Real Estate Express Practice Exam Questions With Verified Answers

Sellers market their property using a __________. - Answer listing agreement When the licensee has a buyer brokerage agreement with a purchaser, he or she must represent the best interests of the ___ rather than the ___. - Answer buyer,seller In most cases, buyers cannot make a purchase without ____ at least some part of the transaction. - Answer financing Buyer gets the ____ to the property, seller gets the _____ from the sale, and the broker gets a _____. - Answer deed, proceeds, commission The DOS is responsible for the ___, _____ and _____ of a number of occupations - Answer licensure, registration, regulation The Mission of the DOS is... - 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 DOS is allowed to reprimand a real estate broker if: - Answer Violated any provision of Article 12-A of the Real Property Law. Engaged in fraud or fraudulent practices. Demonstrated untrustworthiness or incompetence. The Board consists of the _____, the _____ of Financial Services and ______ (brokers or public members). - Answer Secretary of State, Superintendent of Financial Services, thirteen appointed members (brokers or public members). Depending on the appointments by the Minority Leaders, the Board will be composed of: - Answer Seven real estate brokers and six public members Six real estate brokers and seven public members Five real estate brokers and eight public members The _____ is the Chairperson. A Vice-Chairperson and Secretary are elected from among the other members of the Board. If a member fails to attend ____ consecutive meetings, the member shall forfeit seat on the Board (may be excused due to illness or death in the family). - Answer Secretary of State, three The ____ has the duty to administer all licensing, examination, education, and compliance provisions of Article 12-A; the rules of the Board; and the rules of the Secretary of State. - Answer Secretary of State Except for things delegated specifically to the ____, the ___ has general authority to promulgate rules and regulations affecting real estate brokers and salespersons in order to administer Article 12-A of the Real Property Law. - Answer Secretary of State, Board Has a responsibility to be fair and competent when dealing with the public. Is responsible for managing and supervising all affiliated licensees. - Answer real estate broker Licensed real estate broker who chooses to work under the name and supervision of a licensed real estate broker. Can maintain a separate real estate broker's license. Can only receive commission payments from their sponsoring broker. - Answer Associate real estate broker Works on behalf of a licensed real estate broker to perform any of the duties associated with real estate transactions. Can only receive commission payments from sponsoring broker. - Answer Real estate salesperson Exemptions from needing a license: - Answer An owner selling/landlord renting own property. An attorney performing duties as an attorney/admitted to the bar in New York. A receiver or trustee in bankruptcy. In order to become a licensed salesperson in New York, a candidate must: Be at least __ years old and permanent US residency. Successfully complete the __-hour pre-license course approved by the New York Department of State and pass the New York state licensing exam. Obtain a _____ before obtaining the license. - Answer 18, 75, sponsoring broker To become a licensed broker, a candidate must: Be at least __ years old and permanent US residency. Successfully complete the ___-hour course of study approved by the New York Department of State and pass the New York state broker exam. Submit proof of one of these requirements: ___ full years of experience as a licensed salesperson and _____ points.____ years of equivalent experience in some other aspect of real estate and ____ points, subject to approval by the Department of State. - Answer 20, 120, Two, 3500, Three, 5250 To become a licensed associate broker, a candidate must meet all of the same qualifications as for a ______ and submit the name of a sponsoring broker. - Answer broker's license Education Required for Obtaining a License Salespersons - __ hours of approved course instruction. Brokers - __ hours of approved course instruction - the 75-hour salesperson's course plus an additional __-hour broker course. - Answer 75, 120, 45 License Exams The examinee must correctly answer at least __ percent of the questions to pass the exam. Passed exam results are only valid for a period of ___ years. Exam results are reported as either passed or failed;numerical scores are not given. - Answer 70, two License Procedure - Answer Complete the license application. Provide proof of having successfully completed the applicable coursework/ licensing exam. Pay the appropriate fee. License Classes for Brokers: a broker who will be conducting business using his or her personal name only. - Answer Individual Broker License Classes for Brokers: conducts business as a sole proprietorship, doing business under a name other than the personal name. - Answer Trade Name Broker License Classes for Brokers: Applicants must be an officer prior to licensing. A copy of the corporate filing receipt must be submitted with the application for new corporations only. - Answer Corporate Broker: License Classes for Brokers: must be a member or manager prior to licensing. A copy of the articles of organization filed with the Division of Corporations must be submitted with this application for new limited liability companies only. - Answer Limited Liability Company (LLC) or Limited Liability Partnership (LLP): Issuing a License for Individuals If the applicant has submitted all of the appropriate paperwork and fees, his/her broker will receive both a license and a pocket card. Licensees must carry their pocket cards with them and show them on demand. Each license is valid for __ years. - Answer two Dual Licensure A broker may hold ___ broker's licenses. A licensed broker (may or may not ) also become an associate broker with another firm. A salesperson or associate broker (can or can not) work under the supervision of more than one broker. - Answer two, may, can Corporate Broker - If the corporation is ___, the officer must submit a copy of the corporate filing receipt with the application. - Answer new Limited Liability Company or Limited Liability Partnership - If the limited liability company is ___, the applicant must submit an application along with a copy of the articles of the organization which was filed with the Division of Corporations or the filing receipt. - Answer new An officer or partner of a legal entity ( may or may not ) only be licensed as a broker - not a salesperson or an associate broker. - Answer may Brokerage Regulations Every licensed real estate broker must maintain a definite place of business within New York State. The broker must post a sign conspicuously on the outside of the office building. Broker must apply for and secure an additional license for each of the branch offices. - Answer Brokerage Regulations Every licensed real estate broker must maintain a definite place of business within New York State. The broker must post a sign conspicuously on the outside of the office building. Broker must apply for and secure an additional license for each of the branch offices. Whenever there is a change of broker or address, the licensee must submit the appropriate form to the DOS within ___ days. Failure to notify the Department of a change of business address is grounds for license suspension. - Answer five Change of Name or Status - the licensee must notify the Department using the appropriate form. - Answer Change of Name or Status - the licensee must notify the Department using the appropriate form. Branch Office Requirements A branch office must be owned, maintained and operated only by the ______ to whom the branch office license is issued. A branch office must be under the direct supervision of the ____ to whom the license is issued. A broker may not relocate his or her principal office or any branch office without prior approval of the Department. - Answer licensed broker, broker When a salesperson or an associate broker wants to leave the service of the sponsoring broker, that broker must file a ______ notice with the Department of State. - Answer termination of association