Chapter 1

Question 1

To mingle or mix funds is known as what?

Answer 1

Commingling

Question 2

The section of the New York Real Property Law pertaining to real estate salespersons and brokers is know as?

Answer 2

Article 12-A

Question 3

According to the Article 12-A of the NYS Real Estate Property Law, what are the requirements of obtaining a real estate salesperson license?

Answer 3

1. Proficiency in the english language
2. Be a US citizen or permanent resident
3. No Felony convictions - if you already convicted obtain certificate of relief from disability from court which states complete sentencing
4. Cannot be a convicted sex offender
5. Must be at least 18 years old (for salesperson) and at least 20 years old (for Broker or Associate Broker)

Question 4

An ad that remains anonymous as to who is advertising is known as a?

Answer 4

Blind Ad

Question 5

The act of recalling a Power of Authority is known as what?

Answer 5

Revocation

Question 6

A card issued by the Department of State to each licensee is known as what?

Answer 6

Pocket Card

Question 7

A licensed Real Estate Broker, who by choice elects to work under the name and supervision of another Real Estate Broker is known what?

Answer 7

Associate Real Estate Broker

Question 8

When is a Real Estate Salesperson required to give notice to the Department of State?

Answer 8

Change in name
Change in status
Change in Brokerage
Change in location (address change)

Question 9

The Department of States ability to enforce license laws through reprimand and denial as well as suspension and revocation of licenses is known as?

Answer 9

Administrative Discipline

Question 10

How many hours of Fair Housing training must a real estate salesperson complete every two years?

Answer 10

3 hours.

Question 11

An employment contract between principal and agent, authorizing the agent to perform services for the principal involving the latter’s property is known as?

Answer 11

Listing Agreement

Question 12

What is the primary purpose of Article 12-A of the NYS Real Property Law?

Answer 12

The protect the public.

Question 13

What document is used to disclose that an agent is acting as a dual agent in a transaction?

Answer 13

NYS Disclosure Form for Buyer and Seller

Question 14

Exemptions for Licensure

Answer 14

• Real Estate Attorney
• Government official pertaining to court or real estate proceeding duties
• Court ordered official (ex, trustee in bankruptcy proceeding, real estate guardian, executor, or administrator.)

Question 15

Who work for or is sponsored by a real estate broker?

Answer 15

Real Estate Salesperson

Question 16

An appeal brought forth because of a ruling by government agency is known as what?

Answer 16

Article 78 Proceeding

Question 17

A licensed individual that charges a fee to serve as the mediator between the buyer and seller is known as what?

Answer 17

Real Estate Broker

Question 18

A payment by a Broker to anyone who is not licensed or who is not exempt from the license law is known as a?

Answer 18

Kickback

Question 19

What actions may lead to a salesperson losing their license?

Answer 19

1. Making a material misstatement in your license application
2. Commit fraud
3. Demonstrating incompetency
4. Offering properties for sale without the consent of the owner
5. Taking the property of a broker (listing, etc.) when leaving that broker.
6. Not acting in accordance with the 7. Anti-discrimination Laws
7. Practicing law without being a lawyer
8. Commingling funds
   Net listing contract

Question 20

Who works under and/or for a real estate broker?

Answer 20

Associate Broker

Question 21

A licensed real estate broker that holds the license of a salesperson is known as a?

Answer 21

Sponsor

Question 22

How much time is given to complete the NYS Real Estate Salesperson exam?

Answer 22

1.5 hours