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New York Real estate exam Official study guide Questions and Answers
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New York Real estate exam Official study guide
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New York Real estate exam Official studyguide
What agency issues real estate licenses? – answer NYS DOS, DIVISION OF
LICENSING
At what age can you become a real estate salesperson? - answer18
Do you need experience in the field to become a salesperson? - answer No
What is the minimum age to become a real estate broker? - answer20
Do you need experience in the field to become a broker? - answer Yes, 3500 points
(35hrs weekly for 100 weeks)
If your license is revoked, how long do you have to wait to reapply - answer1 year
As a licensed salesperson, I can receive compensation from ___. - answer sponsoring
broker
As a real estate licensee, you will more often than not be an (X1) will receive a (X2)
from your broker, and will file a (X3) on your tax return To detail your earnings vs. your
expenses - answerIndependent contractor, 1099, schedule c
Attorney admitted to the bar in nys are (BLANK) from the licensure law, unless they take
on salespeople - answerEXEMPT, lawyers don't need to take real estate school
If you mix your client's money with the office operating funds, it's called ___ and you
have violated which of the fiduciary obligations? ___ - answerCommingling,
Accountability
For how long does A broker need to keep his or hers paperwork and records? -
answer3 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? - answerThirty days, 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? - answerBroker holds license,
Agent holds pocket card
, As a real estate salesperson, you have to take continuing education every ___ years. -
answertwo years
How many hours of CE are required? - answer22.5 hours
There is also a three hour CE component of ___ required every two years. - answerFair
Housing
Are real estate brokers also required to fulfill the CE requirement? - answerYes
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 truly an independent contractor, what is it that your broker can provide for
you? - answerPhone & Desk
As an independent contractor, are you paid for the number of hours you put into a deal
or for your 'production'? - answerproduction
What is the term of real estate licensure? - answer2 years
I want to make an application to become a "mortgage broker". I can use my experience
as a real estate licensee on my application to the NYS Department of Banking. How
many years of experience do I need? - answer3 years
Violation of license law is a ___. - answerMisdemeanor
What is the penalty for violation of license law? - answer1 year or $1000
What is the very first document you should fill out with a new client or customer? -
answerAgency Disclosure Form
At what moment should you take out the agency disclosure form? - answerAt first
substantive contact
Regarding the question above, define what [agency disclosure form] means. - answerIn
other words, when something of substance happens, such as when the customer starts
to ask questions about the property.
What should you do if that client or customer Refuses to sign the agency disclosure
form - answerFill out an affidavit or a declaration stating the terms of the refusal to sign.
Then sign the affidavit and have the signature notarized.
As a real estate salesperson, I am practicing ___ agency. - answerspecial
As a property manager, I am practicing ___ agency. - answerin general
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