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New York Real Estate. The Salesperson-s Guide Important Points to Remember Questions and Answers Fully Solved
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New York Real Estate. The Salesperson-s Guide Important Points to Remember
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New York Real Estate. The Salesperson'sGuide Important Points to Remember
Chapter 1 Independent Contractor or Employee - answer Chapter 1 Independent
Contractor or Employee
Most real estate licensees operate as: - answer Independent contractors
What classifies employment based primarily on who directs the activities and remits the
payroll taxes? - answer Internal Revenue Code Section 3508
The worker does not work under the direct supervision of his employer and who controls
the means and methods of accomplishing assigned tasks? - answer Independent
contractor
A person whose employer mandates the results and controls how the results are
accomplished? - answer Employee
Certain trades or professions that work as independent contractors but are classified as
employees for Social Security and Medicare taxes only, such as full time life insurance
agent: - answerStatutory employee
The trade or profession of this worker is written into legal statues as holding non-
employee status. Worker who holds this under his status under law are classified as
independent contractor: - answerStatutory non-employee
The supervision of a real estate salesperson by a: - answerLicensed real estate broker
Each licensed broker shall keep and maintain for a period of: - answerThree years
Real Estate License Law 12-A - answerReal Estate License Law 12-A
The task of regulating real estate activity in New York ultimately belongs to the: -
answerDepartment of State (DOS)
What is the chief executive for the Department of State (DOS)? - answerSecretary of
State
Who plays in an important role for consumers, occupational licensees, applicants and
the business community in New York State? - answerNew York State Department of
State's Division of Licensing Services
,Most of the laws pertaining to salesperson and brokers is contained in: - answerArticle
12-A
The three real estate license categories in New York are: - answer1. Broker
2. Associate Broker
3. Salesperson
Any person, firm, limited liability, company or corporation, who, for another and for a
fee, commission, or other valuable consideration, lists of sale, sells, at auction or
otherwise, exchanges, buys or rents, or offers or attempts to negotiate a sale, at auction
or otherwise, exchange, purchase or rental of an estate or interest in real estate, or
collects or offers or attempts to collect rent for use of real estate is known as: -
answerReal estate broker
Real estate brokers supervise and are responsible for: - answerAssociate brokers and
salesperson under their sponsorship
Is a licensed broker who chooses to work under the name and supervision of another
broker licensed to do business as an individual, partnership, corporation, or trade name
is known as: - answerAssociate real estate broker
Any person who performs the acts of a broker, but does so only when associated and
sponsored by a licensed broker is known as: - answerReal estate salesperson
A real estate salesperson may: - answerNever work independently of his or her broker
in any capacity
What is the age requirement for real estate broker? - answer20 years
What is the age requirement for real estate salesperson? - answer18 years
To obtain a salesperson license they must have completed: - answer75 hours
For brokers license they must have completed: - answer120 hours
This item contains a photo ID, name, business address of the licensee, and for
salesperson, the name, and address of the affiliated broker is known as a: -
answerPocket card
When states agree to allow licensees from other states to sell real estate in their own by
accepting the licensee's out of state course credits or license level is known as: -
answerReciprocity
Estimates the value of real property is known as a: - answerAppraiser (opinion of value)
,When a broker advertises property for sale without disclosing the fact that she is a
licensed real estate broker, or when a broker attempts to mislead the public into
believing is for sale by owner, she has placed a: - answerBlind ad (illegal in New York)
Paying part of the proceeds of a sale to another party that helped secure the sale, but is
unlicensed is known as: - answerKickbacks
The seller set a net amount acceptable for the property; if the actual selling price
exceeds that amount, the broker is entitled to keep the excess as commission is known
as: - answerNet listing agreement
Chapter 2 Law of Agency 1: Agency Relationship - answerChapter 2 Law of Agency 1:
Agency Relationship
A relationship of trust credited when one party gives another the right to represent him
in dealings with third parties known as a: - answerAgency
The party granting the right of representation in a real estate transaction is known as
the: - answerClient or principal
The third party to the transaction is considered a: - answerCustomer of the agent
The relationship between an agent and a principal is described as a: - answerFiduciary
relationship (one of trust and confidence)
What does OLDCAR stand for? - answerObedience, Loyalty, Disclosure, Confidentiality,
Accountability, and Reasonable care
The duty of loyalty dictates the agent must always put the: - answerPrincipal's interest
above those of other persons
What does it mean when all offers to purchase in general disclosure requirement? -
answerEven if the offer seems unacceptable, the agent must present it to the principal
To keep from destroying the integrity of the agency process, all information given by the
client to the agent by the agent from other sources must be kept: - answerConfidential
Cannot be disclosed without: - answerWritten authorization from the principal
The duty of confidentiality lasts: - answerForever even after the agency relationship
ends
Recognizes that money received in an agency relationship is received on behalf of the
principal, not the agent is known as: - answerFinancial accountability
, Is authorized to represent the principal in a broad range of matters as specified is
known as a: - answerGeneral agent (ex. property manager)
Has limited authority to perform a specific task or conduct a specific transaction is
known as a: - answerSpecial agent (also called limited agent)
Anyone other than the agent and the principal in a transaction is known as a: -
answerThird party
An agent owes third parties a duty of: - answerGood faith, honesty, and fair dealing
False or misleading information is known as: - answerMisrepresentation
Misrepresentation may occur as a result of: - answerCarelessness or negligence
In real estate brokerage, an agency relationship is generally formed through a: -
answerWritten or oral contact between the broker and the principal
An agency also be created by the words or actions of the principal or agent indicating
that they have an agency relationship is known as: - answerImplied agency
A broker can accept compensation from both: - answerBuyer and seller with the
informed consent of both parties
The commission split negotiated between a: - answerBroker and an affiliated
salesperson should be documented in the employment/independent contractor
agreement
Net listing agreements are: - answerIllegal in New York State
Another opportunity for compensation could come from: - answerReferral fees,
sometimes called finder's fee
Referral fees are legal in New York but should be paid only to the: - answerBroker and
only if the person being referred provides informed consent
When interviewing brokers new licensees should always ask what the: -
answerFranchise fee is and it should be documented in the agent's employment
agreement so that there is not misunderstanding
The withdrawal of something granted or offered is a: - answerRevocation
Anyone given authority by an agent so that can assist in carrying out the principals
order is known as: - answerSubagent
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