Exam (elaborations)
2024 NY REAL ESTATE EXPRESS PRACTICE EXAM WITH CORRECT ANSWERS
- Course
- Institution
2024 NY REAL ESTATE EXPRESS PRACTICE EXAM WITH CORRECT ANSWERS
[Show more]
Content preview
2024 NY REAL ESTATE EXPRESSPRACTICE EXAM WITH CORRECT
ANSWERS
Define Lis pendens - CORRECT ANSWERS-Lis pendens is a legal document
giving notice of an action that has been filed against a parcel of property.
Easement Appurtenant - CORRECT ANSWERS-gives a property owner a right
of usage to portions of an adjoining property owned by another party.
Easement by Necessity - CORRECT ANSWERS-granted by a court of law to a
property owner because of a circumstance of necessity, most commonly the
need for access to a property.
Sellers market their property using a __________. - CORRECT ANSWERS-listing
agreement
When the licensee has a buyer brokerage agreement with a purchaser, he or
she must represent the best interests of the ___ rather than the ___. -
CORRECT ANSWERS-buyer,seller
In most cases, buyers cannot make a purchase without ____ at least some
part of the transaction. - CORRECT ANSWERS-financing
Buyer gets the ____ to the property, seller gets the _____ from the sale, and
the broker gets a _____. - CORRECT ANSWERS-deed, proceeds, commission
The DOS is responsible for the ___, _____ and _____ of a number of
occupations - CORRECT ANSWERS-licensure, registration, regulation
The Mission of the DOS is... - CORRECT ANSWERS-To protect the health,
safety and welfare of consumers.
To provide efficient processing and examination services to license
applicants.
To provide accurate information and qualified licensees to the business
community.
The DOS is allowed to reprimand a real estate broker if: - CORRECT
ANSWERS-Violated any provision of Article 12-A of the Real Property Law.
Engaged in fraud or fraudulent practices.
Demonstrated untrustworthiness or incompetence.
, The Board consists of the _____, the _____ of Financial Services and ______
(brokers or public members). - CORRECT ANSWERS-Secretary of State,
Superintendent of Financial Services, thirteen appointed members (brokers
or public members).
Depending on the appointments by the Minority Leaders, the Board will be
composed of: - CORRECT ANSWERS-Seven real estate brokers and six public
members
Six real estate brokers and seven public members
Five real estate brokers and eight public members
The _____ is the Chairperson. A Vice-Chairperson and Secretary are elected
from among the other members of the Board. If a member fails to attend
____ consecutive meetings, the member shall forfeit seat on the Board (may
be excused due to illness or death in the family). - CORRECT ANSWERS-
Secretary of State, three
The ____ has the duty to administer all licensing, examination, education, and
compliance provisions of Article 12-A; the rules of the Board; and the rules of
the Secretary of State. - CORRECT ANSWERS-Secretary of State
Except for things delegated specifically to the ____, the ___ has general
authority to promulgate rules and regulations affecting real estate brokers
and salespersons in order to administer Article 12-A of the Real Property
Law. - CORRECT ANSWERS-Secretary of State, Board
Has a responsibility to be fair and competent when dealing with the public. Is
responsible for managing and supervising all affiliated licensees. - CORRECT
ANSWERS-real estate broker
Licensed real estate broker who chooses to work under the name and
supervision of a licensed real estate broker. Can maintain a separate real
estate broker's license. Can only receive commission payments from their
sponsoring broker. - CORRECT ANSWERS-Associate real estate broker
Works on behalf of a licensed real estate broker to perform any of the duties
associated with real estate transactions. Can only receive commission
payments from sponsoring broker. - CORRECT ANSWERS-Real estate
salesperson
Exemptions from needing a license: - CORRECT ANSWERS-An owner
selling/landlord renting own property.
An attorney performing duties as an attorney/admitted to the bar in New
York.
A receiver or trustee in bankruptcy.
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 Elitaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now