Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

New York Real Estate Saleperson Exam > Ch. 1-3 transaction, rules and regs, unlicensed assistants, law violations > Flashcards

Ch. 1-3 transaction, rules and regs, unlicensed assistants, law violations Flashcards

(51 cards)

Start Studying
1
Q

Four parts of the real estate transaction

A

L- listing the property
N- negotiating the purchase contract
F-financing the purchase
S- settling the transaction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Listing the property

A

Stipulates the terms and agreements including price of property and and length of listing period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Listing agreement authorized the broker/associate to do what

A

Find a ready, wiling and able buyer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Negotiating the purchase contract

A

Licensee must impart all important information to seller including

  • buyers qualifications
  • quality of offer
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Financing the purchase

A

Some or all of transaction will most likely be financed

Licensee needs to have good knowledge on current loan programs from banks/lenders to quality buyers and property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Settling the transaction

A

AKA Closing
Buyer receives deed to property
Seller gets proceeds from sale
Broker gets commission

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Prior to closing, licensee must

A
  • Coordinate an appraisal and title survey

- Arrange a home inspection of a federally backed loan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

NY Department of State three goals

A
  • protect health safety and welfare of consumers
  • provide efficient processing and examination services to applicants
  • provide accurate information and qualified licenses to the business community
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

NY Dept. of State, Division of Licensing does what

A

Issues licenses and enforces real estate law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Purpose of real property law Article 12-A

A

Gives authority to the DOS to regulate brokers and salespersons

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Artical 12-A, Section 441-C purpose

A

Allows DOS to revoke, suspend, fine or reprimand brokers and salespersons is the

  • violate any provision of 12-A
  • engage in fraud or fraudulent behavior
  • demonstrate untrustworthiness or incompetence
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Arrival 12-A, Section 441-i purpose

A

Established Board of Real Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Board of Real Estate consists of how many members

A

15 members total:

  • secretary of state
  • superintendent of financial survives
  • 13 appointed members
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Minimum number of brokers in the appointed members on the Boars of Real Estate

A

At least 5 brokers

-must have at least 10 years experience

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Term information for Board of Real Estate members

A
  • 2 years in length, up to 10 consecutive years
  • removal by the appointee
  • if death replaced by OG appointee
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

If a member of the Board of RealEstate misses 3 consecutive meetings they need what to continue to serve

A

A written note from Secretary of State excusing actions based on illness or death in family

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Governor can appoint how many Board of Real Estate members

A

3 brokers, 4 public

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Senate majority leader can appoint how many Board of Real Estate members

A

1 broker, 1 public

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Speaker of assembly can appoint how many Board of Real Estate members

A

1 broker, 1 public

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Senate minority leader can appoint how many Board of Real Estate members

A

1 broker OR public

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Assembly minority leader can appoint how many Board of Real Estate members

Study These Flashcards
A

1 broker OR public

22
Q

How does a vote pass on the Board of real estate

Study These Flashcards
A

By majority (8+)

23
Q

How often does the board of real estate meet (minimum) per year

Study These Flashcards
A

3 times a year at the call of the Secretary of State or majority of members

Plus public hearing in NYC, Albany and Buffalo to solicit public comment, suggestions and observations about real estate practice in NY

24
Q

Secretary of State duties

Study These Flashcards
A

Administer all licensing, examination, education and compliance provision of 12-A

Rules of the board

Rules of Secretary of State

25
Powers and duties of the board of real estate
Prescribe content for course exams Advise Secretary of State Establish rules and regulations of schools as continuing education Annually submit report to senate assembly judiciary committees on types of complaints, status of cases and length of time from complaint to final disposition
26
Responsibilities of lincensees
To be fair and competent when dealing with the public
27
Salesperson can only receive payment of commission from
Their broker
28
Exemptions to licensure
Owner selling their own property Landlord renting their own property Attorney performing duties of an attorney Court-appointed guardian
29
License qualifications for salespersons
Fair knowledge of the English language 18+ for salespersons Never been convicted of felony 75 hour pre-licensing course Pass NYS licensing exam Obtain sponsoring broker before exam $55 fee
30
License qualifications for broker
Fair knowledge of the English language 20+ for brokers Never been convicted of felony 120 hour pre-licensing course (75 sales and 45 broker) Pass NYS licensing exam Proof of 2 years experience as salesperson (3,500 pts) or 3 years equivalent experience (5,250 pts) or proof of license in reciprocating state $155 fee
31
What must be on your person at all times to show at request
Pocket ID card
32
How many days to notify DOS of change of broker or address
5 days Suspension viable if not filed
33
Change of association process
Broker fields termination of association notice with DOS Managing broker files change of association on behalf of licensee and $20 fee
34
Continuing education requirements
22.5 hours every two years 3 hours much be fair housing or discrimination 1 hour for law of agency (2 hours in first term 1 hour ethics taught by attorney
35
When could continuing education be waived
With proof of bonafide hardship provided with application and a written request
36
All courses are approved by
The department of state
37
Who sets the rules for content and other requirements
Secrets of State
38
Process for non-resident (with no reciprocity)
Pass exam, submit application, pay fee send DOS copy of current license Sign and file an irrevocable consent form Salesperson must have sponsoring broker w NYS license
39
Irrevocable consent form
Waiver stating the signee will be prosecuted under NY law for any unlawful actions done in-state
40
Apartment information vendor
Furnished information about location and availability of residential rental property 18+ years old $400 for 1 year term $5000 interest bearing escrow account plus $2500 for each branch office
41
Apartment sharing agent
Arranges meetings between potential roommates and property owners $400 for 1 year term $2500 trust account plus $1250 for each additional office
42
Appraiser
Determines value of property License or certification - assistant - real estate appraiser - residential appraiser - general appraiser $300 for a 2 year term
43
Mortgage banker
Individual of entity licensed to make residential mortgage loans License issues by Dept. of financial services $1000 for 1 year term Net worth $250,000 Line of credit min. $1 million $50,000 surety bond 5 years experience
44
Mortgage broker
Person or entity registered to solicit, process, place or negotiate residential mortgage loans Brings together lender and borrower for a fee paid by borrower 2 years credit experience Surety bind of $250,000 trust fund $500 for 1 year term
45
Home inspector
Hired to inspect property to determine the condition and provide a written report Edu, exams and supervised apprenticeship MUST be licensed and can check online
46
Commingling
Mixing of personal and business funds Broker must NOT commingle his money
47
Kickbacks
A fee or rebate paid to an agent for a referral of a customer ILEGAL IN NY
48
Blind ad
An ad WITHOUT name and license ILEGAL IN NY
49
Business cards must include
Name and address of brokerage or branch office Personal name as on license Type of license held Firms business telephone number
50
Unlicensed personal assistants may perform what tasks
Any office function not described in the license laws
51
Unlicensed personal assistants are paid
By their broker or employing salesperson as an employee (hourly rate, per activity or salaries)

New York Real Estate Saleperson Exam (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions