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 a salesperson earns a commission exceeding a certain amount.
- When a salesperson completes their first transaction.
- When an individual works part time as a salesperson.
- When a salesperson transitions to a broker license. (correct)
According to Article 12-A of the NYS Real Property Law, what is generally required to obtain a real estate salesperson license?
According to Article 12-A of the NYS Real Property Law, what is generally required to obtain a real estate salesperson license?
- Possession of a college diploma.
- Acquisition of a work permit. (correct)
- Ability to read efficiently and proficiently.
- At least two years of experience in the real estate field.
What must an individual satisfy to become a real estate salesperson?
What must an individual satisfy to become a real estate salesperson?
- Prior experience of two years in the real estate field.
- Possession of a college diploma.
- Holding a license as a real estate attorney.
- Acquisition of a work permit. (correct)
What is the term for a licensed individual authorized to negotiate and arrange real estate sales?
What is the term for a licensed individual authorized to negotiate and arrange real estate sales?
According to Article 12-A of the NYS Real Property Law, which of the following activities necessitates a real estate license?
According to Article 12-A of the NYS Real Property Law, which of the following activities necessitates a real estate license?
What is the terminology for a licensed real estate broker who holds the license of a salesperson?
What is the terminology for a licensed real estate broker who holds the license of a salesperson?
What is the act of formally withdrawing a power or authority commonly known as?
What is the act of formally withdrawing a power or authority commonly known as?
Which offense committed by a salesperson may result in the loss of their real estate license?
Which offense committed by a salesperson may result in the loss of their real estate license?
What is the term for the act of discontinuing an agent's affiliation with their sponsoring broker?
What is the term for the act of discontinuing an agent's affiliation with their sponsoring broker?
What is a requirement for all real estate salesperson licensees?
What is a requirement for all real estate salesperson licensees?
To mingle or mix funds is known as what?
To mingle or mix funds is known as what?
Approximately how much time is allotted for completing the New York State real estate salesperson exam?
Approximately how much time is allotted for completing the New York State real estate salesperson exam?
What term describes the process by which a salesperson's license undergoes a change in sponsorship?
What term describes the process by which a salesperson's license undergoes a change in sponsorship?
Under Article 12-A of the NYS Real Property Law, which activity necessitates a real estate license:
Under Article 12-A of the NYS Real Property Law, which activity necessitates a real estate license:
Which item is a requirement for obtaining a real estate salesperson's license?
Which item is a requirement for obtaining a real estate salesperson's license?
What document must an applicant bring when taking the New York State real estate salespersons exam?
What document must an applicant bring when taking the New York State real estate salespersons exam?
How often must a real estate salesperson renew his/her license?
How often must a real estate salesperson renew his/her license?
Which of the following would prevent an individual from obtaining their real estate salesperson license?
Which of the following would prevent an individual from obtaining their real estate salesperson license?
Incapable of being recalled or revoked is also referred to as what?
Incapable of being recalled or revoked is also referred to as what?
Which illegal act may lead to a real estate salesperson losing his/her license?
Which illegal act may lead to a real estate salesperson losing his/her license?
Which of the following may NOT lead to a salesperson losing his/her license?
Which of the following may NOT lead to a salesperson losing his/her license?
According to the Department of State, blind ads are considered what?
According to the Department of State, blind ads are considered what?
A practitioner who has the knowledge and expertise necessary to estimate the value of a property is known as a...?
A practitioner who has the knowledge and expertise necessary to estimate the value of a property is known as a...?
A person who, for a fee, arranges meetings between a customer and a current owner who wishes to share housing is known as a/an...?
A person who, for a fee, arranges meetings between a customer and a current owner who wishes to share housing is known as a/an...?
An act, deed, or condition contrary to law or permissible use of real property is known as a...?
An act, deed, or condition contrary to law or permissible use of real property is known as a...?
John was found guilty of a misdemeanor and the Department of State revoked his license. What was this?
John was found guilty of a misdemeanor and the Department of State revoked his license. What was this?
A person who engages in the business of collecting fees for furnishing information concerning the location and availability of real property is known as a/an...?
A person who engages in the business of collecting fees for furnishing information concerning the location and availability of real property is known as a/an...?
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...?
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...?
Which of the following actions by a salesperson may lead to the loss of his/her license?
Which of the following actions by a salesperson may lead to the loss of his/her license?
What action may lead to a salesperson losing their license?
What action may lead to a salesperson losing their license?
A real estate salesperson is leasing a property on behalf of another person. According to Article 12-A of the NYS Real Property Law What should the salesperson do?
A real estate salesperson is leasing a property on behalf of another person. According to Article 12-A of the NYS Real Property Law What should the salesperson do?
A real estate salesperson wants to change the broker he/she is associated with. What is the process?
A real estate salesperson wants to change the broker he/she is associated with. What is the process?
A real estate salesperson is facing losing his/her license due to illegal activities, which of the following could prevent him/her facing this consequence?
A real estate salesperson is facing losing his/her license due to illegal activities, which of the following could prevent him/her facing this consequence?
A real estate salesperson is closing up shop being guilty of a misdemeanor. What can DOS do?
A real estate salesperson is closing up shop being guilty of a misdemeanor. What can DOS do?
A real estate salesperson wants to charge fees towards furnishing information that concerns the location and availability of real property. What should DOS know him as?
A real estate salesperson wants to charge fees towards furnishing information that concerns the location and availability of real property. What should DOS know him as?
A real estate salesperson does an authorized practice of law which can lead him/her to?
A real estate salesperson does an authorized practice of law which can lead him/her to?
A real estate salesperson is operating as a dual agent which can lead him/her to?
A real estate salesperson is operating as a dual agent which can lead him/her to?
What is the minimum age to apply for real estate salesperson's license in NYS?
What is the minimum age to apply for real estate salesperson's license in NYS?
An applicant is preparing for the NYS real estate salespersons exam, which of the following documents should he bring?
An applicant is preparing for the NYS real estate salespersons exam, which of the following documents should he bring?
Flashcards
When to Notify DOS?
When to Notify DOS?
Notify the Department of State when a salesperson becomes a broker.
Salesperson License Requirement
Salesperson License Requirement
Having at least a work permit
Real Estate Salesperson
Real Estate Salesperson
A person licensed to negotiate and arrange real estate sales.
Renting Property
Renting Property
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Broker Holding License
Broker Holding License
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Revocation
Revocation
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License Loss Offense
License Loss Offense
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Discontinuance of Agent
Discontinuance of Agent
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Real Estate License Requirement
Real Estate License Requirement
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Mixing Funds
Mixing Funds
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NYS Real Estate Exam time
NYS Real Estate Exam time
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License Sponsorship Change
License Sponsorship Change
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Action Requiring Real Estate License
Action Requiring Real Estate License
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NYS Salesperson Exam
NYS Salesperson Exam
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Salesperson Renew License
Salesperson Renew License
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Prevent Salesperson License
Prevent Salesperson License
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Incapable of Revocation
Incapable of Revocation
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Illegal Act Risking License
Illegal Act Risking License
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NOT lead salesperson losing license?
NOT lead salesperson losing license?
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Blind ads are considered
Blind ads are considered
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Estimate Value of Property
Estimate Value of Property
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Sharing Housing With fee
Sharing Housing With fee
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Contrary to Permissible Use
Contrary to Permissible Use
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Department of State exercise
Department of State exercise
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From customer housing
From customer housing
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Will not receive commission
Will not receive commission
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Actions lead to the loss of salesperson
Actions lead to the loss of salesperson
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Actions may lead to.
Actions may lead to.
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Study Notes
- A real estate salesperson must notify the Department of State (DOS) when they become a broker
- 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
- To become a real estate salesperson an individual must have at least a work permit
- An individual who is 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 salesperson's license
- The discontinuance of an agent’s relationship with his/her sponsoring broker is known as Termination
- A requirement for all real estate salesperson licensees is to be at least 18 years of age
- To mingle or mix funds is Commingling
- The time given to complete the New York State real estate salespersons exam is 1.5 hours
Change of Association
- The process by which a salesperson’s license changes sponsorship
- 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 requirement for obtaining a real estate salespersons 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 salespersons exam, along with a valid government-issued ID
- A real estate salesperson must renew their license every 2 years
Real Estate Salesperson Disqualification
- Having a felony conviction would prevent an individual from obtaining their real estate salesperson license
Irrevocable Consent
- Incapable of being recalled or revoked
Illegal Acts
- Commingling of funds is highly illegal and can lead to the revocation of a license
- Not earning a commission in their first year as a salesperson may NOT lead to 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
Apartment Sharing Agent
- Any person who, for a fee, arranges, conducts, coordinates, handles, or causes meetings between a customer and the current owner or occupant of legally occupied real property, including apartment housing, who wishes to share that housing with one or more individuals
Violation
- An act, deed, or conditions contrary to law or permissible use of real property
Administrative Discipline
- The Department of State revoking a license due to a misdemeanor
Apartment Information Vendor
- 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, including apartment housing, which may be leased, rented, shared, or sublet as a private dwelling, abode, or place of residence
Net Listing
- A price below which an owner won't sell a property, and at which price a broker won't receive commission
License Revocation
- Practicing law by an agent
- Making a material misstatement in their license application
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