Exam (elaborations)
New York Real Estate License Law Questions and Answers 2024
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New York Real Estate License Law
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New York Real Estate License LawRegulation of real estate has been assigned to - answer Department of state
Departments within Department of State? - answer Secretary of State and New York
Board of Real Estate
Secretary of State - answer In charge of administration of licensing, examination,
education, and compliance provisions
What’s the Department of State known as historically speaking? - answer “Keeper of
Records"
Whats Department of State oversee? - answer Record keeping, Division of Licensing
Services
NYS Board of Real Estate - answer Oversees all activities of NYS real estate licensees
and authority over un-licensees that perform activities that would require a license
In Charge of setting rules and regulation
NYS board of real estate
Governor appoints?
State Majority Leader?
Speaker of Assembly?
Senate and assembly minority leaders? - answer3 brokers and 4 members of the public
State Majority Leader 1 broker and 1 men of public
Speaker of asset. 1 broker and 1 member of pub
sense and assume minority
1 of each
Of 13 appointed members of the NYS Board of Real Estate, at least _____ must be
brokers - answer5
Real Estate Broker
Real Estate Associate Broker
Real Estate Salesperson - answerLicensee who reps buyers, seller and land lords or
tenants for transactions
, Broker licensee who chooses to work under the name and supervision of another broke
a licensee associated with a broker and may perform most of acts of a broker
Department of state responsible for? - answerIssuing real estate licenses
NYS Board of Real Estate - answerInterpreting the license requirements tht have been
set forth in the state law
Which licensees fall under the Jurisdiction of NY real estate property law - answerHome
inspector, apartment information vendor, real estate associate broker
Association of Real Estate License Law officials? - answerARELLO, promotes uniform
standards and policies in North America
Apartment of Vendor - answerSome who for a fee famishes info concerning the location
and availability of residential rent property
Part Sharing Agent - answerCoordinates with a customer and the current owner or
occupant of legally occupied real property who wishes to share that housing
Reciprocity - answerMutual exchange of privileges, such as recognizing a license
issues in one jurisdiction in another jurisdiction
Mortgage broker - answerEarn commission for bringing together borrowers and lenders
who organize the actual loans
Mortgage banker - answerIndividuals or companies that, for a fee, bring borrowers and
lender together for the organization of a loan
Irrevocable consent - answerSubmission of an out of state agent to the jurisdiction of
the state courts in which the agent agrees to allow summons, subpoenas, or other
processes to be served against him
Article 12-A? - answerProperty law is the source for the State Board of Real Estate's
regulations and procedures regarding licensees
Term of office for an appointed member of the State Board of Real Estate? - answer2
yrs
Who issues real estate licenses in the State of New York? - answerThe department of
state
Who is a statutory member of the state board of real estate? - answerSecretary of state
and Executive Director of the Consumer Protection Board
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