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NY State Real Estate Exam Study Practice Guide( Solved)
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NY State Real Estate Exam Study Practice Guide( Solved)
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NY State Real Estate Exam Study Practice Guide ( Solved) 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 fiduci ary obligations? _______ - commingling, accountability For how long does a broker need to keep all of his/her paperwork and records? - 3 years If my license has expired, for how long can I continue to practice real estate sales? In other words, what is t he grace period? - 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? - The Broker, you As a real estate salesperson you have to take continuing educatio n every ______ years - 2 How many hours of continuing education (CE) are required? - 22.5 There is also a 3 hour CE component of ________ required every 2 years - Fair Housing Are real estate brokers also required to fulfill the CE requirement? - 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. - $500 If you are truly an independent contractor, what is it that your broker can provide for you? - Telephone and office supplies. As an independent contractor, are you paid for the number of hours you put into a deal or for your 'production'? - Production What is the term of real estate licensure? - 2 years I want to make an application to become a 'mo rtgage 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? - 2 Years Violation of license law is a __________. - Misdemeanor Referring to the last question about violation of license law, what is the possible penalty? _________and/or___________. - 1 year or 1000 dollars What is the very first 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? - First Substantive contact Regarding the last question about the agency disclosure form and when you should take it out (first substantive contact) define what that means? - As soon as the client starts to ask questions a bout the property. What should you do if the client or customer refuses to sign the agency disclosure form? - Affidavit As a real estate salesperson, I am practicing ______ agency. - special As a property manager, I am practicing ___ agency. - in general In estate planning I am practicing ________ agency. - universal What would you call a situation where I represent the seller as my client but then work in the best interests of the buyer(my customer)? - undisclosed dual agency If I represent the buyer as a broker this would be called a _________. - Buyer Agency I owe all of the fiduciary obligations to my client or my customer? - a clientThe benefits of buying summaries with Stuvia:
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