Colibri Real Estate Exam
During which stage of a real estate transaction must the licensee remember to impart information to the
seller regarding the potential buyer's qualifications and the quality of the offer being presented? - ✔✔
correct answer During the negotiation stage
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.
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.
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
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.
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.
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.
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.
,Colibri Real Estate Exam
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%
Besides individual and associate broker, name 2 classes of broker licenses available. - ✔✔ correct answer
Trade name broker, corporate broker, partnership broker
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.
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
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
Associate brokers may receive commission payments from
Seller
Buyer
Cooperating broker
Sponsoring broker - ✔✔ correct answer Sponsoring broker
Passed exam results are only valid for a period of ____ years. - ✔✔ correct answer 2
For what are members of the Board compensated?
,Colibri Real Estate Exam
Their time
Their expertise
Contractual terms
Expense reimbursements - ✔✔ correct answer Expense reimbursements
How much is the fee charged by the DOS for an associate broker license?
$50
$185
$15
No fee is charged - ✔✔ correct answer $185
How many points are given for hotel sales experience?
400
300
250
125 - ✔✔ correct answer 400
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 - ✔✔ correct answer 5,250
, Colibri Real Estate Exam
Which of the following is a requirement for becoming a licensed real estate broker in NY?
Be at least 21 years old
No misdemeanor convictions
Demonstrate fair knowledge of the English language
Be a US citizen - ✔✔ correct answer Demonstrate fair knowledge of the English language
A real estate transaction has four stages. Which of the following is NOT one of those stages?
Listing the property
Marketing the property
Negotiating the purchase contract
Settling the transaction - ✔✔ correct answer Marketing the property
How many members of the NYS Board of Real Estate must be real estate brokers?
5
7
All
None - ✔✔ correct answer 5
How many members are on the Board of Real Estate?
13
9
12
15 - ✔✔ correct answer 15
In New York the real estate examinee must correctly answer at least ______percent of the questions to
pass the exam. - ✔✔ correct answer 70
During which stage of a real estate transaction must the licensee remember to impart information to the
seller regarding the potential buyer's qualifications and the quality of the offer being presented? - ✔✔
correct answer During the negotiation stage
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.
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.
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
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.
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.
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.
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.
,Colibri Real Estate Exam
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%
Besides individual and associate broker, name 2 classes of broker licenses available. - ✔✔ correct answer
Trade name broker, corporate broker, partnership broker
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.
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
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
Associate brokers may receive commission payments from
Seller
Buyer
Cooperating broker
Sponsoring broker - ✔✔ correct answer Sponsoring broker
Passed exam results are only valid for a period of ____ years. - ✔✔ correct answer 2
For what are members of the Board compensated?
,Colibri Real Estate Exam
Their time
Their expertise
Contractual terms
Expense reimbursements - ✔✔ correct answer Expense reimbursements
How much is the fee charged by the DOS for an associate broker license?
$50
$185
$15
No fee is charged - ✔✔ correct answer $185
How many points are given for hotel sales experience?
400
300
250
125 - ✔✔ correct answer 400
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 - ✔✔ correct answer 5,250
, Colibri Real Estate Exam
Which of the following is a requirement for becoming a licensed real estate broker in NY?
Be at least 21 years old
No misdemeanor convictions
Demonstrate fair knowledge of the English language
Be a US citizen - ✔✔ correct answer Demonstrate fair knowledge of the English language
A real estate transaction has four stages. Which of the following is NOT one of those stages?
Listing the property
Marketing the property
Negotiating the purchase contract
Settling the transaction - ✔✔ correct answer Marketing the property
How many members of the NYS Board of Real Estate must be real estate brokers?
5
7
All
None - ✔✔ correct answer 5
How many members are on the Board of Real Estate?
13
9
12
15 - ✔✔ correct answer 15
In New York the real estate examinee must correctly answer at least ______percent of the questions to
pass the exam. - ✔✔ correct answer 70
