Exam (elaborations)
NY State Real Estate Exam Study Practice Guide( Solved)
- Course
- Institution
NY State Real Estate Exam Study Practice Guide( Solved)
[Show more]
Content preview
NY State Real Estate Exam Study Practice Guide ( Solved) What agency issues real estate licenses? - The New York State Department of State (NYDOS), Division of Licensing Services At what age can you become a real estate salesperson (agent) - 18 Do you need experience in the field to become a salesperson? - No. What is the minimum age to become a real estate broker? - 20 Do you need experience in the field to become a broker? - yes, 2 years and 3500 points If your license is revoked how long do you have to wait to re -apply? - 1 year As a licensed salesperson , you can receive compensation from? - Only the sponsoring Broker As a salesperson, you will be a __________ and will get a _________ form from your broker and file a _________ on your tax return to detail earnings vs expenses. - independent contractor, 1099, Schedule C Attorneys admitted to the bar in NYS are ______ from the licensure law, unless they take on salespeople. - Exempt If you mix your client's money with the office operating funds, it's called ______ and you have violated which of the fiduci ary obligations? _______ - commingling, accountability For how long does a broker need to keep all of his/her paperwork and records? - 3 years If my license has expired, for how long can I continue to practice real estate sales? In other words, what is t he grace period? - No grace period Your real estate license with the pocket card will be sent to your sponsoring broker. Who holds the license? Who holds the pocket card? - The Broker, you As a real estate salesperson you have to take continuing educatio n every ______ years - 2 How many hours of continuing education (CE) are required? - 22.5 There is also a 3 hour CE component of ________ required every 2 years - Fair Housing Are real estate brokers also required to fulfill the CE requirement? - Yes. If a seller decides not to provide the purchaser with the 'property condition disclosure form,' how much of a reduction in price does he have to give. - $500 If you are truly an independent contractor, what is it that your broker can provide for you? - Telephone and office supplies. As an independent contractor, are you paid for the number of hours you put into a deal or for your 'production'? - Production What is the term of real estate licensure? - 2 years I want to make an application to become a 'mo rtgage broker'. I can use my experience as a real estate licensee on my application to the NYS department of Banking. How many years of experience do I need? - 2 Years Violation of license law is a __________. - Misdemeanor Referring to the last question about violation of license law, what is the possible penalty? _________and/or___________. - 1 year or 1000 dollars What is the very first document you should fill out with a new client or customer? - Agency disclosure form At what moment should you take out the agency disclosure form? - First Substantive contact Regarding the last question about the agency disclosure form and when you should take it out (first substantive contact) define what that means? - As soon as the client starts to ask questions a bout the property. What should you do if the client or customer refuses to sign the agency disclosure form? - Affidavit As a real estate salesperson, I am practicing ______ agency. - special As a property manager, I am practicing ___ agency. - in general In estate planning I am practicing ________ agency. - universal What would you call a situation where I represent the seller as my client but then work in the best interests of the buyer(my customer)? - undisclosed dual agency If I represent the buyer as a broker this would be called a _________. - Buyer Agency I owe all of the fiduciary obligations to my client or my customer? - a clientThe benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller PaperStore. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now