1. License Law Flashcards Preview

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Flashcards in 1. License Law Deck (23)
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1
Q

In 1922, New York Passed laws that regulated the real estate industry. Why?

A

To provide consumers protecton of their welfare, health, and safety of the general public and prevent economic loss resulting from the dishonest practices of others in expectation of a fee or other valuable consideration.

2
Q

How can the Department of State (DOS), Division of Licensing Services enforce real estate license law?

A

The law is enforced through fines, reprimands, and the denial, suspension or revocation of licenses.

3
Q

The Board of Real Estate is composed of how many members?

A

15 members and at least five are real estate brokers; the remainder are members of the public, and the secretary of state serves as chairperson.

4
Q

Violation of license law is a misdemeanor and is punishable by-

A

up to a year in jail and a fine up to $1,000.

5
Q

Who must be licensed?

A

Any person who performs a real estate act,
for another, and
for or in anticipation of compensation or other valuable consideration (unless otherwise specifically exempt from the state license law).

6
Q

When a broker or associate broker holds more than one license it is called-

A

dual licensure.

7
Q

What is the minimum age required to be a salesperson? Broker?
What is the difference between both?

A

Salesperson - 18
Broker - 20
A broker needs proof of two full years’ experience as a licensed salesperson.

8
Q

What are the education requirements for salesperson and broker?

A

Salesperson requires 75 hours of prelicensing education. The remaining 45 hours complete the 120 hours of prelicensing for brokers.

9
Q

What are the application fees for-
Broker, original license and renewal?
Associate broker, original license and renewal?
Salesperson, original license and renewal?

A

Brokers and Associate brokers- $150

Salesperson- $50

10
Q

How long is a license good for?

A

Each license is good for two years from the date issued.

11
Q

Who may a salesperson accept commission from?

A

The current supervising broker or from a former broker for fees already earned but not paid when the salesperson was already associated with that broker.

12
Q

What is kickback? Is this legal?

A

The illegal return of part of the commission as gifts or money to buyers or sellers.

13
Q

What is the law on ‘Offers to Purchase?’

A

All offers to purchase property must be presented promptly to the owner of the property.

14
Q

What must a broker do when a salesperson or associate broker terminates an association with that broker?

A

The supervising broker must file a termination of association notice with the DOS.

15
Q

What must a broker do when a change of association occurs?

A

The former broker must return the license and at the same time file a termination of association notice with the DOS.

16
Q

A salesperson whose license has expired and who wishes to affiliate with and renew under a different broker must establish a new-

A

record of association.

17
Q

What must a licensee do if they do not renew within two years of expiration?

A

The licensee must retake the licensing examination.

18
Q

What must a licensee do to renew their license every two years?

A

A licensee must complete 22 1/2 hours of continuing education.

19
Q

The business name and sign must be readable by which of the following:
Across the street
The Street
The Sidewalk

A

The sidewalk

20
Q

Every real estate broker must maintain a file of AGENCY DISCLOSURE FORMS, listings, offers, closing statements, and certain other documents for a period of no less than-

A

Three years but smart brokers keep these files for a lifetime.

21
Q

How soon must a broker deliver to all parties signing the document duplicate originals of any document relating to a real estate transaction?

A

Immediately.

22
Q

Brokers who hold money belonging to others in their possesion must place the money in what account?

A

Escrow or trust account.

23
Q

Listing agreements prevent-

A

brokers from interfering with anothers broker’s exclusive listing agreement.