NYS Real Estate Broker License Exam
Review
Joan, who has no real estate license, canvases homeowners by phone to determine
whether they are interested in selling their homes. Shanice, who is licensed, give Joan
$25 for every lead she turns up. Does this violate license law?
A. No, because the gift is not more than $25.
B. No, because Joan does not actually list or sell property.
C. Yes, because Shanice is paying compensation for services that require licensure.
D. Yes, because Joan is using a home telephone with no broker's sign outside her
house. - answerC. Yes, because Shanice is paying compensation for services that
require licensure.
Real estate license laws were instituted to
A. Raise revenue through license fees.
B. Limit the number of brokers and salespersons.
C. Match the federal government's requirements.
D. Protect the public while maintaining high standards for those issued a license. -
answerD. Protect the public while maintaining high standards for those issued a license.
In New York, real estate licenses are issued by the
A. Real Estate Commission.
B. Board of Realtors
C. Department of State
D. Department of Education - answerC. Department of State
Which of the following acts require that a New York resident hold a valid real estate
license?
A. Giving a cousin advice about pricing her home for the market
B. Writing a lease for a tenant in a building he owns
C. Accepting a TV from a grateful neighbor for whom she arranged a home equity loan
D. Selling the house of his dead aunt while settling her estate - answerC. Accepting a
TV from a grateful neighbor for whom she arranged a home equity loan
In order to satisfy the education requirements for a real estate salesperson's license,
how many hours of education must an applicant take?
A. 45 hours
,B. 60 hours
C. 75 hours
D. 90 hours - answerC. 75 hours
A duly licensed salesperson may accept bonus compensation from
A. A grateful seller
B. A grateful buyer
C. Another salesperson.
D. None of these. - answerD. None of these
A fully qualified broker who chooses to act as a salesperson under the employ of
another broker's sponsorship is licensed as a(n)
A. Adjunct salesperson.
B. Sales associate.
C. Associate broker.
D. Principal broker. - answerC. Associate broker
To obtain a broker's license, you must reach the age of
A. 18.
B. 19.
C. 20.
D. 21. - answerC. 20.
In order to satisfy the education requirements for a broker license, an applicant must
have first completed a total of how many hours of prescribed study?
A. 45
B. 75
C. 90
D. 120 - answerD. 120
10. Which of the following is required for an applicant to show in order to be eligible for
a broker's license in New York State?
A. Completion of 50 hours in real estate courses
B. Age of at least 18
C. Completion of two years' experience as a licensed salesperson
D. Membership in the new York State Association of Realtors - answerC. Completion of
two years' experience as a licensed salesperson
11. Real estate licenses in New York State are good for
A. one year.
,B. two years.
C. three years.
D. four years. - answerB. two years.
Nonresident brokers seeking a New York license must
A. post a bond of $5,000.
B. be a citizen of the United States.
C. find a New York attorney or another broker to act as a sponsor.
D. file an irrevocable consent to service from allowing them to be sued in New York. -
answerD. file an irrevocable consent to service from allowing them to be sued in New
York.
In the office of a broker, which of the following must be displayed?
A. All brokers' licenses
B. All licenses
C. No licenses
D. Only salespersons' licenses - answerA. All brokers' licenses
Salesperson Jackson 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 hetr
A. area code.
B. broker's name.
C. office address.
d. home phone number. - answerB. broker's name.
A real estate license is temporarily suspended or permanently cancelled if a licensee is
found to be untrustworthy or
A. incompetent.
b. malicious.
C. irresponsible.
D. unproductive. - answerA. incompetent.
The Department of State has revoked Ted Toller's license for fraud. Which is TRUE?
A. Toller has the right to appeal the revocation through an article 78 proceeding.
B. His salespersons may continue in business for 90 days because they were not found
guilty.
C. Toller may continue his business for 90 days if he posts a bond with the DOS.
D. Toller may have his license reinstated if he signs an irrevocable consent form. -
answerA. Toller has the right to appeal the revocation through an article 78 proceeding.
, If a principal broker loses her license, her associated salespersons must immediately
A. appoint one of their number to serve as supervisor.
B. stop listing and selling until they have associated with another broker.
C. obtain brokers' licenses.
D. request that the DOS reassign them. - answerB. stop listing and selling until they
have associated with another broker.
All of the following would be required of a real estate salesperson EXCEPT
A. to be licensed by the state.
B. to be at least 18 years old.
C. to already have experience in real estate.
D. to be supervised by a sponsoring broker. - answerC. to already have experience in
real estate.
A homeowner lists his house with broker A. The homeowner offers a bonus commission
of $500 to the agent who brings a good buyer before December. A salesperson who is
associated with the cooperating firm of broker B, effects the sale on November 1. The
salesperson may collect that bonus from
A. the homeowner and from no other.
B. broker B and from no other.
C. broker A and from no other.
D. no one. - answerB. broker B and from no other.
A real estate broker must keep all documents for the DOS pertaining to a real estate
transaction on file for a period of no less than
A. two years.
B. three years.
C. seven years.
D. indefinitely. - answerB. three years.
The term commingling pertains to
A. mixing the broker's funds with escrow deposits.
B. soliciting the services of another broker's salespersons.
C. failing to deliver duplicate originals of contracts.
D. promoting business at social gatherings. - answerA. mixing the broker's funds with
escrow deposits.
Which of the following cash deposits must a real estate broker report to the IRS?
A. $5,000
Review
Joan, who has no real estate license, canvases homeowners by phone to determine
whether they are interested in selling their homes. Shanice, who is licensed, give Joan
$25 for every lead she turns up. Does this violate license law?
A. No, because the gift is not more than $25.
B. No, because Joan does not actually list or sell property.
C. Yes, because Shanice is paying compensation for services that require licensure.
D. Yes, because Joan is using a home telephone with no broker's sign outside her
house. - answerC. Yes, because Shanice is paying compensation for services that
require licensure.
Real estate license laws were instituted to
A. Raise revenue through license fees.
B. Limit the number of brokers and salespersons.
C. Match the federal government's requirements.
D. Protect the public while maintaining high standards for those issued a license. -
answerD. Protect the public while maintaining high standards for those issued a license.
In New York, real estate licenses are issued by the
A. Real Estate Commission.
B. Board of Realtors
C. Department of State
D. Department of Education - answerC. Department of State
Which of the following acts require that a New York resident hold a valid real estate
license?
A. Giving a cousin advice about pricing her home for the market
B. Writing a lease for a tenant in a building he owns
C. Accepting a TV from a grateful neighbor for whom she arranged a home equity loan
D. Selling the house of his dead aunt while settling her estate - answerC. Accepting a
TV from a grateful neighbor for whom she arranged a home equity loan
In order to satisfy the education requirements for a real estate salesperson's license,
how many hours of education must an applicant take?
A. 45 hours
,B. 60 hours
C. 75 hours
D. 90 hours - answerC. 75 hours
A duly licensed salesperson may accept bonus compensation from
A. A grateful seller
B. A grateful buyer
C. Another salesperson.
D. None of these. - answerD. None of these
A fully qualified broker who chooses to act as a salesperson under the employ of
another broker's sponsorship is licensed as a(n)
A. Adjunct salesperson.
B. Sales associate.
C. Associate broker.
D. Principal broker. - answerC. Associate broker
To obtain a broker's license, you must reach the age of
A. 18.
B. 19.
C. 20.
D. 21. - answerC. 20.
In order to satisfy the education requirements for a broker license, an applicant must
have first completed a total of how many hours of prescribed study?
A. 45
B. 75
C. 90
D. 120 - answerD. 120
10. Which of the following is required for an applicant to show in order to be eligible for
a broker's license in New York State?
A. Completion of 50 hours in real estate courses
B. Age of at least 18
C. Completion of two years' experience as a licensed salesperson
D. Membership in the new York State Association of Realtors - answerC. Completion of
two years' experience as a licensed salesperson
11. Real estate licenses in New York State are good for
A. one year.
,B. two years.
C. three years.
D. four years. - answerB. two years.
Nonresident brokers seeking a New York license must
A. post a bond of $5,000.
B. be a citizen of the United States.
C. find a New York attorney or another broker to act as a sponsor.
D. file an irrevocable consent to service from allowing them to be sued in New York. -
answerD. file an irrevocable consent to service from allowing them to be sued in New
York.
In the office of a broker, which of the following must be displayed?
A. All brokers' licenses
B. All licenses
C. No licenses
D. Only salespersons' licenses - answerA. All brokers' licenses
Salesperson Jackson 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 hetr
A. area code.
B. broker's name.
C. office address.
d. home phone number. - answerB. broker's name.
A real estate license is temporarily suspended or permanently cancelled if a licensee is
found to be untrustworthy or
A. incompetent.
b. malicious.
C. irresponsible.
D. unproductive. - answerA. incompetent.
The Department of State has revoked Ted Toller's license for fraud. Which is TRUE?
A. Toller has the right to appeal the revocation through an article 78 proceeding.
B. His salespersons may continue in business for 90 days because they were not found
guilty.
C. Toller may continue his business for 90 days if he posts a bond with the DOS.
D. Toller may have his license reinstated if he signs an irrevocable consent form. -
answerA. Toller has the right to appeal the revocation through an article 78 proceeding.
, If a principal broker loses her license, her associated salespersons must immediately
A. appoint one of their number to serve as supervisor.
B. stop listing and selling until they have associated with another broker.
C. obtain brokers' licenses.
D. request that the DOS reassign them. - answerB. stop listing and selling until they
have associated with another broker.
All of the following would be required of a real estate salesperson EXCEPT
A. to be licensed by the state.
B. to be at least 18 years old.
C. to already have experience in real estate.
D. to be supervised by a sponsoring broker. - answerC. to already have experience in
real estate.
A homeowner lists his house with broker A. The homeowner offers a bonus commission
of $500 to the agent who brings a good buyer before December. A salesperson who is
associated with the cooperating firm of broker B, effects the sale on November 1. The
salesperson may collect that bonus from
A. the homeowner and from no other.
B. broker B and from no other.
C. broker A and from no other.
D. no one. - answerB. broker B and from no other.
A real estate broker must keep all documents for the DOS pertaining to a real estate
transaction on file for a period of no less than
A. two years.
B. three years.
C. seven years.
D. indefinitely. - answerB. three years.
The term commingling pertains to
A. mixing the broker's funds with escrow deposits.
B. soliciting the services of another broker's salespersons.
C. failing to deliver duplicate originals of contracts.
D. promoting business at social gatherings. - answerA. mixing the broker's funds with
escrow deposits.
Which of the following cash deposits must a real estate broker report to the IRS?
A. $5,000
