NYS Real Estate Practice Exam Questions and Answers

NYS Real Estate Practice Exam Questions and Answers What agency issues real estate licenses? - Answer- The New York State Department of State (NYDOS), Divison of Licensing Services At what age can you become a real estate salesperson? - Answer- 18 Do you need experience in the field to become a sales person? - Answer- No What is the minimum age to become a real estate broker? - Answer- 20 If your license is revoked, how long do you have to wait to re-apply for it? - Answer- One year Do you need experience in the field to become a broker? - Answer- Yes, at least 2 years of experience and 3200 points As a licensing salesperson, I can receive compensation from my? - Answer- Sponsoring Broker As a real estate licensee you will more often than not be an ________, will receive a ____________ and will file a _____________ - Answer- Independent contractor, 1099, Schedule C Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take on sales people - Answer- Exempt If you mix your clients money with the office operating funds, it is called________ and you have violated which fiducary duty? - Answer- Commingling funds and Accountability For how long does a broker need to keep his/her records for? - Answer- Three years