NEW YORK REAL ESTATE LICENSING ACTUAL EXAM 200

NEW YORK REAL ESTATE LICENSING ACTUAL EXAM | 200

QUESTIONS WITH VERIFIED ACCURATE SOLUTIONS

1.What is the primary article of New York Real Property Law that governs the licensing of real estate brokers and salespersons?Article 12 Article 12- A Article 78 Article 9-a 2.Explain the significance of the points system in the context of real estate licensing in New York. Why might these points be important for licensees?They determine the eligibility for advanced licensing.They are used to calculate commission rates.They influence the duration of the licensing process. They are irrelevant to the licensing process.

3.What term describes a licensed real estate broker who operates under the name and supervision of another licensed real estate broker?

Subordinate Affiliate Associate Independent 1 / 4

4.If an associate broker currently holds licenses with two different sponsoring brokers and wishes to obtain a third license, what steps must they take according to New York real estate licensing regulations?They must submit a new application for each license without needing any statements. 2 / 4

They need to obtain a statement from each of the three sponsoring brokers acknowledging their licensure.They can apply for the new license without any additional documentation.They must first resign from one of the sponsoring brokers before applying for the new license.

5.If a real estate firm wants to operate under a specific trade name and engage in corporate transactions, which types of broker licenses should they obtain?Individual broker and partnership broker Trade name broker and corporate broker Associate broker and managing broker Corporate broker and partnership broker 6.Explain the role of a salesperson in a real estate transaction in New York. How does their commission structure differ from that of a broker?Salespersons can receive commissions directly from clients, while brokers cannot.Salespersons receive commissions only through their sponsoring broker, while brokers can earn commissions from multiple sources.Salespersons are not allowed to earn commissions, whereas brokers earn all commissions.Salespersons and brokers have the same commission structure and can receive payments directly from clients.

7.Which of the following does NOT appoint members to the 3 / 4

Board? Governor Secretary of State

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