How often must you renew your real estate salesperson/broker license?
Every 2 years
What is the purpose of license laws in the real estate
... [Show More] industry?
To minimize fraudulent practice and protect the general public
The New York regulatory agency that oversees real estate licensure is the:
Department of State
Most of the law about salespersons and brokers is in which article of the Real Property Law?
Article 12-A
What are the age requirements for a broker applicant and a salesperson applicant, respectively?
Broker must be at least 20 years old; a salesperson must be at least 18 years old.
Attorneys admitted to practice in the NY courts may act as brokers (help you sell, buy and get commission) without obtaining a broker license. However, under what circumstance must they obtain a real estate license?
If they employ salespersons to work under their supervision
Do building superintendents and maintenance workers (who perform tasks such as rent collection) for one owner or company require licensure?
No
How long does a licensee have from the license expiration date to renew?
Two years
If a DOS officer appears and asks a licensee (you) for a photo ID, what should the licensee (you) do?
The licensee must carry photo ID cards at all times when doing business and show it on demand
Under the Real Property Law in New York, a branch office manager may be a(n):
associate broker
What must brokers' business sign contain?
Broker's name and the words "licensed real estate broker"
The listing salesperson must accept compensation directly from:
Sponsoring broker
When brokers improperly pay any part of their compensation to anyone who is not license or who is not exempt from the license law, they violate the license law. This payment is called a:
kickback
If licensees terminate their association with a broker, they must turn over all ______ obtained during their association with the broker.
listing agreements and contracts
What is the mixing of the funds of others with business or personal funds called, and what is the charge for it?
Commingling; misdemeanor.
What is the apportionment of other people's money from one use to another called? (if a broker uses deposit money that does not yet belong to the broker, places it in the operating account, and spends it) What is the charge for it?
Conversion; felony (more severe than misdemeanor).
An illegal type of commission arrangement in which all monies above a net amount are the broker's commission is called what?
Net listing
Violators of Article 12-A may be guilty of a misdemeanor. What is the penalty for a misdemeanor?
A fine of up to $1,000 and/or imprisonment for up to one year.
The revocation (cancelled/revoked) or suspension (temporarily cancelled) of a broker's license also...
suspends the licenses of the salespersons and associate brokers affiliated with the broker.
When should we show the Property Condition Disclosure Act form to the purchaser?
before the seller accepts the purchase offer [Show Less]