NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy Quality Materials
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NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy Quality Materials
Joint Tenancy
The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the ...
NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
Joint Tenancy
The joint ownership of property by two or more co-owners in which each co-owner owns
an undivided portion of the property. On the death of one of the joint tenants, his or her
interest automatically passes to the surviving joint tenants.
What Agency issues real estate licence?
Division of Licencing services - NYDOS
At what age can you became a real estate salesperson?
At the age of 18
Do you need experience in the field to become a salesperson?
No. none needed.
What is the minimum age to become a real estate broker?
20 years
Do you need experience in the field to become a broker?
Yes. 2 years and 3500 points.
If your licence is revoked, how long do you have to wait to re-apply for it?
1 year.
As a licence salesperson, I can receive compensation from?
Sponsoring Broker.
As a Real Licensee, you will more often than not be an ___________________, will
receive a ___________ from you broker, and will fle a _____________________ on
your tax return to detail your earnings vs. your expenses.
1- Independent Contractor.
2- 1099,
3- Schedule C
Attorneys admitted to the bar in NYS are ____________________ from the license
law, unless they take on sales people.
Exempt
If you mix your client's money with the office operating funds, its called
__________________ and you have violated which of the fiduciary (trust)
obligations?
Co- Mingling
Accountability
For how long does a broker need to keep all of his/her paperwork and records?
3 Years
Your real estate licence with the pocket card will be sent to your sponsoring
broker. Who holds the licence? Who holds the pockets card?
Sponsoring broker in a sake place.
You hold the pocket card
As a real estate salesperson, you have to take continuing education every
_______ years?
2 years
How many hours of CE are required?
,22 1/2
There is a also a three hour CE component of __________ required every two
years.
Fair housing
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?
$500. does not apply to foreclosure, court ordered or lease
If you are truly an independent contractor, are you paid for the number of hours
you put into a deal or for your production?
By deal
must have a written contract, show number of hours , no taxes are deducted.
What is the term of real estate licences?
2 years
Violation of license law is a ________________?
Misdo-miner
For Violation of license law, what is the possible penalty?
1 year Jail and/or $1000 fine.
What is the very fist document you should fill out with a new client or customer?
Agency disclosure form
At what moment should you take out the agency disclosure form?
1st supplicant contact
Regarding the question above, define what it means-
1st face to face talking real estate.
What should you do if that client or customer refuses to sign the agency
disclosure for?
You have fill out of declaration explaining why they didn't sign it.
As a real estate salesperson, I am practicing ___________ agency?
Special Agency
As a property manager, I am practicing __________ agency.
General Agency - Power Attorney
In estate planning, I am practicing ________ agency?
Universal
What would you call a situation where I represent the seller as my seller as my
client but then work in the best interest of the buyer(my customer)?
Undisclosed dual agency
If I represent the buyer as a broker, this would be called _________?
buyer agency
I owe all the fiduciary(trust) obligations to my client or to my customer?
Client
I work _____ the client and _______ the customer?
For
with
What does Fiduciary mean?
trust- position of great trust
The Fiduciary obligations accrue only to my ____________.
Client
, So, what do i owe the customer?
Fairness and honesty.
If one broker is representing both the
purchaser and the seller in the same
transaction you would call this?
legal dual agency - with a written constant to inform both the seller and the buyer.
what is the department of state concerned when a real estate licences also
embarks upon the practice of writing mortgage applications as mortgage rep?
they are concerned about ______________.
If the listing agent helps the buyer a get a mortgage- dual agency is created.
It has been long-standing that my driveway crosses over my neighbor's property-
you would call that an _______________.
easement Appurtenant
In the last question, which estate is dominant", mine or my neighbor's?
easement gross
So, what would you call my neighbor's estate?
Trespassing
If someone uses the property of another in a way that is open and notorious,
exclusive, and adverse to the best interests of the true owner, you would call
that?
Trespassing
For how many years would you have to have use of that persons' property to
make a claim of ownership?
10 years
if a thing is crossing over your property of another in a way that is open and
notorious, exclusive, and adverse to the best interest of the true owner, you
would call .
trespassing
Who determines what the real estate commission will be on a particular deal
broker and client
If someone dies without a having a valid will is called?
Intest state
If someone dies without a valid will and the state can not locate any heirs or
creditors, that person's property reverts to the state with a process called what?
Escheat
What is a synonym for proration when it comes to taxes?
Adjustments- b/w the buyer and seller at closing
What is the name of the deed which gives the most legal promises(covenants and
warranties) to the buyer)
Full Covenant and warranty deed. Most popular deed -bargain and sale deed
What is it called if I track back the successive owners of a piece of real estate,
starting from the current deed and working way backwards in time?
Change of Title.
What is a missing deed called ?
Cloud on title
What is a Deed?
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