Colibri Real Estate Exam
In a real estate transaction the principal would BEST be described as
the - CORRECT ANSWER Person represented by an agent
Bert is showing his buyer a home in a historic district. The buyer
mentions in passing that she would like to place solar panels on the
roof. Be...
In a real estate transaction the principal would BEST be described as
the - CORRECT ANSWER Person represented by an agent
Bert is showing his buyer a home in a historic district. The buyer
mentions in passing that she would like to place solar panels on the
roof. Beet knows that the homeowners association CC&Rs would
prohibit this to protect the historic character of the neighborhood, but
he doesn't tell the buyer for fear she'll loose interest in the house. Bert
has committed - CORRECT ANSWER Actual fraud
During which stage of a real estate transaction must the licensee
remember to impart information to the seller regarding the potential
buyer's qualifications and the quality of the offer being presented? -
CORRECT ANSWER During the negotiation stage
Why should real estate licensees have good knowledge of the loan
programs that are currently available from local banks and other
lenders? - CORRECT ANSWER Financing is a critical part of the
transaction. Licensees need to stay current on lenders' guidelines so
they can qualify both the buyers and the property.
What is the mission of the Division of Licensing Services? - CORRECT
ANSWER 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 Division of Licensing issues licenses and
enforces the real estate law.
,What are the duties of the Secretary of State? - CORRECT ANSWER
All licensing, examination, education, and compliance provisions of
Article 12-A.
The rules of the Board.
The rules of the Secretary of State
How is an associate broker different from a broker? - CORRECT
ANSWER An associate broker must meet the same qualifications as
a licensed broker; however, an associate broker chooses to work
under the name and supervision of a licensed real estate broker.
How do licensees collect their commissions? - CORRECT ANSWER
A broker can collect commissions from the clients. However, the
licensees working for the broker can only receive commission
payments from their sponsoring broker.
How old must a person be who wishes to become licensed in New
York? - CORRECT ANSWER Salespersons must be 18 years old;
brokers must be 20 years old.
How many hours of instruction are required to become licensed in New
York? - CORRECT ANSWER Salespersons are required to
complete 77 hours of instruction; brokers must complete 152 hours.
How are exam scores reported, and what percentage is needed to
pass the exam? - CORRECT ANSWER ASAP after the exam as
either pass or fail; 70%
Besides individual and associate broker, name 2 classes of broker
licenses available. - CORRECT ANSWER Trade name broker,
corporate broker, partnership broker
What are the experience requirements to become a broker? -
CORRECT ANSWER Two full years of experience as a licensed
salesperson and 3,500 points.
,Three years of equivalent experience in some other aspect of real
estate and 5,250 points, subject to approval by the Department of
State.
Which penalty is not imposed by the DOS on a real estate broker for
engaging in fraud?
License revocation
Fine
Imprisonment
Reprimand - CORRECT ANSWER Imprisonment
An___________ real estate broker is a licensed real estate broker who
chooses to work under the name and supervision of a licensed real
estate broker. - CORRECT ANSWER Associate
Associate brokers may receive commission payments from
Seller
Buyer
Cooperating broker
Sponsoring broker - CORRECT ANSWER Sponsoring broker
Passed exam results are only valid for a period of ____ years. -
CORRECT ANSWER 2
For what are members of the Board compensated?
Their time
Their expertise
Contractual terms
Expense reimbursements - CORRECT ANSWER Expense
reimbursements
How much is the fee charged by the DOS for an associate broker
license?
$50
$185
$15
No fee is charged - CORRECT ANSWER $185
, How many points are given for hotel sales experience?
400
300
250
125 - CORRECT ANSWER 400
From whom can a salesperson receive compensation?
From any broker he or she works for
From a broker or client
From his or her sponsoring broker only
From the broker or another licensee in the same firm - CORRECT
ANSWER From his or her sponsoring broker only
How many points are given for 3 years of certain types of real estate
activities?
1,000
3,500
5,250
7,625 - CORRECT ANSWER 5,250
Which of the following is a requirement for becoming a licensed real
estate broker in NY?
Be at least 21 years old
No misdemeanor convictions
Demonstrate fair knowledge of the English language
Be a US citizen - CORRECT ANSWER Demonstrate fair knowledge
of the English language
A real estate transaction has four stages. Which of the following is
NOT one of those stages?
Listing the property
Marketing the property
Negotiating the purchase contract
Settling the transaction - CORRECT ANSWER Marketing the
property
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