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Colibri Real Estate Exam|100 Questions and Answers A+ Graded
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Colibri Real Estate Exam|100 Questionsand Answers A+ Graded
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? - -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? - -
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? - -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? - -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? - -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? - -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? - -
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? - -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? - -ASAP after the exam as either pass or fail; 70%
, - Besides individual and associate broker, name 2 classes of broker licenses
available. - -Trade name broker, corporate broker, partnership broker
- What are the experience requirements to become a broker? - -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 - -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. - -Associate
- Associate brokers may receive commission payments from
Seller
Buyer
Cooperating broker
Sponsoring broker - -Sponsoring broker
- Passed exam results are only valid for a period of ____ years. - -2
- For what are members of the Board compensated?
Their time
Their expertise
Contractual terms
Expense reimbursements - -Expense reimbursements
- How much is the fee charged by the DOS for an associate broker license?
$50
$185
$15
No fee is charged - -$185
- How many points are given for hotel sales experience?
400
300
250
125 - -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 - -From his or her
sponsoring broker only
- How many points are given for 3 years of certain types of real estate
activities?
1,000
3,500
5,250
7,625 - -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 - -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 - -Marketing the property
- How many members of the NYS Board of Real Estate must be real estate
brokers?
5
7
All
None - -5
- How many members are on the Board of Real Estate?
13
9
12
15 - -15
- In New York the real estate examinee must correctly answer at least
______percent of the questions to pass the exam. - -70
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