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NYC Real Estate Ch. 1 Questions and Answers 100% Correct
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NYC Real Estate Ch. 1
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NYC Real Estate Ch. 1Associate Real Estate Broker - answer A licensed real estate broker who shall by
choice elect to work under the name and supervision of another individual broker or
another broker who is licensed under a partnership, trade name, LLC or corporation is
known as a___
Real Estate Appraiser - answerA practitioner who has the knowledge and expertise
necessary to estimate the value of an asset, or the likelihood of an event occurring, and
the cost of such an occurrence is known as a___
Sponsor - answerA licensed real estate broker that holds the license of a salesperson is
known as a___
Apartment Information Vendor - answerAny person who engages in the business of
claiming, demanding, charging, receiving, collecting, or contracting for the collection of,
a fee from a customer for furnishing information concerning the location and availability
of real property, including apartment housing, which may be leased, rented, shared or
sublet as a private dwelling, abode, or place of residence is known as a___
Real Estate Salesperson - answerA person associated with a licensed real estate
broker to list for sale, sell or offer for sale, to buy or offer to buy or to negotiate the
purchase or sale or exchange of real estate, or to lease or rent or offer to lease, rent or
place for rent any real estate of such real estate broker is known as a___
Misdemeanor - answerA crime punishable by up to a year in prison and/or a $1,000 fine
is known as a___
Violation - answerAn act, deed or conditions contrary to law or permissible use of real
property is known as a___
Commingling - answerTo mingle or mix, for example, a client's funds in the broker's
personal or general account is known as___
Kickback - answerPayment by a broker of any part of compensation to a real estate
transaction to anyone who is not licensed or who is not exempt from the license law is
known as a___
Blind Ad - answerAn ad that remains anonymous as to who is advertising is known as
a___
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