- A real estate salesperson can only accept compensation from… their sponsoring real estate broker.
- The minimum age to be a broker in NYS (as of 7/1/08) is 20 years old.
- Which type of broker class works under the supervision and sponsorship of another broker…an associate broker.
- The Dept of State may impose a fine that cannot exceed $1,000 (per occurrence or violation).
- Apartment information vendors are licensed by the NYS Department of State.
- If the DOS revokes your license you must wait ONE year before reapplying.
- Real Estate Salesperson Course certificates are good for 8 years from date of course completion.
- Completion of a 75 hour or 45 hour course is considered once the school exam is passed with a grade of 70% or higher. Broker courses are 45 hours.
- Open listings allow the seller to show the property to as many brokers as he or she chooses – only the broker who is the procuring cause of the sale will be paid a commission.
- Exclusive agency listing agreements allow a seller to sell directly without paying a real estate broker a commission. A broker is only paid if he or she is the procuring cause of the sale AND has an agreement with the seller as such.
- Real estate licensees who show and sell properties in a designated agricultural district MUST advise buyers as such at the earliest possible moment but definitely before preparing a purchase offer. This also applies to utility surcharges if applicable.
- The broker fee or commission rate is always negotiable and not set by geographic area or standard.
- Landlords and sellers (property owners) must disclose any actual knowledge of lead based paint or testing of such if the property constitutes target housing (homes built before 1978).
- Net listings are illegal in NYS.
- An affidavit of entitlement puts the world on notice that a real estate commission has not been paid – this does NOT create a lien in NYS.
- If an advertisement does not indicate the name of the broker who placed it – this is an example of a BLIND ad and prohibited in NYS. Buyers should not have to wonder whether the person selling the property is a real estate licensee or private individual.
- Each officer of a corporation or member of a co-partnership organization that provides real estate services must be licensed as a real estate broker in NYS. Examples of real estate services include: negotiating leases, preparing purchase offers, binders, mortgage financing in conjunction with a real property transaction (in certain cases), as well as anything described in Article 12A of the RPL.
- NY allows dual agency as long as there is informed consent – given in a timely manner (first substantive moment) and signed accordingly within the agency agreement.
- The most complete form of ownership we recognize in NYS is fee simple absolute (as it includes the bundle of legal rights and all rights of the grantor).
- Riparian rights belong to the property owner who has land bordering a flowing body of water like a river or stream.
1- Studs in residential single family dwellings are usually …16 inches on center “O.C.”
2- What is an example of physical deterioration in terms of an appraisal…wear & tear from normal use
3- Based on an exclusive agency agreement…an owner can sell the house himself without being liable to the broker for a commission.
4- A package mortgage would likely be used when…encumbering real property and using personal property as additional collateral.
5- Metal used in construction to prevent seepage or to direct water for certain joints in residential construction is referred to as… flashing.
6- An example of economic obsolescence might be…a high rate of taxes for excessive improvements.
7- When personal property is made a part of real property it is considered… a fixture.
8- When the judgment of the court is recorded it becomes a…involuntary lien.
9- A lease that designates that the lessee is to pay the real property taxes is usually referred to as… a net lease.
10- Complaints involving violations of the federal law involving discrimination must be filed within…180 days.
1-A final layer used in reference to roofs or floors? Sheathing
2-In NYS, how old must one be to enter into contracts? 18
3- Two or more parcels of real estate pledged as security for payment of the mortgage debt- blanket mortgage
4- What happens if one of the parties to the contract is a minor? The contract is voidable
5- What does the zoning board of appeals do? –grant variances
6- What can brokers provide their salespeople if they are independent contractors? Office phone
7- What’s water rights of access refer to those from a river or stream called? Riparian
8-An area in which a tenant pays rent for but derives no benefit due to the presence of elevators, stairs, etc? add-on factor
9-Whats the cash-on-cash return on a $3,000,000 property with a down payment of $300,000 and $8,000 monthly rent? 32 percent
10-If a property ad states that the property is near the vicinity of a geographical area, what else must the ad include? It must include the name of the geographical area where the property is actually located