Term
| Which of the following is NOT required of a home inspector? |
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Definition
| A $2,500 interest-bearing escrow account |
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Term
| Other professions that deal with real estate but require other types of licenses other than a real estate broker or salesperson license include all of the following except? |
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Definition
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Term
| How many hours of continuing education is the licensee required to complete in fair housing? |
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Definition
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Term
| Who can maintain a branch office? |
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Definition
| Only the owner broker to whom the branch office license is issued |
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Term
| An officer of a legal entity may only be licensed as |
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Definition
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Term
| How often must a licensee renew his or her license? |
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Definition
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Term
| Which of the following statements is TRUE? |
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Definition
| An associate broker who wants additional licenses must submit a statement to the Department from each sponsoring broker acknowledging each licensure. |
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Term
| Who sets the rules for the content of continuing education courses? |
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Definition
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Term
| The Licensing Division may issue a license to a corporation to conduct business as a real estate brokerage only if the applicant |
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Definition
is an officer of the corporation prior to licensing.
An applicant for a corporate license to conduct business as a real estate brokerage under the corporate name must be an officer prior to licensing. |
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Term
| How many hours of continuing education are required for license renewal? |
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Definition
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Term
| Licensees must carry their_________________ with them and show them on demand. |
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Definition
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Term
| The NY Department of State requires a broker to maintain what kind of bank account for client funds? |
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Definition
| A separate, federally-insured trust or escrow account. |
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Term
| No renewal license will be issued to any licensee unless |
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Definition
| the licensee has completed 22 ½ hours of continuing education. |
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Term
| If there is a change of broker and/or address, how long does the licensee have to complete and submit the appropriate form to the Department of State? |
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Definition
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Term
| How many hours of continuing education credit will a licensee receive for teaching an approved real estate course? |
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Definition
| 2 hours for each teaching hour |
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Term
| Failure to notify the Department of State of a change of business address is grounds for which of the following? |
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Definition
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Term
| What must a licensee do to renew a license after the 2-year renewal date? |
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Definition
| Retake and pass the licensure examination |
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Term
| If a broker changes his or her business address, |
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Definition
| The broker must pay a $10 change of address filing fee to the DOS for each licensee affiliated with the broker. |
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Term
| The section of a hearing decision that describes what the respondent may have done is called what? |
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Definition
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Term
| What section of Real Property Law makes practicing real estate without a license unlawful? |
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Definition
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Term
| Which of the following tasks is illegal for an unlicensed assistant to perform? |
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Definition
| Discuss specific properties with customers |
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Term
| Once the licensee has received a revocation or suspension notice, the licensee’s license and pocket card must be returned to the Department within_____days after receiving the notice. |
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Definition
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Term
| If a complaint has been filed against a licensee and the licensee refuses to mediate the complaint, what will happen? |
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Definition
| The DOS will schedule a hearing. |
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Term
| An Article 78 proceeding refers to which of the following? |
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Definition
| An applicants or licensees right to appeal a Department hearing decision to the New York Supreme Court. |
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Term
| What is the guideline for determining what an unlicensed assistant legally may or may not do? |
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Definition
| Whether the activity is one covered in the law as requiring a license |
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Term
| New York License Law considers which of the following activities to be appropriate and allowed for licensed personnel only? |
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Definition
| Show homes, apartments or other real property. |
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Term
| If a licensee has received any commission in conjunction with a transaction in which the license law was violated, that licensee could be held liable for up to ______times the amount of the commission, in addition to having their license suspended or revoked. |
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Definition
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Term
| Which of these actions would be a license law violation? |
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Definition
| A Salesperson accepting a commission directly from a seller. |
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Term
| In the hearing decision, the section explaining what violations the respondent committed and has references to the specific law that the respondent violated is called? |
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Definition
| The Opinion and Conclusions of Law |
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Term
| What section in the case studies describes what the Department of State thinks the respondent may have done? |
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Definition
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Term
| When must a written notice of charges brought against a licensee for license law violation be delivered to the licensee? |
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Definition
| At least 10 days before the hearing is held |
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Term
| A hearing decision is NOT made up of which of the following sections? |
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Definition
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Term
| Why is entering into a net listing contract a violation of license law for salespersons? |
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Definition
| Net listings are illegal in New York. |
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Term
| Which of the following is an administrative discipline? |
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Definition
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Term
| In cases brought against licensees in New York by the Department of State which of the following are the correct names of the parties? |
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Definition
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Term
| Which of these actions is a power that belongs to the Department of State? |
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Definition
| Issue a reprimand upon a licensee’s conviction of a violation. |
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Term
| If the agent represents the seller, he or she may not disclose certain information without the seller’s express permission, however the agent must always disclose_______________about the property.` |
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Definition
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Term
| An agent’s fiduciary duty of ___________________ to a client continues even after the transaction closes. |
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Definition
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Term
| If Seller Sue is willing to accept $20,000 less than the asking price for her home and Broker Bob tells that to the buyer, what duty has Bob failed to uphold to Sue? |
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Definition
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Term
| What type of agent may not bind the principal to a contract in most cases? |
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Definition
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Term
| If a buyer asks a question about termites and the seller produces a falsified termite report the type of fraud committed would be described as? |
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Definition
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Term
| The principal has all of the following obligations to an agent in an agency relationship except? |
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Definition
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Term
| The person who hires the agent is the |
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Definition
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Term
| All of the following are types of agency relationships except? |
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Definition
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Term
| An agent fails to discover flood marks on the walls in the basement of a property. The agent sells the property, and the buyer later sues the agent for failing to mention the problem. Which statement best describes what can happen in this case? |
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Definition
| The agent has an exposure to a charge of negligent misrepresentation. |
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Term
| If an agency relationship arises because of the actions of the parties involved rather than by a written agreement, what is that agency called? |
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Definition
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Term
| The statement “Everyone charges the same so you might as well list with me” made by a broker would be an illegal statement and a violation what law? |
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Definition
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Term
| The act by brokers from different brokerages having a conversation about the commission rates they charge clients may be considered? |
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Definition
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Term
| When is a commission earned? |
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Definition
| When an offer from a qualified buyer has been submitted and accepted and both parties have received signed copies of the agreement. |
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Term
| If an agent fails to verify a fact before passing it to the buyer, the agent has committed |
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Definition
| Negligent misrepresentation. |
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Term
| To what type of agent does the principal sign a power of attorney? |
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Definition
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Term
| A property seller empowers an agent to market and sell a property on his behalf. What is this an example of? |
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Definition
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Term
| Which of the following duties best describes what an agent owes customers? |
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Definition
| Fairness, care, and honesty |
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Term
| Which type of agency is a real estate brokerage based on in most cases? |
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Definition
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Term
| The statement “Let’s not do business with XYZ Real Estate Company; they discount their commissions”, would probably violate antitrust laws as an example of which of the following? |
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Definition
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Term
| For which firm does a broker's agent work? |
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Definition
| A firm unrelated to any of these firms |
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Term
| In all residential transactions licensees must give potential sellers or buyers a written disclosure form when they make their _____________________ contact. |
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Definition
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Term
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Definition
| Is created without agreement signatures. |
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Term
| Which type of agency relationship do most New York real estate firms practice? |
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Definition
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Term
| Which of the following types of agency is not allowed in New York? |
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Definition
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Term
Before a buyer broker shows a property, he or she must disclose his or her________________relationship to the seller.
s |
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Definition
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Term
| If a dual agency relationship is not agreed to in writing by both clients, the relationship is |
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Definition
A breach of the agent's fiduciary responsibilities to the client.
An undisclosed dual agency.
A violation of New York State License Law. |
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Term
| Designated agency means the clients do not have the full level of fiduciary duties available to them that they would have if they were fully involved in seller agency or buyer agency. What the client gives up in this situation is the fiduciary duty of undivided? |
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Definition
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Term
| An agency relationship may be involuntarily terminated by which of the following? |
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Definition
| By destruction of the property through fire, vandalism or natural disaster. |
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Term
| Which agency relationship can most easily result in a conflict of interest for the broker? |
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Definition
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Term
| When is dual agency allowed in New York? |
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Definition
| Only with disclosure and informed consent |
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Term
| When must a seller agree to dual agency? |
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Definition
| At the time a dual agency situation arises |
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Term
| All of the following may involuntarily terminate an agency relationship except? |
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Definition
| Expiration of the agreement term |
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Term
| When a commercial seller's agent invites other brokers to act as subagents to procure a buyer, who is compensated when the property sells? |
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Definition
| The listing broker and the subagent who procures the buyer |
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Term
| Residential real property includes which of the following? |
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Definition
| Property that contains a single-family home |
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Term
| Sally is a subagent working for Seller Pat. What does Sally owe to Buyer Brad? |
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Definition
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Term
| What is a licensed real estate salesperson, working under the supervision of a real estate broker, who has been assigned to represent a client when a different client is also represented by such real estate broker in the same transaction called? |
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Definition
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Term
| The contract between an owner of residential real property and an agent, by which the agent has been authorized to sell or lease the residential real property is called which of the following? |
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Definition
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Term
| A seller can agree to accept or reject the option of_______________ when he or she signs the listing contract. |
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Definition
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