Exam (elaborations)
NY real estate Questions with Solutions 2024
- Course
- Institution
Exam of 166 pages for the course New York State Real Estate at New York State Real Estate (NY real estate)
[Show more]
Content preview
NY real estate- answer
"real estate broker" - answer any
person, firm, limited liability company or corporation, who, for another
and for a fee, commission or other valuable consideration, lists for sale,
sells, at auction or otherwise, exchanges, buys or rents, or offers or
attempts to negotiate a sale, at auction or otherwise, exchange, purchase
or rental of an estate or interest in real estate, or collects or offers or
attempts to collect rent for the use of real estate, or negotiates or offers
or attempts to negotiate, a loan secured or to be secured by a mortgage,
other than a residential mortgage loan;
"real estate broker" shall also
include any person, partnership, association or corporation employed by
or on behalf of the owner or owners of lots or other parcels of real
estate, at a stated salary, or upon a commission, or upon a salary and
commission
"Associate real estate broker" - answermeans a licensed real estate broker
who shall by choice elect to work under the name and supervision of
another individual broker or another broker who is licensed under a
partnership, trade name, limited liability company or corporation
"Real estate salesperson" - answermeans a person associated with a
licensed real estate broker to list for sale, sell or offer for sale, at auction
or otherwise, to buy or offer to buy or to negotiate the purchase or sale
or exchange of real estate, or to negotiate a loan on real estate other than
a mortgage loan, or to lease or
rent or offer to lease, rent or place for rent any real estate, or collects or
offers or attempts to collect rent for the use of real estate for or in behalf
of such real estate broker
"Tenant relocator" - answermeans any person, firm, corporation,
partnership, limited liability company or any legal entity whatsoever,
which, for another and for a fee, commission or other valuable
consideration, supervises, organizes, arranges, coordinates, handles or is
otherwise in charge of or responsible for the relocation of commercial
or residential tenants from buildings or structures that are to be
demolished, rehabilitated, remodeled, or otherwise structurally altered.
,License required for real estate brokers
and salespersons - answerbroker- 20 years of age or over, a citizen of the United States
or an alien
lawfully admitted for permanent residence in the United States.
salesperson - age of 18 years.
No person shall
be entitled to a license as a real estate broker or real estate salesperson
under this article who has been convicted in this state or elsewhere of a
felony, of a sex offense
listing agreement/ listing contract - answerThe contract stipulates a number of terms
and agreements between the broker and the sellers, including the price for which the
property will be offered and the length of the listing period.
seller vs buyer loyalty - answerWhen the licensee works for the seller, he or she must
remember to impart all important information to the seller regarding the potential buyer's
qualifications and the quality of the offer being presented.
When the licensee has a buyer brokerage agreement with a purchaser, he or she must
represent the best interests of the buyer rather than the seller.
NEW YORK DEPARTMENT OF STATE - answerThe DOS is responsible for the
licensure, registration and/or regulation of a number of occupations, including real
estate brokers and salespersons, apartment information vendors, apartment sharing
agents, real estate appraisers and home inspectors.
The mission of the DOS is threefold:
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.
Article 12-A of the New York Real Property Law - answergives authority to the
Department of State to regulate real estate brokers and salespersons. Real Property
Law, Section 441-c, allows the Department of State to revoke, suspend, fine or
reprimand a real estate broker or salesperson if that licensee is found to have:
Violated any provision of Article 12-A of the Real Property Law.
Engaged in fraud or fraudulent practices.
Demonstrated untrustworthiness or incompetence.
BOARD OF REAL ESTATE - answerThe New York State Board of Real Estate shares
duties with the Department of State with regard to real estate license law. Section 442-i
,of the Real Property Law established the New York State Board of Real Estate and
went into effect on January 1, 1996.
The Board consists of fifteen members:
The Secretary of State
The Executive Director of the Consumer Protection Board
Thirteen appointed members
The appointed members are either real estate brokers or public members. A public
member cannot be a real estate broker. The members of the Board are appointed by
the Governor and the legislative leaders according to a specific set of rules.
At least five members of the Board must be real estate brokers. To qualify, a real estate
broker must be currently licensed as a real estate broker by the State of New York and
must have been engaged in the real estate business in the State of New York for at
least ten years prior to the appointment.
The term of office is two years.
POWERS AND DUTIES OF THE SECRETARY OF STATE - answerThe Secretary of
State 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.
The Secretary of State has the authority to do any of the following:
Enforce the provisions of Article 12-A, either upon any person's complaint or upon the
Secretary's own initiative.
Investigate any law violation.
Investigate the business, business practices, and business methods of any person
applying for or holding a license as a real estate broker or salesperson.
Approve or deny license applications and renewals.
Suspend or revoke a license, or impose a fine or reprimand, for violations of Article 12-
A.
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? - answerDuring 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? - answerFinancing 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 - answerThe mission of the
Division is threefold:
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.
What are the duties of the Secretary of State? - answerThe Secretary of State
administers:
All licensing, examination, education, and compliance provisions of Article 12-A.
The rules of the Board.
The rules of the Secretary of State.
Categories of Licensure - answerThe three categories of licensure in New York are:
Broker
Associate Broker
Salesperson
real estate broker - answermeans any person, firm, limited liability company or
corporation who performs for a fee or the expectation of a fee, commission or other
consideration any of the following activities for another person:
Negotiates or attempts to negotiate the listing of real property.
Negotiates the sale of real property.
Negotiates leases.
Exchanges real estate interests.
Collects or attempts to collect rent for the use of real estate.
Negotiates a loan secured by a mortgage.
Engages in the business of a tenant relocator.
Sells condominiums or cooperatives.
Auctions lots or other real estate parcels.
Negotiates the sale of a parcel of subdivided land.
Sells a business whose real estate value is more than half the transaction value.
A broker is responsible for managing and supervising all affiliated licensees. This
means that brokers must see to it that their licensees comply with all the license laws.
To help with this, many brokers provide training to their licensees and provide detailed
procedures manuals for all the associates.
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 julianah420. 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)
77988 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now