NY real estate express practice exam Flashcards

NY real estate express practice exam Flashcards Licensed real estate broker who chooses to work under the name and supervision of a licensed real estate broker. Can maintain a separate real estate broker's license. Can only receive commission payments from their sponsoring broker.Associate real estate broker Except for things delegated specifically to the ____, the ___ has general authority to promulgate rules and regulations affecting real estate brokers and salespersons in order to administer Article 12-A of the Real Property Law.Secretary of State, Board The Board consists of the _____, the _____ of Financial Services and ______ (brokers or public members).Secretary of State, Superintendent of Financial Services, thirteen appointed members (brokers or public members).The DOS is responsible for the ___, _____ and _____ of a number of occupations licensure, registration, regulation used to transmit the transfer tax.The Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax (Form TP 584) Outlines what the court believes happened. Findings of Fact Exemptions from needing a license:An owner selling/landlord renting own property.An attorney performing duties as an attorney/admitted to the bar in New York.A receiver or trustee in bankruptcy.The _____ is the Chairperson. A Vice-Chairperson and Secretary are elected from among the other members of the Board. If a member fails to attend ____ consecutive meetings, the member shall forfeit seat on the Board (may be excused due to illness or death in the family).Secretary of State, three Handling Funds - A real estate broker must not _____ money with his own funds. The broker must maintain a separate escrow account to be used exclusively for the deposit of client monies.commingle A listing agreement that authorizes the broker to find a ready, willing and able buyer for the property. A buyer's agency agreement authorizes the broker to find a suitable property to purchase or rent.Express Agency The Mission of the DOS is...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.A personal assistant may perform any office function NOT described in the license law as one which only licensees

may perform. Activities allowed for licensed personnel

only:____Personal assistants may be paid directly by the

broker or the employing salesperson.Hold open houses and show real property.Negotiate commissions.Perform activities to solicit business for the

broker or any other activity that requires a license.Managing Property for a Client - A broker (can/ can not) accept any commission without the client's full consent.cannot In order to become a licensed salesperson in New York, a

candidate must:Be at least __ years old and permanent US

residency.Successfully complete the __-hour pre-license course approved by the New York Department of State and pass the New York state licensing exam.Obtain a _____ before obtaining the license.18, 75, sponsoring broker Delivering Duplicate Originals - Duplicate originals of any documents that a broker prepares that pertain to a real estate transaction must be delivered immediately to all parties to the transaction.Delivering Duplicate Originals - Duplicate originals of any documents that a broker prepares that pertain to a real estate transaction must be delivered immediately to all parties to the transaction.An Executor's deedAn Executor's deed is a personal representative's deed issued by an executor to convey a decedent's estate.Easement Appurtenantgives a property owner a right of usage to portions of an adjoining property owned by another party.Continuing EducationTo renew his or her license, a licensee must complete ___ hours of continuing education during the two-year period preceding the renewal date.

22.5 Fines and reprimands are referred to as ____. A violation of license law also constitutes a misdemeanor.If a broker's license is suspended, the licenses of all salespersons and associate brokers associated with that broker will also be suspended, until the salesperson ____ administrative discipline. can change the association to another broker.Act of conveyanceExpresses the grantor's present desire and intention to transfer legal title to the grantee (granting clause).Define Lis pendensLis pendens is a legal document giving notice of an action that has been filed against a parcel of property.designated agency.Designated agency means that a broker may designate one or more licensees to act exclusively as the agent of the seller or landlord, and designate one or more licensees to act exclusively as the agent of the buyer or tenant in the same transaction. This arrangement must also be disclosed to both parties, and the broker must obtain the written consent of both the buyer and the seller.PrescriptionAdverse and hostile useOpen and notorious useContinuous use (ten years) A person who arranges meetings between potential roommates and property owners who want to share their apartments and homes with others.Apartment-Sharing Agent Renewal ProcedureIf the licensee is a salesperson or an associate broker, the renewal application must be signed

by the ____, confirming the fact that the licensee is sponsored by that broker.It is the licensee's responsibility to complete the renewal form and pay the appropriate fees before the license expires.broker