NYS Real Estate Practice Exam / Questions with 100%
Correct 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
If my license has expired, for how long can i continue to practice real estate
sales?In other words, what is the grace period? - (ANSWER)No Grace Period
Your real estate license with the pocket card will be sent to your sponsoring
broker. who holds the license? Who holds the pocket card? - (ANSWER)Broker
holds the license and I hold the pocket card
How many hours of continuing ed must a sales person take? - (ANSWER)22.5
hours
As a real estate sales person, you have to take continuing ed classes every? -
(ANSWER)2 years
There is also a component of _________ required every two years. -
(ANSWER)Fair housing
, Are Real Estate brokers also required to take the CE classes? - (ANSWER)Yes
If a seller decides not to provide the purchaser with the Property Condition
Disclosure Form, how much of a reduction in price does he have to give? -
(ANSWER)$500
If you are a independent contractor what can a broker provide to you? -
(ANSWER)Telephone
As an independent contractor are you paid for the hours you put into a deal, or
for "production'? - (ANSWER)no
What is the term of a real estate licensure? - (ANSWER)two years
If i was a real estate licensee and wanted to apply to become a mortgage broker,
how many years of experience would i need? - (ANSWER)Two Years
Violation of real estate Licensee law is a? - (ANSWER)Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? -
(ANSWER)$1000 fine, and up to one year in jail
Correct 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
If my license has expired, for how long can i continue to practice real estate
sales?In other words, what is the grace period? - (ANSWER)No Grace Period
Your real estate license with the pocket card will be sent to your sponsoring
broker. who holds the license? Who holds the pocket card? - (ANSWER)Broker
holds the license and I hold the pocket card
How many hours of continuing ed must a sales person take? - (ANSWER)22.5
hours
As a real estate sales person, you have to take continuing ed classes every? -
(ANSWER)2 years
There is also a component of _________ required every two years. -
(ANSWER)Fair housing
, Are Real Estate brokers also required to take the CE classes? - (ANSWER)Yes
If a seller decides not to provide the purchaser with the Property Condition
Disclosure Form, how much of a reduction in price does he have to give? -
(ANSWER)$500
If you are a independent contractor what can a broker provide to you? -
(ANSWER)Telephone
As an independent contractor are you paid for the hours you put into a deal, or
for "production'? - (ANSWER)no
What is the term of a real estate licensure? - (ANSWER)two years
If i was a real estate licensee and wanted to apply to become a mortgage broker,
how many years of experience would i need? - (ANSWER)Two Years
Violation of real estate Licensee law is a? - (ANSWER)Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? -
(ANSWER)$1000 fine, and up to one year in jail
