Colibri Real Estate Exam Questions and Answers Verified 100% Correct

Colibri Real Estate Exam Questions and Answers Verified 100% Correct Who is authorized to prescribe the content of real estate courses? NYS Board of Real Estate members The NYS Governor The Department of State The Secretary of State - ANSWER -NYS Board of Real Estate members Those who are exempt from needing a license include all of the following except? An owner selling his or her own property. A landlord renting his or her own property. A person selling property for a friend or associate if the fee charged is under $1000. An attorney performing his or her duties as an attorney. - ANSWER -A person selling property for a friend or associate if the fee charged is under $1000. A__________________ broker conducts business as a sole proprietorship, doing business under a name other than his or her personal name. Limited Liability Company Foreign Trade Name Listing - ANSWER -Trade Name The final step of the real estate transaction is Accepting the offer. Paying the purchase price. Closing. Clearing the title. - ANSWER -Clearing the title. Which NY law allows the DOS to revoke, suspend, fine, or reprimand a real estate broker? NY Real Property Law, Article 13 NY Real Property Law, Section 442-a NY Real Property Law, Section 441-c NY Real Property Law, Article 15-A - ANSWER -NY Real Property Law, Section 441-c The Broker Exam is a written exam in a multiple-choice format and contains______questions. 200 50 75 100 - ANSWER -100 Who has the duty to administer all licensing provisions of Article 12-A? NYS Board of Real Estate members The NYS Governor The Department of State The Secretary of State - ANSWER -The Secretary of State How many members does the Governor appoint to the Board of Real Estate? 5 brokers and no public members 4 brokers and 3 public members 3 brokers and 4 public members 1 broker and 1 public member - ANSWER -3 brokers and 4 public members Which of the following real estate licenses has a fee of $65? Salesperson Associate Broker Broker Branch Office - ANSWER -Salesperson Which section of New York Real Property Law gives authority to the Department of State to regulate real estate brokers and salespersons? Article 12-A Article 78 Article 12 Article 9-a - ANSWER -Article 12-A New York has established a point system to help determine the experience a Broker candidate needs. A total of_________ points and the equivalent to two years of full-time experience for broker candidates. 2000 2500 3000 3500 - ANSWER -3500 Which of the following licensees can only receive commission payments from his or her sponsoring broker? Broker Salesperson Affiliate Broker Apprentice - ANSWER -Salesperson How will an examinee know what percent of the exam questions he or she ANSWERed correctly? The percentage score will be mailed to the examinee within 15 days of the exam. The percentage score will available online only for those examinees who fail the exam. The percentage score is not given to the examinee. The percentage score will be mailed to the examinee for a $25 fee. - ANSWER The percentage score is not given to the examinee. The final step of the real estate transaction when the buyer gets the deed to the property, the seller gets the proceeds from the sale, and the broker gets his or her commission is called? Settling the transaction. Negotiating the purchase contract. Financing the purchase. Listing the property. - ANSWER -Settling the transaction. How many hours of education is a broker candidate required to complete in addition to those required for a salesperson's license? 75 hours 55 hours 100 hours 120 hours - ANSWER -75 hours Which of the following is NOT one of the real estate broker license types? Salesperson Trade name broker Partnership broker Corporate broker - ANSWER -Salesperson