NEW YORK REAL ESTATE BROKER
LICENSE EXAM | ULTIMATE EXAM
BANK WITH ACTUAL QUESTIONS AND
VERIFIED ANSWERS
Which of the following are requirements to obtain a
New York real estate broker license?
A. At least two years of experience as a licensed
salesperson
B. Completion of 120-hour broker education course
C. Passing the broker exam
D. Owning a real estate firm
Correct Answer: A,B,C
Rationale: NY requires 2 years of salesperson
experience, completion of the broker course, and
passing the broker exam. Ownership is not required.
A broker in New York is responsible for which of the
following regarding their salespersons?
A. Supervising their activities
B. Ensuring compliance with NY real estate law
C. Paying their taxes directly
,D. Maintaining records of transactions
Correct Answer: A,B,D
Rationale: Brokers must supervise salespersons,
ensure legal compliance, and maintain transaction
records. Paying individual taxes is the salesperson’s
responsibility.
In New York, a broker may legally:
A. Maintain escrow accounts for client funds
B. Share commissions directly with unlicensed
individuals
C. Deposit client funds into personal accounts
D. Act as a dual agent with written consent
Correct Answer: A,D
Rationale: Brokers may maintain escrow accounts
and act as dual agents with consent; sharing with
unlicensed persons or using personal accounts is
illegal.
Which of the following is considered a fiduciary duty
owed by a broker to clients?
A. Loyalty
B. Disclosure
,C. Accounting
D. Self-dealing
Correct Answer: A,B,C
Rationale: Brokers owe loyalty, disclosure, and
proper accounting. Self-dealing is prohibited.
In managing a real estate firm, a New York broker
must:
A. Ensure all advertisements include broker name
B. Keep salesperson licenses on file
C. Personally negotiate all transactions
D. Maintain escrow account records
Correct Answer: A,B,D
Rationale: Brokers must oversee advertising, license
compliance, and recordkeeping; personal negotiation
of all transactions is not required.
Dual agency in New York requires:
A. Written informed consent of both parties
B. Full disclosure of potential conflicts
C. Preferential treatment to one party
D. Reduction of fiduciary duties
, Correct Answer: A,B
Rationale: Dual agency requires consent and
disclosure; brokers must remain neutral and maintain
fiduciary duties.
Which of the following is a responsibility of a New York
broker in supervising salespersons?
A. Reviewing all listing agreements
B. Ensuring continuing education compliance
C. Signing all purchase contracts personally
D. Maintaining records of commissions
Correct Answer: A,B,D
Rationale: Brokers must supervise listing agreements,
CE compliance, and maintain commission records.
Signing all contracts is not required if lawfully
delegated.
Which of the following are acceptable uses of escrow
funds in New York?
A. Depositing client funds in a separate account
B. Paying office rent
C. Earning interest if agreed
D. Withdrawing for personal expenses
LICENSE EXAM | ULTIMATE EXAM
BANK WITH ACTUAL QUESTIONS AND
VERIFIED ANSWERS
Which of the following are requirements to obtain a
New York real estate broker license?
A. At least two years of experience as a licensed
salesperson
B. Completion of 120-hour broker education course
C. Passing the broker exam
D. Owning a real estate firm
Correct Answer: A,B,C
Rationale: NY requires 2 years of salesperson
experience, completion of the broker course, and
passing the broker exam. Ownership is not required.
A broker in New York is responsible for which of the
following regarding their salespersons?
A. Supervising their activities
B. Ensuring compliance with NY real estate law
C. Paying their taxes directly
,D. Maintaining records of transactions
Correct Answer: A,B,D
Rationale: Brokers must supervise salespersons,
ensure legal compliance, and maintain transaction
records. Paying individual taxes is the salesperson’s
responsibility.
In New York, a broker may legally:
A. Maintain escrow accounts for client funds
B. Share commissions directly with unlicensed
individuals
C. Deposit client funds into personal accounts
D. Act as a dual agent with written consent
Correct Answer: A,D
Rationale: Brokers may maintain escrow accounts
and act as dual agents with consent; sharing with
unlicensed persons or using personal accounts is
illegal.
Which of the following is considered a fiduciary duty
owed by a broker to clients?
A. Loyalty
B. Disclosure
,C. Accounting
D. Self-dealing
Correct Answer: A,B,C
Rationale: Brokers owe loyalty, disclosure, and
proper accounting. Self-dealing is prohibited.
In managing a real estate firm, a New York broker
must:
A. Ensure all advertisements include broker name
B. Keep salesperson licenses on file
C. Personally negotiate all transactions
D. Maintain escrow account records
Correct Answer: A,B,D
Rationale: Brokers must oversee advertising, license
compliance, and recordkeeping; personal negotiation
of all transactions is not required.
Dual agency in New York requires:
A. Written informed consent of both parties
B. Full disclosure of potential conflicts
C. Preferential treatment to one party
D. Reduction of fiduciary duties
, Correct Answer: A,B
Rationale: Dual agency requires consent and
disclosure; brokers must remain neutral and maintain
fiduciary duties.
Which of the following is a responsibility of a New York
broker in supervising salespersons?
A. Reviewing all listing agreements
B. Ensuring continuing education compliance
C. Signing all purchase contracts personally
D. Maintaining records of commissions
Correct Answer: A,B,D
Rationale: Brokers must supervise listing agreements,
CE compliance, and maintain commission records.
Signing all contracts is not required if lawfully
delegated.
Which of the following are acceptable uses of escrow
funds in New York?
A. Depositing client funds in a separate account
B. Paying office rent
C. Earning interest if agreed
D. Withdrawing for personal expenses
