Exam (elaborations)
NY REAL ESTATE EXAM 2024 QUESTIONS WITH SOLUTIONS
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NY REAL ESTATE EXAM 2024
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NY REAL ESTATE EXAM 2024associate real estate broker - answer a licensed real estate broker who may perform the
acts of a broker but chooses to work under the name and supervision and license of a
licensed broker
real estate broker - answer any persons partnership association or corporation who, for
another and for compensation of any kind negotiates any form of real estate transaction.
The New York Department of State Division of Licensing Services - answer oversees
licensure
real estate salesperson - answer anyone who performs as a real estate broker for
compensation of any kind, but does so only while associated, licensed with, and
supervised by a licensed broker who is the salespersons sponsor
sponsor - answer a salesperson or an associate cannot work independently
eAccess NY - answer NYS Department of states password protected occupational
licensing management system
Misdemeanor - answerless serious crime under law than felony
terminations of association - answerDOS requires termination of salesperson by the
principle broker before it permits a change of association by a new brokerage firm
Reciprocity - answernonresident licensees who want NY licensure and who live in the
states that do not require NY salespersons and brokers to have an office in their state or
pass their exam do not have to do so in NY
home inspector - answerobserves and provides a written report of the systems and
components of a residential building for compensation.
kickback - answercan occur when a broker pays an unlicensed person for obtaining a
listing.
blind ad - answerad that does not contain full address or phone number of broker
team - answertwo or more people one of whom must be an associate broker or
salesperson associated with the same brokerage firm that operate as a team
, Listing Agreement - answerbrokerage contract to market a sellers property for a
commission
multiple listing service - answersystem that pools the listings of all member companies
escrow account - answerseparate trust in a federally insured bank
Commingling - answermixing the funds of others with business or personal funds
net listing - answerthe seller specifies a net amount of money he wants to receive upon
sale of a property. all monies above this net amount are the brokers commission.
revocation of a broker license - answersuspends the licenses of the salesperson and
associate brokers affiliated with the broker
Article 78 proceeding - answermethod for appeals against regulatory agencies such as
the DOS
agent - answerperson hired on anothers behalf
fiduciary - answerone in a position of trust and loyalty to the principal
Principal - answerperson who selects the agent to act on his behalf
customer - answerparty the agent brings to the principal as a seller or a buyer
fiduciary duty - answerOLDCAR
Obedience Loyalty Disclosure Confidentiality Accountability Reasonable care
obedience - answerobey reasonable and legal principal instructions
general agent - answersomeone authorized to handle all affairs of the principal
concerning a certain matter of property
special agent - answersomeone who has narrow authorization to act on behalf of the
principal
self dealing - answerwhen a broker has an undisclosed interest in a property
Express Agency - answeran agency relationship created by an oral or written
agreement between the principal and agent
estoppel - answerexists when a principal does not stop an individual from representing
his or her interests, thus creating an agency relationship between the two
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