Exam (elaborations)
NYS REAL ESTATE PRACTICE EXAM
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NYS REAL ESTATE PRACTICE EXAM
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NYS REAL ESTATE PRACTICE EXAMWhat agency issues real estate licenses? - Answers -The New York State Department
of State (NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - Answers -18
Do you need experience in the field to become a sales person? - Answers -No
What is the minimum age to become a real estate broker? - Answers -20
If your license is revoked, how long do you have to wait to re-apply for it? - Answers -
One year
Do you need experience in the field to become a broker? - Answers -Yes, at least 2
years of experience and 3200 points
As a real estate sales person, you have to take continuing ed classes every? - Answers
-2 years
There is also a component of _________ required every two years. - Answers -Fair
housing
Are Real Estate brokers also required to take the CE classes? - Answers -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? - Answers -$500
If you are a independent contractor what can a broker provide to you? - Answers -
Telephone
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? - Answers -no
What is the term of a real estate licensure? - Answers -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? - Answers -Two Years
Violation of real estate Licensee law is a? - Answers -Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? - Answers -$1000
fine, and up to one year in jail
What is the very first document you should fill out with a client or customer? - Answers -
Agency Disclosure Form
, At what moment should you take out the Agency Disclosure form? - Answers -At first
Substantive Contact
What does First substantive contact mean? - Answers -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? -
Answers -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? - Answers -Special Agent
As a property manager I am what kind of agent? - Answers -A General Agent
As an estate planner, I am what kind of agent? - Answers -Universal Agent
What is it called when I represent the seller as my client but then work in the best
interest of the buyer? - Answers -Undisclosed Dual Agency
If I represent the buyer as a broker, this is called? - Answers -Buyers Broker
Who do I owe my Fiduciary duties to? Client or Customer? - Answers -Client
What Fiduciary duties to I owe the Customer? - Answers -Fairness and Honesty
If my driveway crosses over my neighbors property, this would be called an? - Answers
-Easement Appurtenant
If my driveway crosses my neighbors property, I am the______ - Answers -Dominant
If my driveway crosses my neighbors property, My neighbro is the _______ - Answers -
Servient
If a utility company has a right to use my property, this is called? - Answers -Easement
in Gross
If someone uses a property that is open and notorious, exclusive and adverse to the
best intrest of the owner, this is called? - Answers -Squatters Rights
When someone makes use of another's property? - Answers -Adverse Possession
As a licensing salesperson, I can receive compensation from my? - Answers -
Sponsoring Broker
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