Are You Ready To Become A Real Estate Salesperson In New York? Quiz !!

An individual must be 18 years old to obtain a salesperson license.

As a broker, Jane is responsible for handling client funds in a secure and regulated manner. Placing the deposit in her escrow account immediately ensures that the funds are kept separate from her personal and business accounts. An escrow account is specifically designed to hold client funds until the completion of a transaction or as otherwise agreed upon. This helps to protect both the client and the broker, ensuring that the funds are used appropriately and are readily available when needed.

The type of listing that is illegal in NYC is "net." This means that a net listing, where the seller sets a minimum price they want to receive and the agent keeps any amount above that price as commission, is not allowed in New York City. This type of listing can potentially lead to conflicts of interest and unethical practices, as the agent may be motivated to sell the property for less than its market value in order to maximize their commission. To protect consumers, net listings are prohibited in NYC.

Dual agency refers to a situation where a real estate agent represents both the buyer and the seller in a transaction. In New York, dual agency is allowed but it must be done with full disclosure and informed consent from both parties involved. This means that the agent must clearly inform both the buyer and the seller that they will be representing both parties and obtain their consent to proceed with the dual agency arrangement. Without proper disclosure and informed consent, dual agency would be considered a violation of the agency laws in New York.

In order to engage in the resale of cooperative property for another, a minimum of a salesperson license is necessary. This license allows individuals to legally represent clients in real estate transactions and ensures that they have the necessary knowledge and skills to handle the sale of cooperative property. A salesperson license is a basic requirement for individuals involved in real estate sales, and it is important to have this license to comply with legal regulations and protect the interests of clients.

The correct answer is employing broker. The listing salesperson is typically employed by a real estate brokerage firm, and they receive their compensation directly from their employing broker. The employing broker is responsible for paying the salesperson their commission or salary based on the terms of their employment agreement. This arrangement ensures that the salesperson is properly compensated for their services and allows for a clear and transparent payment process.

An "exclusive right to sell" listing provides a commission to the agent no matter who sells the property. This means that regardless of whether the agent or the principal (seller) sells the property, the agent will still receive a commission. This type of listing agreement gives the agent the exclusive right to market and sell the property, and they are guaranteed compensation for their services regardless of who ultimately finds the buyer.

The sale of a business where there is no real property does not require real estate licensure because it involves the transfer of ownership of a business entity, rather than the buying or selling of real estate. Real estate licensure is typically required for activities such as negotiating the exchange of real property, renting units for different owners, and auctioning real property, as these activities involve the buying, selling, or leasing of real estate.

An open listing is the type of legal listing agreement that is least desirable for the broker. In an open listing, the seller can hire multiple brokers to sell their property, and the broker who brings the buyer will receive the commission. This means that the broker's efforts may go unrewarded if another broker sells the property. It also creates a lack of commitment from the seller, as they are not obligated to work exclusively with one broker. Therefore, the open listing agreement is least beneficial for the broker.

Unlicensed assistants are not allowed to make a listing presentation because this involves presenting and marketing a property for sale, which requires knowledge of real estate laws and regulations. Only licensed real estate agents or brokers are authorized to make listing presentations as they have the necessary training and qualifications to handle such tasks.

The broker must keep the declaration of refusal to sign the disclosure form for a period of 3 years. This is important because it allows for documentation and record-keeping purposes. By keeping the declaration for this period of time, the broker can refer back to it if needed and ensure compliance with legal and regulatory requirements. Additionally, it provides a historical record of the refusal, which can be useful in case of any disputes or investigations that may arise in the future.

An express agency is a type of agency relationship that is created through a clear and explicit agreement, either orally or in writing, between a principal and an agent. In this type of agency, both parties have explicitly agreed to the terms and conditions of their relationship, including the agent's authority to act on behalf of the principal. This agreement can outline the specific tasks and responsibilities of the agent, as well as any limitations or restrictions on their authority. Therefore, the correct answer is express agency.

Property managers working for more than one owner are not exempt from licensure. This means that they must obtain a license in order to legally work as property managers. Attorneys licensed to practice in New York, public officers, and trustees of a bankruptcy are exempt from licensure, meaning they do not need a license to perform their respective roles.

To be licensed as a broker, a salesperson must first complete one year's experience as a salesperson. This means that before becoming a broker, individuals must work as a salesperson for a minimum of one year. This experience allows them to gain practical knowledge and skills in the real estate industry, which is essential for becoming a licensed broker. It provides them with the necessary foundation and understanding of the industry before taking on the additional responsibilities and requirements of a broker.