NYS Real Estate Practice Exam with
correct answers 2026/2027 version
As a licensing salesperson, I can receive compensation from my? - correct
answer>>>Sponsoring Broker
As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________ - correct answer>>>Independent
contractor, 1099, Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take
on sales people - correct answer>>>Exempt
If you mix your clients money with the office operating funds, it is called________ and
you have violated which fiducary duty? - correct answer>>>Commingling funds and
Accountability
For how long does a broker need to keep his/her records for? - correct 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? - correct 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? - correct answer>>>Broker holds the
license and I hold the pocket card
How many hours of continuing ed must a sales person take? - correct answer>>>22.5
hours
As a real estate sales person, you have to take continuing ed classes every? - correct
answer>>>2 years
There is also a component of _________ required every two years. - correct
answer>>>Fair housing
Are Real Estate brokers also required to take the CE classes? - correct 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? - correct answer>>>$500
If you are a independent contractor what can a broker provide to you? - correct
answer>>>Telephone
, As an independent contractor are you paid for the hours you put into a deal, or for
"production'? - correct answer>>>no
What is the term of a real estate licensure? - correct 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? - correct answer>>>Two Years
Violation of real estate Licensee law is a? - correct answer>>>Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? - correct
answer>>>$1000 fine, and up to one year in jail
What is the very first document you should fill out with a client or customer? - correct
answer>>>Agency Disclosure Form
What agency issues real estate licenses? - correct answer>>>The New York State
Department of State (NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - correct answer>>>18
Do you need experience in the field to become a sales person? - correct answer>>>No
What is the minimum age to become a real estate broker? - correct answer>>>20
If your license is revoked, how long do you have to wait to re-apply for it? - correct
answer>>>One year
Do you need experience in the field to become a broker? - correct answer>>>Yes, at
least 2 years of experience and 3200 points
At what moment should you take out the Agency Disclosure form? - correct
answer>>>At first Substantive Contact
What does First substantive contact mean? - correct answer>>>When the customer
begins to ask questions pretaining to the Real Estate Property.
What should you do if a customer refuses to sign an Agency Disclousure form? - correct
answer>>>Fill out an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? - correct answer>>>Special
Agent
As a property manager I am what kind of agent? - correct answer>>>A General Agent
As an estate planner, I am what kind of agent? - correct answer>>>Universal Agent
correct answers 2026/2027 version
As a licensing salesperson, I can receive compensation from my? - correct
answer>>>Sponsoring Broker
As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________ - correct answer>>>Independent
contractor, 1099, Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take
on sales people - correct answer>>>Exempt
If you mix your clients money with the office operating funds, it is called________ and
you have violated which fiducary duty? - correct answer>>>Commingling funds and
Accountability
For how long does a broker need to keep his/her records for? - correct 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? - correct 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? - correct answer>>>Broker holds the
license and I hold the pocket card
How many hours of continuing ed must a sales person take? - correct answer>>>22.5
hours
As a real estate sales person, you have to take continuing ed classes every? - correct
answer>>>2 years
There is also a component of _________ required every two years. - correct
answer>>>Fair housing
Are Real Estate brokers also required to take the CE classes? - correct 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? - correct answer>>>$500
If you are a independent contractor what can a broker provide to you? - correct
answer>>>Telephone
, As an independent contractor are you paid for the hours you put into a deal, or for
"production'? - correct answer>>>no
What is the term of a real estate licensure? - correct 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? - correct answer>>>Two Years
Violation of real estate Licensee law is a? - correct answer>>>Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? - correct
answer>>>$1000 fine, and up to one year in jail
What is the very first document you should fill out with a client or customer? - correct
answer>>>Agency Disclosure Form
What agency issues real estate licenses? - correct answer>>>The New York State
Department of State (NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - correct answer>>>18
Do you need experience in the field to become a sales person? - correct answer>>>No
What is the minimum age to become a real estate broker? - correct answer>>>20
If your license is revoked, how long do you have to wait to re-apply for it? - correct
answer>>>One year
Do you need experience in the field to become a broker? - correct answer>>>Yes, at
least 2 years of experience and 3200 points
At what moment should you take out the Agency Disclosure form? - correct
answer>>>At first Substantive Contact
What does First substantive contact mean? - correct answer>>>When the customer
begins to ask questions pretaining to the Real Estate Property.
What should you do if a customer refuses to sign an Agency Disclousure form? - correct
answer>>>Fill out an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? - correct answer>>>Special
Agent
As a property manager I am what kind of agent? - correct answer>>>A General Agent
As an estate planner, I am what kind of agent? - correct answer>>>Universal Agent
