Colibri Real Estate Final Exam 2027 | Verified Q&A Study Guide
| 100% Correct Answers | Graded A+
Question 1.
Why should real estate licensees have good knowledge of the loan programs that are
currently available from local banks and other lenders?
Correct 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.
Question 2.
What is the mission of the Division of Licensing Services?
Correct 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.
Question 3.
What are the duties of the Secretary of State?
Correct Answer: All licensing, examination, education, and compliance
provisions of Article 12-A.
The rules of the Board.
The rules of the Secretary of State
Question 4.
How is an associate broker different from a broker?
Correct 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.
Question 5.
How do licensees collect their commissions?
Correct 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.
Question 6.
How old must a person be who wishes to become licensed in New York?
,Correct Answer: Salespersons must be 18 years old; brokers must be 20 years
old.
Question 7.
How many hours of instruction are required to become licensed in New York?
Correct Answer: Salespersons are required to complete 77 hours of
instruction; brokers must complete 152 hours.
Question 8.
How are exam scores reported, and what percentage is needed to pass the exam?
Correct Answer: ASAP after the exam as either pass or fail; 70%
Question 9.
Besides individual and associate broker, name 2 classes of broker licenses available.
Correct Answer: Trade name broker, corporate broker, partnership broker
Question 10.
What are the experience requirements to become a broker?
Correct 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.
Question 11.
Which penalty is not imposed by the DOS on a real estate broker for engaging in fraud?
License revocation
Fine
Imprisonment Reprimand
Correct Answer: Imprisonment
Question 12.
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 Answer: Associate
Question 13.
Associate brokers may receive commission payments from
Seller
Buyer
Cooperating broker Sponsoring broker
, Correct Answer: Sponsoring broker
Question 14.
Passed exam results are only valid for a period of ____ years.
Correct Answer: 2
Question 15.
For what are members of the Board compensated?
Their time Their expertise
Contractual terms Expense reimbursements
Correct Answer: Expense reimbursements
Question 16.
How much is the fee charged by the DOS for an associate broker license?
$50
$185
$15 No fee is charged
Correct Answer: $185
Question 17.
How many points are given for hotel sales experience?
400
300
250 125
Correct Answer: 400
Question 18.
From whom can a salesperson receive compensation?
From any broker he or she works for
From a broker or client
From his or her sponsoring broker only From the broker or another licensee in the same
firm
Correct Answer: From 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 -✓✓5,250
| 100% Correct Answers | Graded A+
Question 1.
Why should real estate licensees have good knowledge of the loan programs that are
currently available from local banks and other lenders?
Correct 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.
Question 2.
What is the mission of the Division of Licensing Services?
Correct 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.
Question 3.
What are the duties of the Secretary of State?
Correct Answer: All licensing, examination, education, and compliance
provisions of Article 12-A.
The rules of the Board.
The rules of the Secretary of State
Question 4.
How is an associate broker different from a broker?
Correct 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.
Question 5.
How do licensees collect their commissions?
Correct 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.
Question 6.
How old must a person be who wishes to become licensed in New York?
,Correct Answer: Salespersons must be 18 years old; brokers must be 20 years
old.
Question 7.
How many hours of instruction are required to become licensed in New York?
Correct Answer: Salespersons are required to complete 77 hours of
instruction; brokers must complete 152 hours.
Question 8.
How are exam scores reported, and what percentage is needed to pass the exam?
Correct Answer: ASAP after the exam as either pass or fail; 70%
Question 9.
Besides individual and associate broker, name 2 classes of broker licenses available.
Correct Answer: Trade name broker, corporate broker, partnership broker
Question 10.
What are the experience requirements to become a broker?
Correct 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.
Question 11.
Which penalty is not imposed by the DOS on a real estate broker for engaging in fraud?
License revocation
Fine
Imprisonment Reprimand
Correct Answer: Imprisonment
Question 12.
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 Answer: Associate
Question 13.
Associate brokers may receive commission payments from
Seller
Buyer
Cooperating broker Sponsoring broker
, Correct Answer: Sponsoring broker
Question 14.
Passed exam results are only valid for a period of ____ years.
Correct Answer: 2
Question 15.
For what are members of the Board compensated?
Their time Their expertise
Contractual terms Expense reimbursements
Correct Answer: Expense reimbursements
Question 16.
How much is the fee charged by the DOS for an associate broker license?
$50
$185
$15 No fee is charged
Correct Answer: $185
Question 17.
How many points are given for hotel sales experience?
400
300
250 125
Correct Answer: 400
Question 18.
From whom can a salesperson receive compensation?
From any broker he or she works for
From a broker or client
From his or her sponsoring broker only From the broker or another licensee in the same
firm
Correct Answer: From 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 -✓✓5,250
