Podcast
Questions and Answers
Under what circumstance is a real estate salesperson obligated to notify the Department of State?
Under what circumstance is a real estate salesperson obligated to notify the Department of State?
- When they earn a commission.
- When an individual no longer works full time as a salesperson
- When they complete a transaction.
- When they obtain their broker's license. (correct)
According to Article 12-A of the NYS Real Property Law, which of the following is a general requirement for obtaining a real estate salesperson's license?
According to Article 12-A of the NYS Real Property Law, which of the following is a general requirement for obtaining a real estate salesperson's license?
- Must have a college diploma.
- Must be able to read efficiently.
- Must have at least a work permit. (correct)
- Must have at least 2 years of experience in the field of real estate.
James wants to become a real estate salesperson. Which of the following requirements must James satisfy in order to obtain his license?
James wants to become a real estate salesperson. Which of the following requirements must James satisfy in order to obtain his license?
- Must have a college diploma.
- Must have at least a work permit. (correct)
- Must have at least 2 years of experience in the real estate field.
- Must be a real estate attorney.
What is an individual who is licensed to negotiate and arrange real estate sales commonly known as?
What is an individual who is licensed to negotiate and arrange real estate sales commonly 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 that holds the license of a salesperson known as?
What is a licensed real estate broker that holds the license of a salesperson known as?
What is the act of recalling a power of authority legally known as?
What is the act of recalling a power of authority legally known as?
Which offense by a salesperson may lead to them potentially losing their real estate license?
Which offense by a salesperson may lead to them potentially losing their real estate license?
What term describes the discontinuance of an agent's affiliation with their sponsoring broker?
What term describes the discontinuance of an agent's affiliation with their sponsoring broker?
What is a minimum requirement for all real estate salesperson licensees?
What is a minimum requirement for all real estate salesperson licensees?
What term describes the illegal practice of mingling or mixing funds?
What term describes the illegal practice of mingling or mixing funds?
Approximately how much time is allotted to complete the New York State real estate salesperson exam?
Approximately how much time is allotted to complete the New York State real estate salesperson exam?
What term describes the process by which a salesperson's license changes sponsorship?
What term describes the process by which a salesperson's license changes sponsorship?
According to Article 12-A of the NYS Real Property Law, which of the following actions mandates a real estate license?
According to Article 12-A of the NYS Real Property Law, which of the following actions mandates a real estate license?
Which of the following is a prerequisite for securing a real estate salesperson license?
Which of the following is a prerequisite for securing a real estate salesperson license?
Which document must an applicant bring with them when taking the New York State real estate salesperson exam?
Which document must an applicant bring with them when taking the New York State real estate salesperson exam?
How frequently must a real estate salesperson renew their license in New York?
How frequently must a real estate salesperson renew their license in New York?
Which of the following circumstances would legally disqualify an individual from obtaining their real estate salesperson license?
Which of the following circumstances would legally disqualify an individual from obtaining their real estate salesperson license?
What legal term describes something that is not capable of being recalled or revoked?
What legal term describes something that is not capable of being recalled or revoked?
What illegal act may lead to a real estate salesperson having their license revocation?
What illegal act may lead to a real estate salesperson having their license revocation?
Which of the following actions would likely NOT lead to a salesperson losing their license?
Which of the following actions would likely NOT lead to a salesperson losing their license?
According to the Department of State, what are blind ads considered?
According to the Department of State, what are blind ads considered?
What is a real estate practitioner with sufficient knowledge and expertise is generally known as?
What is a real estate practitioner with sufficient knowledge and expertise is generally known as?
Who is known to arrange meetings between a customer and the current owner or occupant of legally occupied real property?
Who is known to arrange meetings between a customer and the current owner or occupant of legally occupied real property?
What legal term describes an act, deed, or condition that is contrary to the law or permissible use of real property?
What legal term describes an act, deed, or condition that is contrary to the law or permissible use of real property?
John was found guilty of a misdemeanor, which led the Department of State to revoke his license. In taking this action, what did the Department of State exercise?
John was found guilty of a misdemeanor, which led the Department of State to revoke his license. In taking this action, what did the Department of State exercise?
What role is the person playing when engaging in the collection of a fee from a customer for finding information concerning apartment housing?
What role is the person playing when engaging in the collection of a fee from a customer for finding information concerning apartment housing?
How is a price below which an owner will not sell the property, and at which price a broker will not receive a commission, typically referred to?
How is a price below which an owner will not sell the property, and at which price a broker will not receive a commission, typically referred to?
Which of the following actions by a salesperson may lead to the loss of his or her license?
Which of the following actions by a salesperson may lead to the loss of his or her license?
Which action will likely cause a salesperson to lose their real estate license?
Which action will likely cause a salesperson to lose their real estate license?
Flashcards
When to notify DOS of a status change?
When to notify DOS of a status change?
Notify the Department of State when a salesperson becomes a broker.
License Requirement
License Requirement
Applicants must have a work permit.
Real Estate Salesperson Role
Real Estate Salesperson Role
Negotiating and arranging real estate sales.
Activity Requiring a Real Estate License
Activity Requiring a Real Estate License
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Sponsor
Sponsor
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Revocation
Revocation
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Offense leading to license loss
Offense leading to license loss
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Termination
Termination
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Age Requirement
Age Requirement
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Commingling
Commingling
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NY Real Estate Salesperson Exam Time
NY Real Estate Salesperson Exam Time
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Change of Association
Change of Association
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Requires a Real Estate License
Requires a Real Estate License
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What to bring to NY salesperson exam?
What to bring to NY salesperson exam?
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How often to renew real estate license?
How often to renew real estate license?
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Prevents obtaining salesperson license?
Prevents obtaining salesperson license?
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Irrevocable consent
Irrevocable consent
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Illegal act leading to license loss?
Illegal act leading to license loss?
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Considered illegal by DOS?
Considered illegal by DOS?
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Real Estate Appraiser
Real Estate Appraiser
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Apartment Sharing Agent
Apartment Sharing Agent
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Violation
Violation
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DOS action after misdemeanor?
DOS action after misdemeanor?
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Who claims fees for housing info?
Who claims fees for housing info?
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Price below owner will not sell
Price below owner will not sell
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Action leading to loss of license
Action leading to loss of license
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Action leading to salesperson license loss?
Action leading to salesperson license loss?
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Study Notes
- DOS must be notified when a salesperson obtains their broker's license.
- According to Article 12-A of the NYS Real Property Law, a general requirement for obtaining a real estate salesperson license is to have at least a work permit.
- Applicants need a work permit to get a license, only a high school degree is required.
- Two years of experience is needed for brokers only.
- According to Article 12-A, licensees do not need to read efficiently.
- To become a real estate salesperson, James needs to satisfy the requirement of having at least a work permit.
- An individual licensed to negotiate and arrange real estate sales is known as 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 real estate broker that holds the license of a salesperson is known as a Sponsor.
- The act of recalling a power of authority is known as revocation.
- Consistently demonstrating incompetence may lead to a suspension or revocation of a real estate license.
- The discontinuance of an agent's relationship with their sponsoring broker is known as termination.
- NYS Real Estate salesperson licensees must be at least 18 years of age.
- To mingle or mix funds is known as commingling.
- The time given to complete the New York State real estate salespersons exam is 1.5 hours.
- The process by which a salesperson's license changes sponsorship is known as 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.
- To obtain a real estate salesperson license, one must be at least 18 years of age.
- When taking the New York State real estate salespersons exam, an applicant must bring a copy of their "Summary of Your Submission" and a valid government-issued ID.
- A real estate salesperson must renew their license every 2 years.
- Having a felony conviction would prevent an individual from obtaining their real estate salesperson license.
- Incapable of being recalled or revoked is also referred to as irrevocable consent.
- Commingling of funds may lead to a real estate salesperson losing their license and is highly illegal.
- Earning a commission IS NOT a reason for a salesperson losing their license.
- According to the Department of State, blind ads are considered illegal.
- A practitioner who has the knowledge and expertise necessary to estimate the value of a property is known as a Real Estate Appraiser.
- Any person who, for a fee, arranges meetings between a customer and the current owner/occupant of legally occupied real property who wishes to share that housing with one or more individuals is known as an apartment sharing agent.
- An act, deed, or conditions contrary to law or permissible use of real property is known as a violation.
- The Department of State exercises administrative discipline in revoking a license due to a misdemeanor.
- Any person who engages 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 is known as an apartment information vendor.
- A price below which an owner will not sell the property, and at which a broker will not receive a commission, is referred to as net listing.
- Practicing law by an agent can lead to the revocation of a license.
- Making a material misstatement in their license application may lead to a salesperson losing their license.
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Description
Key details about real estate salesperson licensing. DOS notification upon broker's license, work permit requirement per Article 12-A, and the role of a sponsor. Renting property requires a license under NYS Real Property Law.
