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NY real estate express practice exam Questions with Correct Answers
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NY real estate express practice exam
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NY real estate express practice examSellers’ market their property using a __________. - answer listing agreement
When the licensee has a buyer brokerage agreement with a purchaser, he or she must
represent the best interests of the ___ rather than the ___. – answer buyer, seller
In most cases, buyers cannot make a purchase without ____ at least some part of the
transaction. - answer financing
Buyer gets the ____ to the property, seller gets the _____ from the sale, and the broker
gets a _____. - answer deed, proceeds, commission
The DOS is responsible for the ___, _____ and _____ of a number of occupations -
answer licensure, registration, regulation
The Mission of the DOS is... - answer To protect the health, safety and welfare of
consumers.
To provide efficient processing and examination services to license applicants.
To provide accurate information and qualified licensees to the business community.
The DOS is allowed to reprimand a real estate broker if: - answerViolated any provision
of Article 12-A of the Real Property Law.
Engaged in fraud or fraudulent practices.
Demonstrated untrustworthiness or incompetence.
The Board consists of the _____, the _____ of Financial Services and ______ (brokers
or public members). - answerSecretary of State, Superintendent of Financial Services,
thirteen appointed members (brokers or public members).
Depending on the appointments by the Minority Leaders, the Board will be composed
of: - answerSeven real estate brokers and six public members
Six real estate brokers and seven public members
Five real estate brokers and eight public members
The _____ is the Chairperson. A Vice-Chairperson and Secretary are elected from
among the other members of the Board. If a member fails to attend ____ consecutive
meetings, the member shall forfeit seat on the Board (may be excused due to illness or
death in the family). - answerSecretary of State, three
The ____ has the duty to administer all licensing, examination, education, and
compliance provisions of Article 12-A; the rules of the Board; and the rules of the
Secretary of State. - answerSecretary of State
, Except for things delegated specifically to the ____, the ___ has general authority to
promulgate rules and regulations affecting real estate brokers and salespersons in order
to administer Article 12-A of the Real Property Law. - answerSecretary of State, Board
Has a responsibility to be fair and competent when dealing with the public. Is
responsible for managing and supervising all affiliated licensees. - answerreal estate
broker
Licensed real estate broker who chooses to work under the name and supervision of a
licensed real estate broker. Can maintain a separate real estate broker's license. Can
only receive commission payments from their sponsoring broker. - answerAssociate real
estate broker
Works on behalf of a licensed real estate broker to perform any of the duties associated
with real estate transactions. Can only receive commission payments from sponsoring
broker. - answerReal estate salesperson
Exemptions from needing a license: - answerAn owner selling/landlord renting own
property.
An attorney performing duties as an attorney/admitted to the bar in New York.
A receiver or trustee in bankruptcy.
In order to become a licensed salesperson in New York, a candidate must:
Be at least __ years old and permanent US residency.
Successfully complete the __-hour pre-license course approved by the New York
Department of State and pass the New York state licensing exam.
Obtain a _____ before obtaining the license. - answer18, 75, sponsoring broker
To become a licensed broker, a candidate must:
Be at least __ years old and permanent US residency.
Successfully complete the ___-hour course of study approved by the New York
Department of State and pass the New York state broker exam.
Submit proof of one of these requirements: ___ full years of experience as a licensed
salesperson and _____ points.____ years of equivalent experience in some other
aspect of real estate and ____ points, subject to approval by the Department of State. -
answer20, 120, Two, 3500, Three, 5250
To become a licensed associate broker, a candidate must meet all of the same
qualifications as for a ______ and submit the name of a sponsoring broker. -
answerbroker's license
Education Required for Obtaining a License
Salespersons - __ hours of approved course instruction.
Brokers - __ hours of approved course instruction - the 75-hour salesperson's course
plus an additional __-hour broker course. - answer75, 120, 45
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