Nys Real Estate U Final Exam: Guaranteed A+ Score
Guide Solution: Latest Updated
/. NYS Dept of State - Answer-agency that licenses real estate agents/brokers
/.Property law name - Answer-Article 12A
/.Types of real estate licenses (3) - Answer-salesperson, associate broker, broker
/.An associate broker... - Answer-has no broker powers
/.A broker... - Answer-sponsors salespeople and associate brokers
/.The salesperson's license is kept by... - Answer-the broker for whom the salesperson
is working for, kept in a secure place
/.Pocket ID card - Answer-Kept with the agent, should be carried at all times
/.Any changes to a salesperson's license - Answer-should be submitted to the
Department of State with 5 days notice
/.Fees for license - Answer-Salesperson: $50 every 2 years
Broker/Associate broker: $150 every 2 years
/.Education requirements - Answer-22.5 hours of continuing education prior to license
renewal
/.Total educational hours for broker's license - Answer-120 hours (75 sales, 45 brokers)
3500 points sales experience, 2 yrs full time
5250 points for related experience, 3 years full time
/.reciprocal states to NY - Answer-9
Arkansas
Colorado
Connecticut
Georgia
Massachusetts
Mississippi
Oklahoma
Pennsylvania
West Virginia
/.What are the other DOS Licenses? (5) - Answer-1. Notary public
2. Apartment Information Vendor
,3. Apartment Sharing Agent
4. Appraiser
5 Home inspector
/.Office regulations - Answer-1. Must have appropriate office signage
2. Kickbacks are illegal!
3. Blind ads are illegal! (bait and switch)
/.Administrative discipline for misdeeds (3) - Answer-1. suspension of license
2. Revocation of license (must wait one year before applying for licensing privilege)
3. Article 78 proceeding - Appeal a decision
/.Stigmatized property disclosure - Answer-Article 443, sellers and seller agents do not
have to disclose this info and may or may not disclose upon written request of the buyer
or buyer agent. A seller agent can disclose only with permission of the seller. A buyer or
buyer agent may provide written request for disclosure to the seller or seller agent
during negotiations for purchase.
/.Do Attorneys need a license to practice real estate brokerage? - Answer-No, except
for when they employ licensee to work under their supervision
/.Commingling of funds - Answer-ILLEGAL!
/.Net listings - Answer-ILLEGAL!
/.Violation of license law - Answer-misdemeanor and punishable by $1K fine and or a
maximum sentence of a year in jail
/.Revocation of a broker's license... - Answer-suspends the license of salespersons and
associate brokers in the broker's employ
/.Property Condition Disclosure Statement - Answer-must be provided to the buyer's
agent before the sellers accept the purchase offer
/.Uncapped natural gas wells - Answer-must be disclosed by seller to buyer before
entering into a contract of sale.
/.Who can be an officer in a real estate company? - Answer-Only full broker. Not an
associate broker, not a salesperson
/.Who can show property? - Answer-Only licensed salespeople or brokers
/.Agent - Answer-usually works for seller, but can also work for a buyer, representation,
looks for best interest of party, for the buyer an agent usually services, goes through
motions but no fiduciary responsibilty
, /.Customer - Answer-the party whom the agent brings to the pricipal as a seller or buyer
of the property
/.Client - Answer-the person who selects the agent to acts on his behalf
/.dual agency - Answer-when agent acts for both buyer and seller (they only have
fucidicary responsibilty to whom hired them)
/.Fudiciary responsibilities - Answer-OLD CAR
Obedience
Loyalty
Disclosure of Info
Confidentiality
Accountability
Reasonable care, skill, dilligence
This is given to a client, never a customer
/.Real estate agent is known as... - Answer-SPECIAL AGENT (one matter)
special agent with specific authority
/.Vicarious liability - Answer-the responsibility of one for the acts of another. In the real
estate business, this would be the case when a listing or buyer broker is an "agent" of
the seller or buyer. The client can be held responsible for the actions of the broker agent
if they have knowledge of an improper or negligent act.
/.Express Agency - Answer-Listing agreement, usually in writing (exclusive)
/.Implied Agency - Answer-open listing, handshake deal
All agency agreements whether express or implied are consensual.
/.Commission payout scenarios (2): - Answer-1. % of final price
2. Flat fee
NOTE: Next listing commission (aka: 'keep the change" is illegal in NY
/.Forms for Representation - Answer-Buyer, seller or both, but can't exchange vital info
if representing both
/.Buyer agent - Answer-this is a CLIENT, not a customer
/.Exclusive Agency - Answer-The seller reserves the right to sell the property on her
own, without paying a commission to her agent. This is different from an "exclusive
right" listing, in which the seller's broker will receive a commission from the seller,
regardless of who brings the buyer into the purchase
Guide Solution: Latest Updated
/. NYS Dept of State - Answer-agency that licenses real estate agents/brokers
/.Property law name - Answer-Article 12A
/.Types of real estate licenses (3) - Answer-salesperson, associate broker, broker
/.An associate broker... - Answer-has no broker powers
/.A broker... - Answer-sponsors salespeople and associate brokers
/.The salesperson's license is kept by... - Answer-the broker for whom the salesperson
is working for, kept in a secure place
/.Pocket ID card - Answer-Kept with the agent, should be carried at all times
/.Any changes to a salesperson's license - Answer-should be submitted to the
Department of State with 5 days notice
/.Fees for license - Answer-Salesperson: $50 every 2 years
Broker/Associate broker: $150 every 2 years
/.Education requirements - Answer-22.5 hours of continuing education prior to license
renewal
/.Total educational hours for broker's license - Answer-120 hours (75 sales, 45 brokers)
3500 points sales experience, 2 yrs full time
5250 points for related experience, 3 years full time
/.reciprocal states to NY - Answer-9
Arkansas
Colorado
Connecticut
Georgia
Massachusetts
Mississippi
Oklahoma
Pennsylvania
West Virginia
/.What are the other DOS Licenses? (5) - Answer-1. Notary public
2. Apartment Information Vendor
,3. Apartment Sharing Agent
4. Appraiser
5 Home inspector
/.Office regulations - Answer-1. Must have appropriate office signage
2. Kickbacks are illegal!
3. Blind ads are illegal! (bait and switch)
/.Administrative discipline for misdeeds (3) - Answer-1. suspension of license
2. Revocation of license (must wait one year before applying for licensing privilege)
3. Article 78 proceeding - Appeal a decision
/.Stigmatized property disclosure - Answer-Article 443, sellers and seller agents do not
have to disclose this info and may or may not disclose upon written request of the buyer
or buyer agent. A seller agent can disclose only with permission of the seller. A buyer or
buyer agent may provide written request for disclosure to the seller or seller agent
during negotiations for purchase.
/.Do Attorneys need a license to practice real estate brokerage? - Answer-No, except
for when they employ licensee to work under their supervision
/.Commingling of funds - Answer-ILLEGAL!
/.Net listings - Answer-ILLEGAL!
/.Violation of license law - Answer-misdemeanor and punishable by $1K fine and or a
maximum sentence of a year in jail
/.Revocation of a broker's license... - Answer-suspends the license of salespersons and
associate brokers in the broker's employ
/.Property Condition Disclosure Statement - Answer-must be provided to the buyer's
agent before the sellers accept the purchase offer
/.Uncapped natural gas wells - Answer-must be disclosed by seller to buyer before
entering into a contract of sale.
/.Who can be an officer in a real estate company? - Answer-Only full broker. Not an
associate broker, not a salesperson
/.Who can show property? - Answer-Only licensed salespeople or brokers
/.Agent - Answer-usually works for seller, but can also work for a buyer, representation,
looks for best interest of party, for the buyer an agent usually services, goes through
motions but no fiduciary responsibilty
, /.Customer - Answer-the party whom the agent brings to the pricipal as a seller or buyer
of the property
/.Client - Answer-the person who selects the agent to acts on his behalf
/.dual agency - Answer-when agent acts for both buyer and seller (they only have
fucidicary responsibilty to whom hired them)
/.Fudiciary responsibilities - Answer-OLD CAR
Obedience
Loyalty
Disclosure of Info
Confidentiality
Accountability
Reasonable care, skill, dilligence
This is given to a client, never a customer
/.Real estate agent is known as... - Answer-SPECIAL AGENT (one matter)
special agent with specific authority
/.Vicarious liability - Answer-the responsibility of one for the acts of another. In the real
estate business, this would be the case when a listing or buyer broker is an "agent" of
the seller or buyer. The client can be held responsible for the actions of the broker agent
if they have knowledge of an improper or negligent act.
/.Express Agency - Answer-Listing agreement, usually in writing (exclusive)
/.Implied Agency - Answer-open listing, handshake deal
All agency agreements whether express or implied are consensual.
/.Commission payout scenarios (2): - Answer-1. % of final price
2. Flat fee
NOTE: Next listing commission (aka: 'keep the change" is illegal in NY
/.Forms for Representation - Answer-Buyer, seller or both, but can't exchange vital info
if representing both
/.Buyer agent - Answer-this is a CLIENT, not a customer
/.Exclusive Agency - Answer-The seller reserves the right to sell the property on her
own, without paying a commission to her agent. This is different from an "exclusive
right" listing, in which the seller's broker will receive a commission from the seller,
regardless of who brings the buyer into the purchase
