NYS REAL ESTATE EXAM TEST WITH 100% VERIFIED ANSWERS
NYS Dept of State - -agency that licenses real estate agents/brokers
Page | 1
Property law name - -Article 12A
Types of real estate licenses (3) - -salesperson, associate broker, broker
An associate broker... - -has no broker powers
A broker... - -sponsors salespeople and associate brokers
The salesperson's license is kept by... - -the broker for whom the salesperson is
working for, kept in a secure place
Pocket ID card - -Kept with the agent, should be carried at all times
Any changes to a salesperson's license - -should be submitted to the Department of
State with 5 days notice
Fees for license - -Salesperson: $50 every 2 years
Broker/Associate broker: $150 every 2 years
Education requirements - -22.5 hours of continuing education prior to license
renewal
, Total educational hours for broker's license - -120 hours (75 sales, 45 brokers)
3500 points sales experience, 2 yrs full time
5250 points for related experience, 3 years full time
Page | 2
reciprocal states to NY - -9
Arkansas
Colorado
Connecticut
Georgia
Massachusetts
Mississippi
Oklahoma
Pennsylvania
West Virginia
What are the other DOS Licenses? (5) - -1. Notary public
2. Apartment Information Vendor
3. Apartment Sharing Agent
4. Appraiser
5 Home inspector
Office regulations - -1. Must have appropriate office signage
2. Kickbacks are illegal!
3. Blind ads are illegal! (bait and switch)
, Administrative discipline for misdeeds (3) - -1. suspension of license
2. Revocation of license (must wait one year before applying for licensing privilege)
3. Article 78 proceeding - Appeal a decision
Page | 3
Stigmatized property disclosure - -Article 443, sellers and seller agents do not have
to disclose this info and may or may not disclose upon written request of the buyer or buyer
agent. A seller agent can disclose only with permission of the seller. A buyer or buyer agent
may provide written request for disclosure to the seller or seller agent during negotiations
for purchase.
Do Attorneys need a license to practice real estate brokerage? - -No, except for when
they employ licensee to work under their supervision
Commingling of funds - -ILLEGAL!
Net listings - -ILLEGAL!
Violation of license law - -misdemeanor and punishable by $1K fine and or a
maximum sentence of a year in jail
Revocation of a broker's license... - -suspends the license of salespersons and
associate brokers in the broker's employ
Property Condition Disclosure Statement - -must be provided to the buyer's agent
before the sellers accept the purchase offer
, Uncapped natural gas wells - -must be disclosed by seller to buyer before entering
into a contract of sale.
Page | 4 Who can be an officer in a real estate company? - -Only full broker. Not an associate
broker, not a salesperson
Who can show property? - -Only licensed salespeople or brokers
Agent - -usually works for seller, but can also work for a buyer, representation, looks
for best interest of party, for the buyer an agent usually services, goes through motions but
no fiduciary responsibilty
Customer - -the party whom the agent brings to the pricipal as a seller or buyer of the
property
Client - -the person who selects the agent to acts on his behalf
dual agency - -when agent acts for both buyer and seller (they only have fucidicary
responsibilty to whom hired them)
Fudiciary responsibilities - -OLD CAR
Obedience
Loyalty
Disclosure of Info
Confidentiality
Accountability
NYS Dept of State - -agency that licenses real estate agents/brokers
Page | 1
Property law name - -Article 12A
Types of real estate licenses (3) - -salesperson, associate broker, broker
An associate broker... - -has no broker powers
A broker... - -sponsors salespeople and associate brokers
The salesperson's license is kept by... - -the broker for whom the salesperson is
working for, kept in a secure place
Pocket ID card - -Kept with the agent, should be carried at all times
Any changes to a salesperson's license - -should be submitted to the Department of
State with 5 days notice
Fees for license - -Salesperson: $50 every 2 years
Broker/Associate broker: $150 every 2 years
Education requirements - -22.5 hours of continuing education prior to license
renewal
, Total educational hours for broker's license - -120 hours (75 sales, 45 brokers)
3500 points sales experience, 2 yrs full time
5250 points for related experience, 3 years full time
Page | 2
reciprocal states to NY - -9
Arkansas
Colorado
Connecticut
Georgia
Massachusetts
Mississippi
Oklahoma
Pennsylvania
West Virginia
What are the other DOS Licenses? (5) - -1. Notary public
2. Apartment Information Vendor
3. Apartment Sharing Agent
4. Appraiser
5 Home inspector
Office regulations - -1. Must have appropriate office signage
2. Kickbacks are illegal!
3. Blind ads are illegal! (bait and switch)
, Administrative discipline for misdeeds (3) - -1. suspension of license
2. Revocation of license (must wait one year before applying for licensing privilege)
3. Article 78 proceeding - Appeal a decision
Page | 3
Stigmatized property disclosure - -Article 443, sellers and seller agents do not have
to disclose this info and may or may not disclose upon written request of the buyer or buyer
agent. A seller agent can disclose only with permission of the seller. A buyer or buyer agent
may provide written request for disclosure to the seller or seller agent during negotiations
for purchase.
Do Attorneys need a license to practice real estate brokerage? - -No, except for when
they employ licensee to work under their supervision
Commingling of funds - -ILLEGAL!
Net listings - -ILLEGAL!
Violation of license law - -misdemeanor and punishable by $1K fine and or a
maximum sentence of a year in jail
Revocation of a broker's license... - -suspends the license of salespersons and
associate brokers in the broker's employ
Property Condition Disclosure Statement - -must be provided to the buyer's agent
before the sellers accept the purchase offer
, Uncapped natural gas wells - -must be disclosed by seller to buyer before entering
into a contract of sale.
Page | 4 Who can be an officer in a real estate company? - -Only full broker. Not an associate
broker, not a salesperson
Who can show property? - -Only licensed salespeople or brokers
Agent - -usually works for seller, but can also work for a buyer, representation, looks
for best interest of party, for the buyer an agent usually services, goes through motions but
no fiduciary responsibilty
Customer - -the party whom the agent brings to the pricipal as a seller or buyer of the
property
Client - -the person who selects the agent to acts on his behalf
dual agency - -when agent acts for both buyer and seller (they only have fucidicary
responsibilty to whom hired them)
Fudiciary responsibilities - -OLD CAR
Obedience
Loyalty
Disclosure of Info
Confidentiality
Accountability
