REAL ESTATE U FINAL EXAM
QUESTIONS AND ANSWER S
Question :The Department of State's ability to enforce license
laws through reprimand and denial as well as the suspension and revocation of licenses is known as...?
Correct answer:Administrative Discipline
Question :To mingle or mix funds is known as what...?
Correct answer:Commingling
Question :Chris is a real estate broker involved in a
residential transaction. When Chris illegally places his client's funds into his personal account, what is he engaged in...?
Correct answer:Commingling of Funds
Question :The post-license education required by
salespersons and brokers is known as what...?
Correct answer:Continuing Education
Question :Conditions under which a property condition
disclosure statement is not required is known as a/an...?
Correct answer:Exemption
Question :A card issued by the Department of State to each
licensee is known as a...?
Correct answer:Pocket Card
Question :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 is known as a/an...?
Correct answer:Apartment Sharing Agent
Question :A licensed real estate broker that holds the license
of a salesperson is known as what...?
Correct answer:Sponsor
Question :The discontinuance of an agent's relationship with
his/her sponsoring broker is known as what...?
Correct answer:Termination
Question :A written document that terminates the relationship
between an agent and his/her sponsoring broker is known as what...?
Correct answer:Termination of Association Notice
Question :An act, deed or conditions contrary to law or
permissible use of real property is known as a...?
Correct answer:Violation
Question :This law governs the practice of real estate
salespersons and brokers...?
Correct answer:Article 12-A of the NYS Real Property Law
Question :Who is a real estate salesperson required to work
under...?
Correct answer:A licensed real estate broker
Question :Which of the following are NOT assessed by a
home inspector...?
Correct answer:Air Rights
Question :Which of the following individuals works under a
real estate broker...?
Correct answer:Real Estate Salesperson
Question :Which of the following professionals works under
and/or for a real estate broker...?
Correct answer:Associate Broker
Question :According to Article 12-A of the NYS Real
Property Law, which of the following is a general requirement for obtaining a real estate salespersons license...?
Correct answer:Must have at least a work permit
Question :James wants to become a real estate salesperson.
Which of the following requirements must James satisfy in order to obtain his license...?
Correct answer:Must have at least a work permit
Question :Mark is a real estate salesperson but wants to
obtain his real estate broker's license. Which of the following requirements must Mark satisfy in order to obtain his broker's license...?
Correct answer:He must be at least 20 years of age
Question :What must a licensed real estate salesperson keep
on him or herself at all times when practicing as an agent...?
Correct answer:A Pocket Card
Question :When is a real estate salesperson required to give
notice to the Department of State....?