New York Real Estate Institute

1-A broker legitimately may pay all or part of Real estate commission to a a. seller b. salesperson c. buyer d. friend who provides a listing lead Correct Answer: -B: Salesperson can accept compensation only from their sponsoring broker. 2-The minimum age for a New York real estate broker's license is a. 19. b. 18. c. 20. d. 21. Correct Answer: C. As of July 1,2008 to become a broker you must be 20 years old. 3-Which of the following acts would require a real estate license in N...

Which of the following statements about license laws is INCORRECT? Correct Answer: The federal government establish license laws In New York, an individual may obtain a salesperson license at age: Correct Answer: 18 A salesperson licensee may receive commissions from the: Correct Answer: Employing broker Which of the following does NOT apply to a salesperson license? It: Correct Answer: Authorizes the salesperson to work in a reciprocal state without broker sponsorship Which of t...

Chapter 1 The section of the New York Real Property Law that applies to salespersons and brokers is... Correct Answer: Article 12-A Chapter 1 Brokers who do not separate their business or personal bank accounts from their real estate deposit accounts are guilty of __________________ the funds. Correct Answer: commingling Chapter 1 An illegal arrangement in which a seller allows a broker to obtain a fixed amount for a property and allows the broker to keep as commission any money obtai...

How often must you renew your real estate salesperson/broker license? Correct Answer: Every 2 years What is the purpose of license laws in the real estate industry? Correct Answer: To minimize fraudulent practice and protect the general public The New York regulatory agency that oversees real estate licensure is the: Correct Answer: Department of State Most of the law about salespersons and brokers is in which article of the Real Property Law? Correct Answer: Article 12-A What ar...

Sellers market their property using a __________. Correct 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 ___. Correct Answer: buyer,seller In most cases, buyers cannot make a purchase without ____ at least some part of the transaction. Correct Answer: financing Buyer gets the ____ to the property, seller gets the _____ from the sale, and the broker gets a _____. Corre...

The ______ refers to the rights given to the title holder of a particular property. These rights may be limited in certain instances, such as when a title holder fails to pay required property taxes, but in most regards, the title holder is considered the owner of the property. Correct Answer: Right of Possession The _______ allows the title holder the ability to manage the use of the property in any means deemed legal within the jurisdiction in which the property exists. Entry into an area ...

An agency relationship is determined by: a) the source of compensation b) how well the parties know each other c) agreement between the principal and the agent d) first substantive contract - c) agreement between the principal and the agent Heat from outside air is utilized through a: se conditioner ve solar system pump air return - c) heat pump An automatic renewal clause in a lease is. not allowed on rent-stabilized apartments granted every tenant in a building with four or more units illegal ...

What agency issues real estate licenses? - The New York State Department of State (NYDOS), Divison of Licensing Services At what age can you become a real estate salesperson? - 18 Do you need experience in the field to become a sales person? - No What is the minimum age to become a real estate broker? - 20 If your license is revoked, how long do you have to wait to re-apply for it? - One year Do you need experience in the field to become a broker? - Yes, at least 2 years of experience and 3200 p...

associate real estate broker Correct Answer: a licensed real estate broker who may perform the acts of a broker but chooses to work under the name and supervision and license of a licensed broker real estate broker Correct Answer: any oersons partnership association or corporation who, for another and for compensation of any kind negotiates any form of real eatate transaction. The New York Department of State Division of Licensing Services Correct Answer: oversees licensure real esta...

The situation with the most potential for conflict is when a real estate licensee acts as a: -Dual Agent -Buyers Broker -Sellers Agent -Transaction Broker Correct Answer: -Dual Agent A seller has listed her home with a broker for $90,000, and the broker tells a prospective buyer to submit a low offer because the seller is desperate to sell. The buyer offers $85,000 and the seller accepts it. In this situations: -The broker has violated his agency relationship with the seller -The broke...