NYC Real estate EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) when parenters of a real estate firm become liscensed they are.. - Correct Answers ✅a representative broker Associate Real Estate Broker - Correct Answers ✅An associate real estate broker is an individual who has otherwise qualified to be a broker but has chosen to work as a salesperson, under the sponsorship and direct supervision of another broker. The associate real estate broker must meet all the qualifications for a broker's license and pass the broker's examination, but is licensed to transact business in the name of the sponsor or sponsoring broker; however, once licensed, an associate broker is governed by those license- law provisions that apply to real estate salespersons. In New York, associate real estate brokers may also hold a broker's license in their own name. When a broker of any type holds more than one license, or when a salesperson holds separate licenses to work under more than one broker, this is commonly called dual licensure in the 1920s - Correct Answers ✅property and agent disclosures were nion exsisitent In 1922, New York State passed pioneering legislation that would regulate the real estate industry - Correct Answers ✅ REAL PROPERTY LAW ARTICLE 12A - Correct Answers ✅ 1 / 3
NYC Real estate EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) Violation of the license law - Correct Answers ✅is a misdemeanor punishable by up to a year in jail and a fine of up to $1,000 per violation The New York Real Property Law (NY RPL, or RPL), Article 12- A, which went into effect in 1922 - Correct Answers ✅is the main source of law for real estate licenses in New York New York's empowering of a state agency to regulate real estate brokerage activities is in contrast to many other states in which real estate commissions made up largely of real estate brokers self-regulate the industry - Correct Answers ✅ the Division of Licensing Services does share some regulatory duties with New York's State Board of Real Estate, which has 15 members - Correct Answers ✅ real estate licensing is required for any person who - Correct Answers ✅performs a real estate act, for another, and for or in anticipation of compensation or other valuable consideration A real estate broker - Correct Answers ✅legal person, partnership, entity, or corporation that for a fee (or the 2 / 3
NYC Real estate EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) expectation of a fee) performs for another any of the
following 11 services:
Negotiates any form of real estate transaction Lists or attempts to list real property for sale Negotiates a loan secured by a mortgage (other than a residential mortgage loan [one- to four-family dwelling], as defined in Section 590 of the New York Banking Law) Negotiates a lease Collects rents for more than one client (property management services) Sells a lot or parcel of land by auction Negotiates the sale of a parcel of subdivided land Exchanges real property Relocates commercial or residential tenants Engages in the sale of condominiums and cooperatives Sells a business that has more than half its value in real estate Salesperson - Correct Answers ✅A real estate salesperson is one who assists a broker in the performance and disposition of the broker's business concerning any of the aforementioned 11 services performed by the broker. Brokers are authorized to operate their own real estate business, but salespersons may work only in the name of and under the direct supervision of a sponsoring broker. The salesperson
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