NYS Real Estate Practice UPDATED Exam Questions and CORRECT Answers
5 views 0 purchase
Course
NYS Real Estate
Institution
NYS Real Estate
NYS Real Estate Practice UPDATED Exam
Questions and CORRECT Answers
What agency issues real estate licenses? - CORRECT ANSWER- The New York State
Department of State (NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - CORRECT ANSWER- 18
Do you need ...
NYS Real Estate Practice UPDATED Exam
Questions and CORRECT Answers
What agency issues real estate licenses? - CORRECT ANSWER- The New York State
Department of State (NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - CORRECT ANSWER- 18
Do you need experience in the field to become a sales person? - CORRECT ANSWER- No
What is the minimum age to become a real estate broker? - CORRECT ANSWER- 20
If your license is revoked, how long do you have to wait to re-apply for it? - CORRECT
ANSWER- One year
Do you need experience in the field to become a broker? - CORRECT ANSWER- Yes, at
least 2 years of experience and 3200 points
As a licensing salesperson, I can receive compensation from my? - CORRECT ANSWER-
Sponsoring Broker
As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________ - CORRECT ANSWER- Independent
contractor, 1099, Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take on
sales people - CORRECT ANSWER- Exempt
If you mix your clients money with the office operating funds, it is called________ and you
have violated which fiducary duty? - CORRECT ANSWER- Commingling funds and
Accountability
,For how long does a broker need to keep his/her records for? - CORRECT ANSWER- Three
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? - CORRECT ANSWER- 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? - CORRECT ANSWER- Broker holds the
license and I hold the pocket card
How many hours of continuing ed must a sales person take? - CORRECT ANSWER- 22.5
hours
As a real estate sales person, you have to take continuing ed classes every? - CORRECT
ANSWER- 2 years
There is also a component of _________ required every two years. - CORRECT ANSWER-
Fair housing
Are Real Estate brokers also required to take the CE classes? - CORRECT 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? - CORRECT ANSWER- $500
If you are a independent contractor what can a broker provide to you? - CORRECT
ANSWER- Telephone
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? - CORRECT ANSWER- no
What is the term of a real estate licensure? - CORRECT ANSWER- two years
If i was a real estate licensee and wanted to apply to become a mortgage broker, how many
years of experience would i need? - CORRECT ANSWER- Two Years
, Violation of real estate Licensee law is a? - CORRECT ANSWER- Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? - CORRECT ANSWER-
$1000 fine, and up to one year in jail
What is the very first document you should fill out with a client or customer? - CORRECT
ANSWER- Agency Disclosure Form
At what moment should you take out the Agency Disclosure form? - CORRECT ANSWER-
At first Substantive Contact
What does First substantive contact mean? - CORRECT ANSWER- When the customer
begins to ask questions pretaining to the Real Estate Property.
What should you do if a customer refuses to sign an Agency Disclousure form? - CORRECT
ANSWER- Fill out an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? - CORRECT ANSWER- Special Agent
As a property manager I am what kind of agent? - CORRECT ANSWER- A General Agent
As an estate planner, I am what kind of agent? - CORRECT ANSWER- Universal Agent
What is it called when I represent the seller as my client but then work in the best interest of
the buyer? - CORRECT ANSWER- Undisclosed Dual Agency
If I represent the buyer as a broker, this is called? - CORRECT ANSWER- Buyers Broker
Who do I owe my Fiduciary duties to? Client or Customer? - CORRECT ANSWER- Client
What Fiduciary duties to I owe the Customer? - CORRECT ANSWER- Fairness and Honesty
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.49. You're not tied to anything after your purchase.
