Who is responsible for the administration of licensing? - ANSWER Secretary of State
Which article of real property law deals with licensees? - ANSWER Article 12A
Which article of real property law deals with real estate transactions, such as zoning, subdivisions, easements, and the like? - AN...
NYREI Exam Complete Questions & Answers(GRADED A+)
Who is responsible for the administration of licensing? - ANSWER Secretary of State
Which article of real property law deals with licensees? - ANSWER Article 12A
Which article of real property law deals with real estate transactions, such as zoning, subdivisions, easements, and the like? - ANSWER Article 9A
Which article of real property is is a proceeding known as a "suit to Quiet Title"? - ANSWER Article 14
What does section 443 of Article 12A deal with? - ANSWER disclosure issues
Which federal agency is not involved with real estate? - ANSWER SEC
Oksana was a broker in Russia, with a very poor understanding of the English language. Although she was 28 years old and now an American citizen, she was unable
to obtain her license because she did not: - ANSWER have a grasp of the English language.
Which state does NOT offer reciprocity? - ANSWER Vermont
What are three of nine states that accept NYC course credits for licensing? - ANSWER Colorado, Arkansas and Virginia
Arkansas: Available for brokers who have current licenses. They also need to have had their license for two years.
Colorado: Available for brokers and associate brokers with current licenses.
Connecticut: Available for brokers and salespersons with current licenses.
Georgia: Available for brokers and salespersons with current licenses. They had to get their license by passing the Georgia exam.
Massachusetts: Available for brokers with current licenses. They also need to have had their license for two years.
Mississippi: Available only for brokers with current licenses. They also need to have had
their license for two years. Oklahoma: Available for brokers and salespersons with current licenses. They also need to have had their license for two years.
Pennsylvania: Available for brokers and salespersons with current licenses.
West Virginia: Available for brokers and salespersons with current licenses.
Residential real estate developers do NOT - ANSWER engage in creating legal entities / partnerships between attorneys and real estate agents
The sources of law that affect real estate transaction and activity are - ANSWER State and federal law, local ordinances and court decisions
What classification of license is an associate broker? - ANSWER Class 30
What is the limit action for a tort in NYC? - ANSWER 3 years
How many hours of education are required for a brokers license? - ANSWER 120 (75+45)
The power to enforce the real estate laws is vested with - ANSWER department of state
A real estate brokerage may conduct business under the name of a corporation as long as the broker - ANSWER is an officer of the corporation
A salesperson for K&H Realty informed a buyer that the home listed with his company was underpriced for the neighborhood, and that there were several improvements that could ensure instant appreciation. In fact, the market value of the home was much less than what the salesperson disclosed. The agent committed - ANSWER fraud
In New York, this protects the broker if, after the listing expires, the owner sells the property to someone with whom the broker had dealt during the listing period. What ensures the original broker a commission? - ANSWER protection clause
Mrs. Wilson passed her initial real estate course and received her certificate from the school. She then passed the required state test. The following week, Mrs. Wilson sold her neighbor's house and she was reported to the Department of State because she did
not - ANSWER have a sponsoring broker
What does irrevocable consent mean? - ANSWER agreeing to abide by the jurisdiction of the courts when leaving NYC
Gretta is a broker in New York City and is licensed under her own name. She is also an associate broker with Smith, Williams & Company in Buffalo. This is known as - ANSWER dual licensure
The 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 papersbyjol. 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.
