NY State Real Estate Exam Study Practice Guide.

What agency issues real estate licenses? - The New York State Department of State (NYDOS), Division of Licensing Services At what age can you become a real estate salesperson (agent) - 18 Do you need experience in the field to become a salesperson? - No. What is the minimum age to become a real estate broker? - 20 Do you need experience in the field to become a broker? - yes, 2 years and 3500 points If your license is revoked how long do you have to wait to re-apply? - 1 year As a licensed salesperson, you can receive compensation from? - Only the sponsoring Broker As a salesperson, you will be a __________ and will get a _________ form from your broker and file a _________ on your tax return to detail earnings vs expenses. - independent contractor, 1099, Schedule C Attorneys admitted to the bar in NYS are ______ from the licensure law, unless they take on salespeople. - Exempt If you mix your client's money with the office operating funds, it's called ______ and you have violated which of the fiduciary obligations? _______ - commingling, accountability