New York Real estate exam Offical study guide Quizzes & Answers Correct 100%
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Course
New York Real estate
Institution
New York Real Estate
What agency issues real estate licenses? - ANSWER NYS DOS, DIVISION OF LICENSING
At what age can you become a real estate salesperson? - ANSWER 18
Do you need experience in the field to become a salesperson? - ANSWER No
What is the minimum age to become a real estate broker? - ANSWER 20
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New York Real estate exam Offical study guide Quizzes & Answers Correct 100%
What agency issues real estate licenses? - ANSWER NYS DOS, DIVISION OF LICENSING
At what age can you become a real estate salesperson? - ANSWER 18
Do you need experience in the field to become a salesperson? - ANSWER No
What is the minimum age to become a real estate broker? - ANSWER 20
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 - ANSWER 1 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 - ANSWER Independent contractor, 1099, schedule c
Attorney admitted to the bar in nys are (BLANK) from the licensure law, unless they take
on salespeople - ANSWER EXEMPT, 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? ___ - ANSWER Commingling, Accountability
For how long does A broker need to keep his or hers paperwork and records? - ANSWER 3 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 Thirty 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? - ANSWER Broker holds license, Agent holds pocket card
As a real estate salesperson, you have to take continuing education every ___ years. - ANSWER two years How many hours of CE are required? - ANSWER 22.5 hours
There is also a three hour CE component of ___ required every two years. - ANSWER Fair Housing
Are real estate brokers also required to fulfill the CE requirement? - 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 truly an independent contractor, what is it that your broker can provide for you? - ANSWER Phone & Desk
As an independent contractor, are you paid for the number of hours you put into a deal or for your 'production'? - ANSWER production
What is the term of real estate licensure? - ANSWER 2 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? - ANSWER 3 years
Violation of license law is a ___. - ANSWER Misdemeanor
What is the penalty for violation of license law? - ANSWER 1 year or $1000
What is the very first document you should fill out with a new client or customer? - ANSWER Agency Disclosure Form
At what moment should you take out the agency disclosure form? - ANSWER At first substantive contact
Regarding the question above, define what [agency disclosure form] means. - ANSWER
In 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 - ANSWER Fill 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. - ANSWER special
As a property manager, I am practicing ___ agency. - ANSWER in general
In estate planning, I am a practicing (blank) agency - ANSWER Universal
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