NYC Real Estate exam
What agency issues RE licenses? New York State Department of State, Division of Licensing
At what age can you become a real estate sales person? 18
Do you need experience in the field to become a No
salesperson?
What is the minimum age to become a real estate 20
broker?
Do you need experience in the field to become a broker? Yes, 3500 points (35hrs weekly for 100 weeks)
If your license is revoked, how long do you have to wait 1 year
to re-apply for it?
As a licensed salesperson, you can receive Sponsoring Broker
compensation from?
As a real estate licensee, you will more often than not be Independent Contractor
considered what type of contractor?
You will receive a ____ from your broker, and will file a 1099 from your broker, C on your tax return
___ on your tax return to detail your earnings vs. your
expenses.
Attorneys admitted to the bar in NYS are exempt from True
the licensure law, unless they take on salespeople?
Combining clients funds with personal funds is called? Commingling
Commingling is a violation of what fiduciary obligation? Accountability
Which document describes the agency(who he or she Agency Disclosure Form
represents) of the salesperson?
When should the Agency disclosure form be submitted? First Substantive Contact
What is First Substantive Contact? A customer has inquired about a property
What would you call a situation where I represent the Undisclosed Dual Agency
seller as my client, but then work in the best interest of
the buyer?
, NYC Real Estate exam
What concern does the Department of State have when Dual Agency
a real estate licensee also embarks upon the practice of
writing mortgage applications as a mortgage
representative?
You are hired to sell my house, you are my broker, and I Principal
am your client or ____?
What is the name of the deed which gives the most legal Full Covenant and Warranty Deed
promises (covenants and warranties) to the buyer?
Co-op ownership is what type of an estate? Lease Hold
A minor, non indictable violation of the law is considered? Misdemeanor
A possible penalty for committing a misdemeanor is? $1,000 fine and / or 1 year in jail
Government agency that enforces fair housing? HUD
A modification made by a disabled tenant must be done True
at their expense, and must be returned
to its original condition when they leave.
What year was the first major Federal Fair Housing 1866
legislation?
What year was the second major piece of the Federal 1968
Fair Housing legislation?
Same sex would be an exception to laws pertaining to True
discrimination?
What was the first major legislation to directly affect Civil Rights Act of 1866
property ownership rights?
A financing situation where the buyer receives financial Shared Equity Loan
assistance with the down payment, and closing costs,
and in exchange gives up some share of the equity built
up in the property is called?
A type of mortgage where the monthly payment GPM Loan (Graduated Payment Loan)
increases as your ability to pay more increases
When money is plentiful, what happens to interest rates? Interest Rates Decline
Sometimes a condo association will reserve the right to Right of First Refusal
be a first buyer if you decide to sell. You would call this?
What agency issues RE licenses? New York State Department of State, Division of Licensing
At what age can you become a real estate sales person? 18
Do you need experience in the field to become a No
salesperson?
What is the minimum age to become a real estate 20
broker?
Do you need experience in the field to become a broker? Yes, 3500 points (35hrs weekly for 100 weeks)
If your license is revoked, how long do you have to wait 1 year
to re-apply for it?
As a licensed salesperson, you can receive Sponsoring Broker
compensation from?
As a real estate licensee, you will more often than not be Independent Contractor
considered what type of contractor?
You will receive a ____ from your broker, and will file a 1099 from your broker, C on your tax return
___ on your tax return to detail your earnings vs. your
expenses.
Attorneys admitted to the bar in NYS are exempt from True
the licensure law, unless they take on salespeople?
Combining clients funds with personal funds is called? Commingling
Commingling is a violation of what fiduciary obligation? Accountability
Which document describes the agency(who he or she Agency Disclosure Form
represents) of the salesperson?
When should the Agency disclosure form be submitted? First Substantive Contact
What is First Substantive Contact? A customer has inquired about a property
What would you call a situation where I represent the Undisclosed Dual Agency
seller as my client, but then work in the best interest of
the buyer?
, NYC Real Estate exam
What concern does the Department of State have when Dual Agency
a real estate licensee also embarks upon the practice of
writing mortgage applications as a mortgage
representative?
You are hired to sell my house, you are my broker, and I Principal
am your client or ____?
What is the name of the deed which gives the most legal Full Covenant and Warranty Deed
promises (covenants and warranties) to the buyer?
Co-op ownership is what type of an estate? Lease Hold
A minor, non indictable violation of the law is considered? Misdemeanor
A possible penalty for committing a misdemeanor is? $1,000 fine and / or 1 year in jail
Government agency that enforces fair housing? HUD
A modification made by a disabled tenant must be done True
at their expense, and must be returned
to its original condition when they leave.
What year was the first major Federal Fair Housing 1866
legislation?
What year was the second major piece of the Federal 1968
Fair Housing legislation?
Same sex would be an exception to laws pertaining to True
discrimination?
What was the first major legislation to directly affect Civil Rights Act of 1866
property ownership rights?
A financing situation where the buyer receives financial Shared Equity Loan
assistance with the down payment, and closing costs,
and in exchange gives up some share of the equity built
up in the property is called?
A type of mortgage where the monthly payment GPM Loan (Graduated Payment Loan)
increases as your ability to pay more increases
When money is plentiful, what happens to interest rates? Interest Rates Decline
Sometimes a condo association will reserve the right to Right of First Refusal
be a first buyer if you decide to sell. You would call this?
