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level: Level 1

Questions and Answers List

level questions: Level 1

Question	Answer
A defect that is NOT detectable by an ordinary inspection	Latent
Main body of laws for real estate agents and brokers	Article 12A
The mixing of money from a buyer or seller with a brokers operating or personal funds.	Commingle
22.5 hours every 2 years	x number of continuing education hours must be completed every x amount of years
The highest type of relationship you can have with someone in the course of business where you put his or her interests above and beyond everyone else's including your own.	Fiduciary
The illegal return of part of the commission as money, gifts or any other compensation to a buyer, seller or non-license.	Kickback
An agency relationship that is currently legal in NYS as long as it is disclosed up-front.	Dual Agency
The unlawful application of someones property (or money) for a use that does not benefit the rightful owner of that money.	Conversion
This type of agency occurs if someone has stated incorrectly that another person is their agent and a third person relies on that representation.	Estoppel
Maximum number of residential units covered in the mandatory written agency disclosure form.	Four Units (Hint: Maximum)
This will cause the licensees associated with the principle broker to be suspended.	Revocation of Principle broker license causes...
Violation of the license law	What has to happen for an agent to be charged with a misdemeanor?
One year	Apartment Information Vendor (how long is license good for)
This department enforces the Sherman Anti-Trust Laws at the Federal level	Justice Department
This is a type of affidavit a broker may file when a commission is not paid but does NOT create lien.	Affidavit of Entitlement
a right to keep possession of property belonging to another person until a debt owed by that person is discharged.	Lien
The amount it costs to file a change of association form when transferring from one agency to another.	10 dollars
The amount of years a broker must minimally retain real estate records.	3 years (Hint: Minimally, files)
Advertisements that fail to include the name of the broker's firm or the fact that the ad was placed by a real estate licensee.	Blind Advertisement
These individuals do NOT need to complete continuing education.	Attorneys (Hint: Continuing Education)
A real estate license is good for 2 years.	Two years (Hint: Real Estate Agent)
The Dept. of State uses this method to determine whether you've completed your continuing education.	Audit (Hint: When is it used)