A FEW SAMPLE
QUESTIONS COURTESY OF Your Daily Quiz
1. Which
of the following can do an act of brokerage without a license?
a. A salesperson selling a house to her parents.
c. A lawyer with two salespeople working for him.
2. If a broker
loses his or her license, the salespeople at that brokerage:
a. must immediately stop listing and selling real
estate.
b. may transfer to a different company.
c. would not be able to work in real estate until the
broker’s suspension is over.
e. get all of the broker’s stuff.
3. A
salesperson’s license must:
a. be held by the broker and displayed if the broker
wants to display them.
b. carried by the salesperson at all times.
c. be kept at the office of the New York Real Estate
Commission.
d. be approved by the local board.
e. hung from the salesperson’s rear-view mirror while he
is driving buyers around to look at houses.
4. When must an
agent have the Agency Disclosure form signed?
a. During the first substantive meeting with either the buyer or
seller.
c. Prior to writing a contract offer.
5. An agent is
working with a buyer who has seen a house he loves, but is not for sale. The agent contacts the homeowners and tells
them that they should sell their house because minorities moving into the
neighborhood are bringing down property values, and they could lose a lot of
money if they stay there. The agent is
guilty of:
b. Steering.
c. Redlining.
d. Nothing.
This is an acceptable business practice.
CORRECT! To get more
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A salesperson does not become exempt from the license law
when they are working with close relatives.
A lawyer may be exempt from the license law, however, if they hire
salespeople, then they would be required to get a broker’s license. Aside from attorneys, exemptions include
public officers (such as a sheriff), someone court-ordered, and resident
property managers who handle leasing of the units on the property where they
live as part of their normal duties.
If a broker loses his or her license, the salespeople
must immediately stop working for THAT company, but they could transfer their
license to another broker and continue working.
A salesperson’s license is held by the salesperson’s
broker. The broker may choose whether
or not to display the licenses of their salespeople. The salesperson carries a pocket card. The pocket card is proof that a licensee has a license, but is
not the license itself. The local board
is a trade association, not part of the government, and therefore has nothing
to do with someone getting their license.
An Agency Disclosure form must be signed at the first
substantive meeting with either a buyer or seller. A substantive meeting is generally the first scheduled
face-to-face meeting. It generally
would not be at an open house, as there may be no opportunity to discuss agency
relationships with a buyer at that time.
If the open house turns into a lengthier meeting, then the agent may be
required to provide and explain the disclosure form.
Blockbusting is using scare tactics, based on a protected
group of individuals (race, religion, handicap, etc.), to get a homeowner to
sell or list their house for sale, and is illegal.
To get more help with numerous questions on New York real estate
law, general real estate questions, extensive math help and much more (and
maybe even have some fun), visit YourDailyQuiz.com.
Search New York
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