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Real Estate U Quiz Questions and Complete Solutions Graded A+
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Real Estate U Quiz Questions and Complete Solutions Graded A+
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Real Estate U QuizQuestions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
,NYS Department of State - Answer: The Department of State is primarily responsible for issuing real
estate licenses, pocket cards, and handing down disciplinary action.
Article 12-A of the NYS Real Property Law outlines the roles/duties of the Department of State.
Attorney General - Answer: According to Article 12-A (NYS Real Property Law), the Attorney General
shall prosecute criminal actions for violations of the Real Property Law.
New York Court of Appeals - Answer: The New York Court of Appeals is the highest court in New York
State.
Misdemeanor - Answer: According to section 442-e of the NYS Real Property Law:
"Any person who violates any provision of this article shall be guilty of a misdemeanor. The commission
of a single act prohibited by this article shall constitute a violation hereof."
Violations of the Real Property Law - Answer: The Department of State may suspend or revoke a real
estate salesperson or broker's license for violations of the Real Property Law.The DOS may also impose a
fine not to exceed $1,000.
Real estate salespersons license - Answer: A real estate salesperson must be at least 18 years old.A real
estate salespersons license is valid for 2 years.Every 2 years, the salesperson must renew their license
online through eAccessNY.Before renewing a license, the salesperson must complete 22.5-hours of
Continuing Education.
Real estate salespersons may perform acts that a broker is authorized to perform, but they do so on
behalf of a broker with whom they are associated.
Real estate brokers license - Answer: Once an individual obtains their NYS real estate salespersons
license, they must do the following to obtain a brokers license:- Have at least two years of experience as
a real estate salesperson.- Be at least 20 years of age.- Complete the 45-hour NYS real estate broker's
course (120 hours of total coursework including the 75-hour real estate salespersons course).- Pass the
State real estate broker's exam.
A brokers license must be renewed every 2 years.
,Associate broker - Answer: Associate real estate brokers must fulfill the same requirements as a broker
(they must obtain their brokers license), but their status in the firm is the same as that of a salesperson.
Pocket Card - Answer: The Department of State issues a real estate license and a pocket card.
The salesperson's license is held with their sponsoring broker.
The salesperson must carry their pocket card at all times when doing business and show it on demand.
Suspension or Revocation of Sponsor's License - Answer: If a broker's license is suspended or revoked,
each real estate salesperson working under that broker shall also have their licenses suspended. In this
case, the State deems the salesperson's license as a 'discontinuance of association with the broker being
suspended'.
License Exemptions - Answer: - Attorneys admitted to the NY State Bar are exempt from obtaining a
license if they represent a client. If an attorney wants to employ salespersons, they then must obtain a
broker's license.
- Public officers are exempt when performing official duties.
- Persons under the judgement or order of a court.
Advertising - Answer: "All advertisements placed by a broker must indicate that the advertiser is a
broker or give the name of the broker and his telephone number.
All advertisements placed by a broker which state that property is in the vicinity of a geographical area
or territorial subdivision must indicate as part of such advertisement the name of the geographical area
or territorial subdivision in which such property is actually located."
Blind Advertising - Answer: All ads by a licensee must indicate that the advertiser is a broker and give
the name and telephone number of the broker.
Ads that do not contain this information are called blind ads.
Blind ads are illegal in New York State.
Stigmatized Property Disclosure - Answer: According to Article 443-a of the NY Real Property Law,
sellers and seller agents do not have to disclose the following facts when selling or leasing residential
property:
1) Occupants who have AIDS or other illnesses not transmitted through occupancy.
, 2) Properties that were a site of death due to natural causes, accidents, suicide, homicide, crime and
other reasons.
Record Keeping - Answer: Brokers must maintain records of all transactions for at least 3 years.
General Agent - Answer: Someone authorized to transact every kind of business for the principal.
Example: Property Manager
Special Agent - Answer: An agent with limited authority to act on behalf of the principal, such as created
by a listing.
Example: Real Estate Agent / Real Estate Broker
Universal Agent - Answer: A universal agent has complete authority over any activity of the principal.
Example: Power of Attorney
Agent / Client Relationships - Answer: The buyer and/or seller is known as the Principal or Client.
The broker is known as the Agent.
The salesperson is a Sub-agent of their broker.
Buyer Agency / Buyer Brokerage - Answer: Buyer agency occurs when a purchaser/renter hires a broker
to represent them.
The purchaser/renter employs a broker to locate a property. In this relationship, the buyer is the
principal and the broker is the agent.
A Buyer Representation Form should be signed between the buyer and broker.
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