BROKERAGE AND CHARTERING EXAM 1 2026
AND 2027 COMPLETE REVIEW QUESTIONS AND
ANSWERS 100% CORRECT EDITION.
◎ What requirements must be met before a vessel can be documented ? ANSWER:-
Must be citizen of the USA, 5 or more net tons,
◎ What special markings must a documented vessel have ? ANSWER:- official number
followed by the abbreviation "no" clearly visible on the clearly visible interior structure
part of the hull (letters not less than 3 inches in height.) /pleasure vessels will have the
name and hailing port of the vessel marked together not less than 4 inches in height on
a clearly visible part of the hull. this is talking about the name of the boat on there back
just make sure people can see it
◎ what is involved with renewing a vessels documents / ANSWER:- All documents
must be renewed annually/ coast guard will mail a renewal notice 45 days prior to the
expiration of that document. a colored renewal decal is sent to the owner after renewal.
decal must be attached to document to be valid
◎ where should the certificate of documentation be kept? ANSWER:- must be on
vessel Except non sell propelled vessels non involved in foreign trade, when vessel is in
storage or when the document os being submitted
◎ Are there any fees associated with documenting a vessel ? ANSWER:- Yes, When
marine documentation is issued to the yacht the owner shall pay a $133 fee/ When
marine documentation is surrendered or replaced the owner shall pay a fee of $50/
When the owner of the vessel has used parts of an existing vessel in construction of
that vessel ad requests da determination that the vessel is new he shall pay a fee of
$166
◎ exclusive listing agreements need to have a specific commencenment date and
specific expiration date ? ANSWER:- true
◎ brokers allowed to use "until sold exchanged or traded" as an expiration period on
the on EXCLUSIVE listing agreements? ANSWER:- false
◎ sellers have to cancel their listing agreement by written letter ? ANSWER:- false the
the contract terminates on the expiration date.
◎ After which date must the Exclusive Listing Agreement must comply with directive (
the directive that says no using until sold trade) ANSWER:- June 10, 1997
, ◎ What is Fiduciary duty ANSWER:- Obligation to act in the best interest of another
party based on a special relationship of trust, confidence, or responsibility in certain
obligations. Example : If a broker sells someone a 1988 year boat and its actually a
1987 even though the seller made the mistake of putting 1988 instead of 87 the broker
is still responsible to accept responsibility even if he was acting in good faith because it
was his responsibility to examine the certificate of ownership document before listing
agreement was signed.
◎ What responsibility does does the broker have in over seeing the transaction of the
salesperson ? ANSWER:- must supervise the sales transaction while it is happening not
after it is complete. The broker is financially responsible for the wrongful acts of a
licensed salesperson. salesperson will still be penalized for their wrong doing
◎ What is the complaint resolution procedure ? ANSWER:- Broker will be given an
unedited version of the written complaint that was filed against them unless the
complaint was anonymous then they will get an edited version from there department/
after the broker is aware of there complaint they will have to provide any records of the
transaction that is in question. Complaints can be filed over the phone or in person and
the department can still act on these accusasions and a investigation can move forward.
◎ what is a marine surveyor ? ANSWER:- is a person who conducts inspections,
surveys or examinations of marine vessels to assess, monitor and report on their
condition and the products on them, as well as inspects damage caused to both vessels
and cargo.
◎ How do you avoid conflict of interest when suggesting a marine surveyor to a buyer?
ANSWER:- Suggest the buyer with the names of at least 3 marine surveyors/ refer the
buyer to a service that provides Marine surveyors ( National Association of Marine
surveyors.
◎ How do you use the salesperson license number ? ANSWER:- should be recorded
on the Broker - Salesman Relationship Agreement, pursuant to there requirements that
such an agreement be in place
◎ Broker ANSWER:- person who, except otherwise excluded by Section 710, Sells or
offers to sell, buys or offers to buy solicits or obtains listings of, or negotiates the
purchase sale, or exchange of yachts, and who does not own this yachts or leases or
rents or offers to lease or rent or negotiates the purchase, sale, or exchange of a lease
on a yacht for a rental orr lease period of more than 90 consecutive days to any one
person or business during any 12 month period and does not own the yacht.
◎ Salesman ANSWER:- the natural person who is compensated or is in expectation of
compensation is employed by a licensed broker to do 1 or more of the acts listed in the
broker definition
AND 2027 COMPLETE REVIEW QUESTIONS AND
ANSWERS 100% CORRECT EDITION.
◎ What requirements must be met before a vessel can be documented ? ANSWER:-
Must be citizen of the USA, 5 or more net tons,
◎ What special markings must a documented vessel have ? ANSWER:- official number
followed by the abbreviation "no" clearly visible on the clearly visible interior structure
part of the hull (letters not less than 3 inches in height.) /pleasure vessels will have the
name and hailing port of the vessel marked together not less than 4 inches in height on
a clearly visible part of the hull. this is talking about the name of the boat on there back
just make sure people can see it
◎ what is involved with renewing a vessels documents / ANSWER:- All documents
must be renewed annually/ coast guard will mail a renewal notice 45 days prior to the
expiration of that document. a colored renewal decal is sent to the owner after renewal.
decal must be attached to document to be valid
◎ where should the certificate of documentation be kept? ANSWER:- must be on
vessel Except non sell propelled vessels non involved in foreign trade, when vessel is in
storage or when the document os being submitted
◎ Are there any fees associated with documenting a vessel ? ANSWER:- Yes, When
marine documentation is issued to the yacht the owner shall pay a $133 fee/ When
marine documentation is surrendered or replaced the owner shall pay a fee of $50/
When the owner of the vessel has used parts of an existing vessel in construction of
that vessel ad requests da determination that the vessel is new he shall pay a fee of
$166
◎ exclusive listing agreements need to have a specific commencenment date and
specific expiration date ? ANSWER:- true
◎ brokers allowed to use "until sold exchanged or traded" as an expiration period on
the on EXCLUSIVE listing agreements? ANSWER:- false
◎ sellers have to cancel their listing agreement by written letter ? ANSWER:- false the
the contract terminates on the expiration date.
◎ After which date must the Exclusive Listing Agreement must comply with directive (
the directive that says no using until sold trade) ANSWER:- June 10, 1997
, ◎ What is Fiduciary duty ANSWER:- Obligation to act in the best interest of another
party based on a special relationship of trust, confidence, or responsibility in certain
obligations. Example : If a broker sells someone a 1988 year boat and its actually a
1987 even though the seller made the mistake of putting 1988 instead of 87 the broker
is still responsible to accept responsibility even if he was acting in good faith because it
was his responsibility to examine the certificate of ownership document before listing
agreement was signed.
◎ What responsibility does does the broker have in over seeing the transaction of the
salesperson ? ANSWER:- must supervise the sales transaction while it is happening not
after it is complete. The broker is financially responsible for the wrongful acts of a
licensed salesperson. salesperson will still be penalized for their wrong doing
◎ What is the complaint resolution procedure ? ANSWER:- Broker will be given an
unedited version of the written complaint that was filed against them unless the
complaint was anonymous then they will get an edited version from there department/
after the broker is aware of there complaint they will have to provide any records of the
transaction that is in question. Complaints can be filed over the phone or in person and
the department can still act on these accusasions and a investigation can move forward.
◎ what is a marine surveyor ? ANSWER:- is a person who conducts inspections,
surveys or examinations of marine vessels to assess, monitor and report on their
condition and the products on them, as well as inspects damage caused to both vessels
and cargo.
◎ How do you avoid conflict of interest when suggesting a marine surveyor to a buyer?
ANSWER:- Suggest the buyer with the names of at least 3 marine surveyors/ refer the
buyer to a service that provides Marine surveyors ( National Association of Marine
surveyors.
◎ How do you use the salesperson license number ? ANSWER:- should be recorded
on the Broker - Salesman Relationship Agreement, pursuant to there requirements that
such an agreement be in place
◎ Broker ANSWER:- person who, except otherwise excluded by Section 710, Sells or
offers to sell, buys or offers to buy solicits or obtains listings of, or negotiates the
purchase sale, or exchange of yachts, and who does not own this yachts or leases or
rents or offers to lease or rent or negotiates the purchase, sale, or exchange of a lease
on a yacht for a rental orr lease period of more than 90 consecutive days to any one
person or business during any 12 month period and does not own the yacht.
◎ Salesman ANSWER:- the natural person who is compensated or is in expectation of
compensation is employed by a licensed broker to do 1 or more of the acts listed in the
broker definition
