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Colibri Real Estate Exam questions with correct answers
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Colibri Real Estate Exam questions with correct answers
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Colibri Real Estate Exam questions with correctanswers
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
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