Exam (elaborations)
Colibri Real Estate Exam With 100% Correct And Verified Answers
- Course
- Institution
Colibri Real Estate Exam With 100% Correct And Verified Answers
[Show more]
Content preview
Colibri Real Estate Exam With 100%Correct And Verified Answers
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
Vendarsol
,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
Vendarsol
,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
Vendarsol
, 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
How many members of the NYS Board of Real Estate must be real
estate brokers?
5
7
All
None - Correct Answer-5
How many members are on the Board of Real Estate?
13
9
12
15 - Correct Answer-15
Vendarsol
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 Vendarsol. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $19.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67163 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
