkaksalespersonklosingkhis/herklicense...?kcorrectkanswerAkcom
plaintkiskfiledkwithkthekDepartmentkofkState



Akwrittenkexplanation,ktokbeksignedkbykakprospectivekbuyerkorksellerkofkrealkestate,kexplainingktokthekclientk
thekrolekthatkthekbrokerkplayskinkthektransactionkiskdescribedkonkthe...?kcorrectkanswerAgencykDisclosurekF
orm

, Thekreleasekofkrelevantkinformationkaboutkakpropertykthatkmaykinfluencekthekfinalksale,kespeciallykifkitkrepr
esentskdefectskorkproblemskiskknownkas...?kcorrectkanswerDisclosure



Askakspecialkagentkinkaktransaction,kakrealkestateksalespersonkcannotkdokwhichkofkthekfollowingkonkbehalfko
fkthekowner...?kcorrectkanswerNegotiatekthektermskofkthekcontract



Inkadditionktokthekprincipal,kthekagentkalsokoweskfiduciarykdutiesktokwhichkofkthekfollowing...?kcorrectkans
werThekCustomer



Whichkofkthekfollowingkmaykbekconsideredkak3rdkpartyktokaktransaction...?kcorrectkanswerCustomer



Ifkakprincipalkorkagentkprovideskakcustomerkwithkakmaterialkfact,kwhichkofkthekfollowingkmustkapply...?kcorr
ectkanswerThekfactkmustkbektruekandkaccurate



Althoughkankagentkorkprincipalkisknotkobligatedktokdisclosekallkinformationkinkaktransaction,kitkiskrecommen
dedkthatkwhatkinformationkbekrevealed,kinkorderktokhelpkthekcustomerkmakekankinformedkdecision...?kcorr
ectkanswerMaterialkinformation



Whosekjobkiskitktokactkaskakmiddlemankinkaktransaction...?kcorrectkanswerBroker



Thekbroker,kaskakfranchiseekofkaknationalkbrokerage,kiskconsideredkwhatktoktheknationalkbrokerage...?kcorr
ectkanswerSub-agent



Inkaktypicalkagencykstructure,kakrealkestateksalespersonkiskaksub-agentktokwhom...?kcorrectkanswerBroker



Philipkiskakrealkestateksalespersonkwhokrepresentskaksellerkinkaktransaction.kHowever,kPhilipkviolatedksevera
lkofkhiskfiduciarykdutiesktokthekclient.kAccordingktokthekconceptkofkvicariouskliability,kwhokcankbekheldkliablek
forkPhilip'skactions...?kcorrectkanswerThekbroker



AccordingktokSectionk442-
CkofkthekNYSkRealkPropertykLaw,kwhokmaykbekheldkliablekforkaksalesperson'skactions...?kcorrectkanswerThek
broker