NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy Quality Materials
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NYS
Institution
NYS
NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy Quality Materials
NYS Dept of State
agency that licenses real estate agents/brokers
Property law name
Article 12A
Types of real estate licenses (3)
salesperson, associate broker, broker
An associate broker...
has no broker powers
A broker...
NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
NYS Dept of State
agency that licenses real estate agents/brokers
Property law name
Article 12A
Types of real estate licenses (3)
salesperson, associate broker, broker
An associate broker...
has no broker powers
A broker...
sponsors salespeople and associate brokers
The salesperson's license is kept by...
the broker for whom the salesperson is working for, kept in a secure place
Pocket ID card
Kept with the agent, should be carried at all times
Any changes to a salesperson's license
should be submitted to the Department of State with 5 days notice
Fees for license
Salesperson: $50 every 2 years
Broker/Associate broker: $150 every 2 years
Education requirements
22.5 hours of continuing education prior to license renewal
Total educational hours for broker's license
120 hours (75 sales, 45 brokers)
3500 points sales experience, 2 yrs full time
5250 points for related experience, 3 years full time
reciprocal states to NY
9
Arkansas
Colorado
Connecticut
Georgia
Massachusetts
Mississippi
Oklahoma
Pennsylvania
West Virginia
What are the other DOS Licenses? (5)
1. Notary public
2. Apartment Information Vendor
3. Apartment Sharing Agent
4. Appraiser
5 Home inspector
,Office regulations
1. Must have appropriate office signage
2. Kickbacks are illegal!
3. Blind ads are illegal! (bait and switch)
Administrative discipline for misdeeds (3)
1. suspension of license
2. Revocation of license (must wait one year before applying for licensing privilege)
3. Article 78 proceeding - Appeal a decision
Stigmatized property disclosure
Article 443, sellers and seller agents do not have to disclose this info and may or may
not disclose upon written request of the buyer or buyer agent. A seller agent can
disclose only with permission of the seller. A buyer or buyer agent may provide written
request for disclosure to the seller or seller agent during negotiations for purchase.
Do Attorneys need a license to practice real estate brokerage?
No, except for when they employ licensee to work under their supervision
Commingling of funds
ILLEGAL!
Net listings
ILLEGAL!
Violation of license law
misdemeanor and punishable by $1K fine and or a maximum sentence of a year in jail
Revocation of a broker's license...
suspends the license of salespersons and associate brokers in the broker's employ
Property Condition Disclosure Statement
must be provided to the buyer's agent before the sellers accept the purchase offer
Uncapped natural gas wells
must be disclosed by seller to buyer before entering into a contract of sale.
Who can be an officer in a real estate company?
Only full broker. Not an associate broker, not a salesperson
Who can show property?
Only licensed salespeople or brokers
Agent
usually works for seller, but can also work for a buyer, representation, looks for best
interest of party, for the buyer an agent usually services, goes through motions but no
fiduciary responsibilty
Customer
the party whom the agent brings to the pricipal as a seller or buyer of the property
Client
the person who selects the agent to acts on his behalf
dual agency
when agent acts for both buyer and seller (they only have fucidicary responsibilty to
whom hired them)
Fudiciary responsibilities
OLD CAR
Obedience
Loyalty
, Disclosure of Info
Confidentiality
Accountability
Reasonable care, skill, dilligence
This is given to a client, never a customer
Real estate agent is known as...
SPECIAL AGENT (one matter)
special agent with specific authority
Vicarious liability
the responsibility of one for the acts of another. In the real estate business, this would
be the case when a listing or buyer broker is an "agent" of the seller or buyer. The client
can be held responsible for the actions of the broker agent if they have knowledge of an
improper or negligent act.
Express Agency
Listing agreement, usually in writing (exclusive)
Implied Agency
open listing, handshake deal
All agency agreements whether express or implied are consensual.
Commission payout scenarios (2):
1. % of final price
2. Flat fee
NOTE: Next listing commission (aka: 'keep the change" is illegal in NY
Forms for Representation
Buyer, seller or both, but can't exchange vital info if representing both
Buyer agent
this is a CLIENT, not a customer
Exclusive Agency
The seller reserves the right to sell the property on her own, without paying a
commission to her agent. This is different from an "exclusive right" listing, in which the
seller's broker will receive a commission from the seller, regardless of who brings the
buyer into the purchase
Exclusive right to sell
What a salesperson strives for!
Open listing
nothing on paper
Full disclosure
Agents must inform the principal of all matters through full disclosure. They must
promptly communicate to the principal all information about the transaction relating to
the agency relationship. A broker must present every offer to the seller.
Designated sales associate or agent
With disclosure and informed consent, one sales agent in the firm is designated to
represent the buyer and another agent is designated to represent the seller.
Agency disclosure form
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