COLIBRI NJ REAL ESTATE NEWEST EXAM LATEST 2024/2025
WITH ACTUAL QUESTIONS AND CORRECT VERIFIED
(DETAILED) ANSWERS/ALREADY GRADED A+
What are the duties of the Secretary of State? - 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? - 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? - 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? -
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? -
ANSWER-Salespersons are required to complete 77 hours of instruction;
brokers must complete 152 hours.
,How are exam scores reported, and what percentage is needed to pass the
exam? - ANSWER-ASAP after the exam as either pass or fail; 70%
Besides individual and associate broker, name 2 classes of broker licenses
available. - ANSWER-Trade name broker, corporate broker, partnership broker
What are the experience requirements to become a broker? - 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.
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? - 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? - 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? - 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.
Which penalty is not imposed by the DOS on a real estate broker for engaging
in fraud?
License revocation
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. -
ANSWER-Associate
Associate brokers may receive commission payments from
Seller
Buyer
Cooperating broker
Sponsoring broker - ANSWER-Sponsoring broker
Passed exam results are only valid for a period of ____ years. - ANSWER-2
For what are members of the Board compensated?
Their time
Their expertise
Contractual terms
Expense reimbursements - ANSWER-Expense reimbursements
How much is the fee charged by the DOS for an associate broker license?
$50
$185
$15
No fee is charged - ANSWER-$185
, How many points are given for hotel sales experience?
400
300
250
125 - 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 - 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 - ANSWER-5,250
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 - ANSWER-Demonstrate fair knowledge of the English language
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