NYS Real Estate Practice Exam Question
with Complete Solutions
What agency issues real estate licenses? - Answer-The New York State Department of
State (NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - Answer-18
Do you need experience in the field to become a sales person? - Answer-No
What is the minimum age to become a real estate broker? - Answer-20
If your license is revoked, how long do you have to wait to re-apply for it? - Answer-One
year
Do you need experience in the field to become a broker? - Answer-Yes, at least 2 years
of experience and 3200 points
As a licensing salesperson, I can receive compensation from my? - Answer-Sponsoring
Broker
As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________ - Answer-Independent contractor, 1099,
Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take
on sales people - Answer-Exempt
If you mix your clients money with the office operating funds, it is called________ and
you have violated which fiducary duty? - Answer-Commingling funds and Accountability
For how long does a broker need to keep his/her records for? - Answer-Three years
If my license has expired, for how long can i continue to practice real estate sales?In
other words, what is the grace period? - Answer-No Grace Period
Your real estate license with the pocket card will be sent to your sponsoring broker. who
holds the license? Who holds the pocket card? - Answer-Broker holds the license and I
hold the pocket card
How many hours of continuing ed must a sales person take? - Answer-22.5 hours
As a real estate sales person, you have to take continuing ed classes every? - Answer-
2 years
, There is also a component of _________ required every two years. - Answer-Fair
housing
Are Real Estate brokers also required to take the CE classes? - Answer-Yes
If a seller decides not to provide the purchaser with the Property Condition Disclosure
Form, how much of a reduction in price does he have to give? - Answer-$500
If you are a independent contractor what can a broker provide to you? - Answer-
Telephone
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? - Answer-no
What is the term of a real estate licensure? - Answer-two years
If i was a real estate licensee and wanted to apply to become a mortgage broker, how
many years of experience would i need? - Answer-Two Years
Violation of real estate Licensee law is a? - Answer-Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? - Answer-$1000
fine, and up to one year in jail
What is the very first document you should fill out with a client or customer? - Answer-
Agency Disclosure Form
At what moment should you take out the Agency Disclosure form? - Answer-At first
Substantive Contact
What does First substantive contact mean? - Answer-When the customer begins to ask
questions pretaining to the Real Estate Property.
What should you do if a customer refuses to sign an Agency Disclousure form? -
Answer-Fill out an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? - Answer-Special Agent
As a property manager I am what kind of agent? - Answer-A General Agent
As an estate planner, I am what kind of agent? - Answer-Universal Agent
What is it called when I represent the seller as my client but then work in the best
interest of the buyer? - Answer-Undisclosed Dual Agency
with Complete Solutions
What agency issues real estate licenses? - Answer-The New York State Department of
State (NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - Answer-18
Do you need experience in the field to become a sales person? - Answer-No
What is the minimum age to become a real estate broker? - Answer-20
If your license is revoked, how long do you have to wait to re-apply for it? - Answer-One
year
Do you need experience in the field to become a broker? - Answer-Yes, at least 2 years
of experience and 3200 points
As a licensing salesperson, I can receive compensation from my? - Answer-Sponsoring
Broker
As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________ - Answer-Independent contractor, 1099,
Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take
on sales people - Answer-Exempt
If you mix your clients money with the office operating funds, it is called________ and
you have violated which fiducary duty? - Answer-Commingling funds and Accountability
For how long does a broker need to keep his/her records for? - Answer-Three years
If my license has expired, for how long can i continue to practice real estate sales?In
other words, what is the grace period? - Answer-No Grace Period
Your real estate license with the pocket card will be sent to your sponsoring broker. who
holds the license? Who holds the pocket card? - Answer-Broker holds the license and I
hold the pocket card
How many hours of continuing ed must a sales person take? - Answer-22.5 hours
As a real estate sales person, you have to take continuing ed classes every? - Answer-
2 years
, There is also a component of _________ required every two years. - Answer-Fair
housing
Are Real Estate brokers also required to take the CE classes? - Answer-Yes
If a seller decides not to provide the purchaser with the Property Condition Disclosure
Form, how much of a reduction in price does he have to give? - Answer-$500
If you are a independent contractor what can a broker provide to you? - Answer-
Telephone
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? - Answer-no
What is the term of a real estate licensure? - Answer-two years
If i was a real estate licensee and wanted to apply to become a mortgage broker, how
many years of experience would i need? - Answer-Two Years
Violation of real estate Licensee law is a? - Answer-Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? - Answer-$1000
fine, and up to one year in jail
What is the very first document you should fill out with a client or customer? - Answer-
Agency Disclosure Form
At what moment should you take out the Agency Disclosure form? - Answer-At first
Substantive Contact
What does First substantive contact mean? - Answer-When the customer begins to ask
questions pretaining to the Real Estate Property.
What should you do if a customer refuses to sign an Agency Disclousure form? -
Answer-Fill out an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? - Answer-Special Agent
As a property manager I am what kind of agent? - Answer-A General Agent
As an estate planner, I am what kind of agent? - Answer-Universal Agent
What is it called when I represent the seller as my client but then work in the best
interest of the buyer? - Answer-Undisclosed Dual Agency
