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Real Estate Chapter 1 EXAM
Terms in this set (30)
1. Abby is a high school teacher but wants to get her salesperson's license in order to rent real estate during the summer months. Which of the following requirements must Abby satisfy in order to obtain her license...?
She must be proficient in the English language
2. David, a real estate salesperson, was subject to a fine by the Department of State for a material misrepresentation on his license application. David challenged the State's fine through this proceeding...?
Article 78 Proceeding
3. What must a licensed real estate salesperson keep on him or herself at all times when practicing as an agent...?
A Pocket Card
4. When is a real estate salesperson required to give notice to the Department of State....?
When a salesperson becomes a broker
5. Which of the following actions may lead to a salesperson losing their license...?
Offering properties for sale without the consent of the owner
6. Which of the following may NOT lead to a salesperson losing his/her license...?
Not earning a commission in their first year as a salesperson
7. A price below which an owner will not sell the property, and at which price a broker will not receive a commission is referred to as what...?
8. Which of the following is NOT included on a real estate salesperson's pocket card...?
9. A payment by a broker to anyone who is not licensed or who is not exempt from the license law is known as a...?
10. A crime punishable by up to a year in prison and/or a $1,000 fine is known as what...?
11. Which of the following professionals works under and/or for a real estate broker...?
12. Who is a real estate salesperson required to work under...?
A licensed real estate broker
13. According to Article 12-A of the NYS Real Property Law, which of the following actions requires a real estate license...?
Collect rent on behalf of another
14. According to Article 12-A of the NYS Real Property Law, which of the following acts does NOT require a real estate license...?
Reviewing a prospective investment property on behalf of another
15. According to Article 12-A of the NYS Real Property Law, which of the following actions requires a real estate license...?
Renting a property on behalf of another
16. According to Article 12-A of the NYS Real Property Law, which of the following actions does NOT require that an individual have a real estate license...?
Buying real estate as an investment
17. An ad that remains anonymous as to who is advertising is known as a...?
18. Which of the following is NOT exempt from having to obtain a real estate salespersons or broker license to practice real estate...?
19. Which of the following individuals are exempt from having to obtain a real estate salespersons or broker's license to practice real estate...?
Court ordered officials
20. Which document is used to disclose that an agent is acting as a dual agent in a transaction...?
NYS Disclosure Form for Buyer and Seller
21. Chris is a real estate broker involved in a residential transaction. When Chris illegally places his client's funds into his personal account, what is he engaged in...?
Commingling of Funds
22. To mingle or mix funds is known as what...?
23. How many hours of continuing education are required by salespersons and brokers...?
24. The post-license education required by salespersons and brokers is known as what...?
25. A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition is known as what...?
26. Which of the following would prevent an individual from obtaining their real estate salesperson license...?
Having a felony conviction
27. The act of recalling a power of authority is known as what...?
28. According to Article 12-A of the NYS Real Property Law, which of the following will prevent an individual from obtaining their real estate salespersons license...?
Being a convicted sex offender
29. Incapable of being recalled or revoked is also referred to as...?
30. A licensed real estate broker that holds the license of a salesperson is known as what...?
THIS SET IS OFTEN IN FOLDERS WITH...
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