What agency issues real estate licenses? - ANSWERThe New York State Department of State (NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - ANSWER18
Do you need experience in the field to become a sales person? - ANSWERNo
What is the minimum age t...
NYS Real Estate Practice Exam
Questions & Answers
What agency issues real estate licenses? - ANSWERThe New York State Department
of State (NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - ANSWER18
Do you need experience in the field to become a sales person? - ANSWERNo
What is the minimum age to become a real estate broker? - ANSWER20
If your license is revoked, how long do you have to wait to re-apply for it? -
ANSWEROne year
Do you need experience in the field to become a broker? - ANSWERYes, at least 2
years of experience and 3200 points
As a licensing salesperson, I can receive compensation from my? -
ANSWERSponsoring Broker
As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________ - ANSWERIndependent contractor, 1099,
Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take
on sales people - ANSWERExempt
If you mix your clients money with the office operating funds, it is called________ and
you have violated which fiducary duty? - ANSWERCommingling funds and
Accountability
For how long does a broker need to keep his/her records for? - ANSWERThree 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? - ANSWERNo 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? - ANSWERBroker holds the license and
I hold the pocket card
How many hours of continuing ed must a sales person take? - ANSWER22.5 hours
, As a real estate sales person, you have to take continuing ed classes every? -
ANSWER2 years
There is also a component of _________ required every two years. - ANSWERFair
housing
Are Real Estate brokers also required to take the CE classes? - ANSWERYes
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 a independent contractor what can a broker provide to you? -
ANSWERTelephone
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? - ANSWERno
What is the term of a real estate licensure? - ANSWERtwo 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? - ANSWERTwo Years
Violation of real estate Licensee law is a? - ANSWERMisdemeanor
What is the possible penalty of violating Real Estate Licensee Law? - 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? -
ANSWERAgency Disclosure Form
At what moment should you take out the Agency Disclosure form? - ANSWERAt first
Substantive Contact
What does First substantive contact mean? - ANSWERWhen 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? -
ANSWERFill out an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? - ANSWERSpecial Agent
As a property manager I am what kind of agent? - ANSWERA General Agent
As an estate planner, I am what kind of agent? - ANSWERUniversal Agent
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