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NYS Real Estate Exam Study Guide Questions and Answers 100% Accurate
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NYS Real Estate Exam Study Guide
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NYS Real Estate Exam Study GuideJ, who has no real estate license, canvasses homeowners by phone to determine
whether they are interested in selling their homes. B, who is licensed, gives J $25 for
every lead she turns up. Does this violate license law? - answer Yes, because B is
paying compensation for services that require licensure
The answer is yes, because B is paying compensation for services that require
licensure. No individual may legally accept a commission or other compensation for
performing any of the activities regulated by the license law, unless that person holds a
valid New York real estate license at the time the activity is performed and maintains the
license from the start of a transaction up to the point that all compensation is received.
Real estate license laws were instituted to - answer protect the public while maintaining
high standards for those issued a license.
The answer is protect the public while maintaining high standards for those issued a
license. The profession became regulated in 1922 in order to protect the public from
financial loss due to the performance of real estate acts on behalf of others.
In New York, real estate licenses are issued by the - answer Department of State.
The answer is Department of State. The Department of State, Division of Licensing
Services, is the state's licensing unit.
When a salesperson or associate broker terminates an association with a broker, -
answerhe supervising broker must file a termination of association notice.
The answer is the supervising broker must file a termination of association notice. This
must occur before any new association can be accomplished.
In order to satisfy the education requirements for a real estate salesperson's license,
how many hours of education must an applicant take? - answer75 hours
The answer is 75 hours. After July 1, 2008, the state educational prelicense requirement
to achieve a salesperson's license is 75 hours.
A duly licensed salesperson may accept bonus compensation from - answerA. a
grateful seller.
B. a grateful buyer.
C. another salesperson.
D.none of these.
,The answer is none of these. A salesperson may accept compensation only from his
sponsoring broker and from no other.
A fully qualified broker who chooses to act as a salesperson under the employ of
another broker's sponsorship is licensed as a(n) - answerassociate broker.
The answer is associate broker. In New York, any person who has otherwise qualified
to be a broker but chooses to work under the license and direct supervision of another
broker is deemed an associate broker.
To obtain a broker's license, you must reach the age of - answer20.
The answer is 20. The minimum age to receive a broker's license in New York State is
20.
To satisfy the education requirements for a broker's license, an applicant must have first
completed how many hours of prescribed study? - answer120
The answer is 120. As of July 1, 2008, in order to qualify to receive a broker's license in
New York, the applicant must have completed (with some exceptions) 120 hours of
prelicense education.
Failure to provide the buyer with a property disclosure form requires - answerthe seller
to give the buyer a $500 credit at closing.
The answer is the seller to give the buyer a $500 credit at closing. This is the penalty for
not providing the disclosure form.
Real estate licenses in New York State are good for - answertwo years.
Each license is good for two years from the date of issuance.
Nonresident brokers seeking a New York license must - answerfile an irrevocable
consent to service form allowing them to be sued in New York State.
This form is required as part of a nonresident application. This allows a New York State
resident to sue a nonresident broker without having to first find the broker in another
state in order to serve a complaint.
In the office of a broker, which of the following must be displayed? - answerAll brokers'
licenses
License law requires that all broker licenses be displayed conspicuously in the office of
the broker. No other license must be displayed. If salespersons' licenses are displayed,
a distinction between the brokers' licenses and the salespersons' should be made.
, A salesperson told the telephone company to print the following ad under "Real Estate"
in the yellow pages: Alissia Jackson, Licensed Salesperson, Residential Property a
Specialty, 473-4973. In order to have placed an appropriate ad, she should have
included her - answerbroker's name.
By not including the broker's name in the ad, the salesperson is guilty of blind
advertising. Blind advertising is any ad that does not indicate that the advertiser is a real
estate broker.
Performing property management duties such as collecting rents for more than one
client requires - answerthat at least one person hold a real estate broker's license.
The Department of State (DOS) has revoked an agent's license for fraud. Which is
TRUE? - answerThe agent has the right to appeal the revocation through an Article 78
proceeding.
When a public body of government renders a negative decision on a private individual,
the individual may appeal the decision by invoking an Article 78 proceeding.
If a principal broker loses her license, her associated salespersons must immediately -
answerstop listing and selling until they have associated with another broker.
The loss of the broker's license for any reason renders the license of others under that
registration as cancelled. The affected licensees must first reassociate with another
broker before resuming real estate activities.
License renewal must be accomplished - answeronly online.
The majority of DOS services today are performed online.
Which of the following activities can an unlicensed assistant perform? - answerGather
information for a comparative market analysis (CMA)
This is considered a clerical function.
Loans sold in the secondary market by the mortgage banker - answercan generate
further fees when the banker also services those loans.
Loan servicing is similar to the process of managing another's property.
The term commingling pertains to - answermixing the broker's funds with escrow
deposits.
In order to protect the public, it is illegal to mix the broker's operating funds with that of
funds belonging to others in the same account.
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