Podcast
Questions and Answers
Under what circumstance must a real estate salesperson notify the Department of State?
Under what circumstance must a real estate salesperson notify the Department of State?
- When they transition to part-time status.
- When they obtain a broker's license. (correct)
- Upon earning their first commission.
- After completing their first transaction.
According to Article 12-A of the NYS Real Property Law, what is a general requirement for obtaining a real estate salesperson's license?
According to Article 12-A of the NYS Real Property Law, what is a general requirement for obtaining a real estate salesperson's license?
- Possession of a work permit. (correct)
- Completion of a college diploma.
- Two years of experience in real estate.
- Ability to read efficiently.
What requirement must an individual satisfy to obtain a real estate salesperson license?
What requirement must an individual satisfy to obtain a real estate salesperson license?
- Must be a real estate attorney.
- Possession of a work permit. (correct)
- Possession of a college diploma.
- At least two years of experience in the field.
What is a licensed individual who negotiates and arranges real estate sales known as?
What is a licensed individual who negotiates and arranges real estate sales known as?
According to Article 12-A of the NYS Real Property Law, which activity necessitates a real estate license?
According to Article 12-A of the NYS Real Property Law, which activity necessitates a real estate license?
What is a licensed real estate broker who holds the license of a salesperson commonly referred to as?
What is a licensed real estate broker who holds the license of a salesperson commonly referred to as?
What is the act of recalling a power of authority legally termed?
What is the act of recalling a power of authority legally termed?
Which offense could lead to a salesperson's license being revoked?
Which offense could lead to a salesperson's license being revoked?
What term describes the discontinuance of an agent's relationship with their sponsoring broker?
What term describes the discontinuance of an agent's relationship with their sponsoring broker?
What is a universally required component for all real estate salesperson licensees?
What is a universally required component for all real estate salesperson licensees?
Combining personal funds with client or escrow funds is known as what?
Combining personal funds with client or escrow funds is known as what?
What is the allotted time to complete the New York State real estate salesperson exam?
What is the allotted time to complete the New York State real estate salesperson exam?
What term defines the process by which a salesperson's license changes sponsorship?
What term defines the process by which a salesperson's license changes sponsorship?
According to Article 12-A of the NYS Real Property Law, which action requires a real estate license?
According to Article 12-A of the NYS Real Property Law, which action requires a real estate license?
What is a fundamental requirement for obtaining a real estate salesperson's license?
What is a fundamental requirement for obtaining a real estate salesperson's license?
What documentation must an applicant bring when taking the New York State real estate salesperson exam?
What documentation must an applicant bring when taking the New York State real estate salesperson exam?
How frequently must a real estate salesperson renew their license?
How frequently must a real estate salesperson renew their license?
Which factor would legally prevent an individual from acquiring their real estate salesperson license?
Which factor would legally prevent an individual from acquiring their real estate salesperson license?
What term describes something that is incapable of being recalled or revoked?
What term describes something that is incapable of being recalled or revoked?
Which illegal act may lead to a real estate salesperson losing their license?
Which illegal act may lead to a real estate salesperson losing their license?
Which of the following is NOT a likely cause for a salesperson to lose their license?
Which of the following is NOT a likely cause for a salesperson to lose their license?
According to the Department of State regulations, what are blind ads considered?
According to the Department of State regulations, what are blind ads considered?
A professional with the knowledge and expertise to estimate the value of a property is known as a...?
A professional with the knowledge and expertise to estimate the value of a property is known as a...?
What is a person who arranges meetings between a customer and owner of legally occupied real property for shared housing known as?
What is a person who arranges meetings between a customer and owner of legally occupied real property for shared housing known as?
What is an act, deed, or condition that is contrary to law referred to?
What is an act, deed, or condition that is contrary to law referred to?
If the Department of State revokes a license due to a misdemeanor, what action did they exercise?
If the Department of State revokes a license due to a misdemeanor, what action did they exercise?
What best describes any person who engages in collecting fees for furnishing information on available real property?
What best describes any person who engages in collecting fees for furnishing information on available real property?
What is a price below which an owner will not sell, where the broker receives no commission, known as?
What is a price below which an owner will not sell, where the broker receives no commission, known as?
Which conduct by a salesperson could lead to the loss his/her real estate license?
Which conduct by a salesperson could lead to the loss his/her real estate license?
Which action may lead to a salesperson losing their license?
Which action may lead to a salesperson losing their license?
Flashcards
When notify DOS?
When notify DOS?
Notify the Department of State when obtaining a broker's license.
Salesperson License Requirement?
Salesperson License Requirement?
Having at least a work permit.
Real Estate Salesperson
Real Estate Salesperson
An individual licensed to negotiate and arrange real estate sales.
Action needing license?
Action needing license?
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Who is a Sponsor?
Who is a Sponsor?
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What is Revocation?
What is Revocation?
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Offense leading to license loss?
Offense leading to license loss?
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What is Termination?
What is Termination?
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Salesperson License Requirement?
Salesperson License Requirement?
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What is Commingling?
What is Commingling?
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NYS salesperson exam length?
NYS salesperson exam length?
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License sponsorship change?
License sponsorship change?
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Action needing license in NY?
Action needing license in NY?
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Salesperson License Requirement?
Salesperson License Requirement?
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Exam requirement?
Exam requirement?
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How often renew license?
How often renew license?
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Prevents license?
Prevents license?
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Irrevocable
Irrevocable
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Illegal act?
Illegal act?
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What will NOT lead to them losing their license?
What will NOT lead to them losing their license?
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Blind ads are...
Blind ads are...
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Estimates property value?
Estimates property value?
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Who's who in apartment sharing?
Who's who in apartment sharing?
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Act contrary to law
Act contrary to law
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DOS revoking license example?
DOS revoking license example?
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Who contracts fees?
Who contracts fees?
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Price below for broker?
Price below for broker?
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Action not leading to license loss?
Action not leading to license loss?
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Action leading to license lost?
Action leading to license lost?
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Study Notes
- A real estate salesperson must notify the Department of State (DOS) when becoming a broker
- According to Article 12-A of the NYS Real Property Law, a general requirement for obtaining a real estate salesperson's license is having at least a work permit
- To become a real estate salesperson, one must have at least a work permit
- An individual licensed to negotiate and arrange real estate sales is a real estate salesperson
- According to Article 12-A of the NYS Real Property Law, renting a property on behalf of another requires a real estate license
- A licensed broker holding a salesperson's license acts as a sponsor
- The act of recalling a power of authority is known as revocation
- Consistently demonstrating incompetence can lead to a salesperson losing their license
- The discontinuance of an agent's relationship with their sponsoring broker is termination
- A requirement for all real estate salesperson licensees is being at least 18 years of age
- Mingling or mixing funds is known as commingling
- The time given to complete the New York State real estate salesperson exam is 1.5 hours
- The process by which a salesperson's license changes sponsorship is called a change of association
- According to Article 12-A of the NYS Real Property Law, negotiating a commercial loan secured by a mortgage on behalf of another requires a real estate license
- A general requirement for obtaining a real estate salesperson's license is being at least 18 years of age
- An applicant must bring a copy of their "Summary of Your Submission" when taking the New York State real estate salesperson's exam
- Real estate salespersons must renew their licenses every 2 years
- Having a felony conviction would prevent someone from obtaining a real estate salesperson license
- Incapable of being recalled or revoked is referred to as Irrevocable Consent
- Commingling funds is illegal and leads to license revocation
- Not earning a commission in their first year does not lead to a salesperson losing their license
- According to the Department of State, blind ads are illegal
- A practitioner who has the knowledge and expertise necessary to estimate the value of a property is a Real Estate Appraiser
- An apartment sharing agent arranges meetings between customers and property owners for shared housing for a fee
- An act, deed, or condition contrary to law or permissible use of real property is a violation
- When John's license was revoked due to a misdemeanor, the Department of State exercised administrative discipline
- Anyone engaging in the business of claiming, demanding, charging, receiving, collecting or contracting for the collection of a fee from a customer for furnishing information concerning the location and availability of real property, including apartment housing which may be leased, rented, shared or sublet as a private dwelling, abode, or place of residence, then they are known as an Apartment Information Vendor
- 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 a net listing
- Practicing law without being a lawyer can lead to the loss of a salesperson's license
- Making a material misstatement on a license application may lead to a salesperson losing their license
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Description
This lesson covers essential real estate principles, focusing on licensing and regulatory compliance. Key topics include salesperson requirements, broker notifications, and the implications of Article 12-A of the NYS Real Property Law. It also addresses termination, revocation, and potential license loss due to incompetence.
