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New York Real estate exam Offical study guide 2024/2025 (100% verified) A+ grade assured
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New York Real estate exam Offical study guide 2024/2025 (100% verified) A+ grade assured
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New York Real estate exam Officalstudy guide
What agency issues real estate licenses? - ANSNYS DOS, DIVISION OF LICENSING
At what age can you become a real estate salesperson? - ANS18
Do you need experience in the field to become a salesperson? - ANSNo
What is the minimum age to become a real estate broker? - ANS20
Do you need experience in the field to become a broker? - ANSYes, 3500 points (35hrs
weekly for 100 weeks)
If your license is revoked, how long do you have to wait to reapply - ANS1 year
As a licensed salesperson, I can receive compensation from ___. - ANSsponsoring 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 -
ANSIndependent contractor, 1099, schedule c
Attorney admitted to the bar in nys are (BLANK) from the licensure law, unless they take on
salespeople - ANSEXEMPT, 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? ___ - ANSCommingling, Accountability
For how long does A broker need to keep his or hers paperwork and records? - ANS3 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? - ANSThirty 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? - ANSBroker holds license, Agent holds
pocket card
As a real estate salesperson, you have to take continuing education every ___ years. -
ANStwo years
How many hours of CE are required? - ANS22.5 hours
There is also a three hour CE component of ___ required every two years. - ANSFair
Housing
, Are real estate brokers also required to fulfill the CE requirement? - ANSYes
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? - ANS$500
If you are truly an independent contractor, what is it that your broker can provide for you? -
ANSPhone & Desk
As an independent contractor, are you paid for the number of hours you put into a deal or for
your 'production'? - ANSproduction
What is the term of real estate licensure? - ANS2 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? - ANS3 years
Violation of license law is a ___. - ANSMisdemeanor
What is the penalty for violation of license law? - ANS1 year or $1000
What is the very first document you should fill out with a new client or customer? -
ANSAgency Disclosure Form
At what moment should you take out the agency disclosure form? - ANSAt first substantive
contact
Regarding the question above, define what [agency disclosure form] means. - ANSIn 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 -
ANSFill 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. - ANSspecial
As a property manager, I am practicing ___ agency. - ANSin general
In estate planning, I am a practicing (blank) agency - ANSUniversal
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?) - ANSUndisclosed dual agency
If I represent the buyer as a broker, this would be called ___. - ANSBuyers agency
I owe all of the fiduciary obligations to my client or to my customer? - ANSclient
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