REVIEW QUESTIONS AND ANSWERS FOR
NY REAL ESTATE EXAM;Updated 2022-2023
WITH CORRECT QUESTIONS AND
ANSWERS
,REVIEW QUESTIONS FOR NY REAL
ESTATE EXAM 100% correct
1-A broker legitimately may pay all or part of Real estate commission to a
a. seller
b. salesperson
c. buyer
d. friend who provides a listing lead - correct answers-B: Salesperson can accept
compensation only from their sponsoring broker.
2-The minimum age for a New York real estate broker's license is
a. 19.
b. 18.
c. 20.
d. 21. - correct answersC. As of July 1,2008 to become a broker you must be 20 years
old.
3-Which of the following acts would require a real estate license in New York
a. Sale of one's own property
b. Sale by the owner's lawyer
c. Sale of land by an auctioneer
d. Foreclosure sale by court order - correct answersC: selling land at an auction.
4-An associate broker may
a. sponsor a person for a salesperson's license.
b. collect his or her own real estate fees.
c. act as a principal broker for another broker.
d. Work as a salesperson for a principal broker - correct answersD: Associate broker is
a licensed broker but chooses to work under the supervision of another broker.
5-Violation of the license law is a misdemeanor, Punishable by up to a year in jail and a
fine of
Up to
a. $500.
b. $2,000.
c. $1,000.
d. $1,500. - correct answersC: DOS may impose a fine not to exceed $1000.
6-When salesperson Tom Jones left ABC Realty And went to work with XYZ
REALTORS,
Tom's listings
a. became null and void.
b. Remained with ABC Realty.
, c. Went with him to XYZ REALTORS.
d. Required the sellers' signatures to remain in the local MLS. - correct answersB: When
a licensee terminates with a broker they must turn over all information.
A salesperson's license must be
a. displayed on the firm's wall.
b. kept in the salesperson's wallet
c. retained by the principal broker.
d. d. sent to the local REALTORS association. - correct answersC: Kept by the broker in
a safe place.
8-When does offering a client's business for sale Require a real estate license?
a. Never
b. Always
c. When the business includes any real estate
d. When more than half the value is real estate - correct answers-D: selling a business
where the real estate is greater than the business.
An apartment information vendor is licensed by:
a. Department of Law
b. New York Attorney General's office
c. Department of State
d. Division of Housing and Community Rental - correct answersC: Department of State
licenses apartment information vendors....
When a license is revoked, how long must a licensee wait before applying to have the
license reinstated?
a. 18 months
b. 1 year
c. 6 months
d. 2 years - correct answersB: If a license is revoke licensee must wait 1 year before
reapplying..
The form of listing whereby an owner lists property for sale with a number of brokers is
known as a(n)
a. Exclusive agency.
b. Open listing.
c. Exclusive right to sell.
d. Net listing. - correct answersB: In an Open listing the seller allows the property to be
shown by many Brokers.
To avoid possible liability for the actions of c cooperating members of a multiple-listing
system, the owner who lists property for sale may decline to offer
a. commission to the selling agent.
NY REAL ESTATE EXAM;Updated 2022-2023
WITH CORRECT QUESTIONS AND
ANSWERS
,REVIEW QUESTIONS FOR NY REAL
ESTATE EXAM 100% correct
1-A broker legitimately may pay all or part of Real estate commission to a
a. seller
b. salesperson
c. buyer
d. friend who provides a listing lead - correct answers-B: Salesperson can accept
compensation only from their sponsoring broker.
2-The minimum age for a New York real estate broker's license is
a. 19.
b. 18.
c. 20.
d. 21. - correct answersC. As of July 1,2008 to become a broker you must be 20 years
old.
3-Which of the following acts would require a real estate license in New York
a. Sale of one's own property
b. Sale by the owner's lawyer
c. Sale of land by an auctioneer
d. Foreclosure sale by court order - correct answersC: selling land at an auction.
4-An associate broker may
a. sponsor a person for a salesperson's license.
b. collect his or her own real estate fees.
c. act as a principal broker for another broker.
d. Work as a salesperson for a principal broker - correct answersD: Associate broker is
a licensed broker but chooses to work under the supervision of another broker.
5-Violation of the license law is a misdemeanor, Punishable by up to a year in jail and a
fine of
Up to
a. $500.
b. $2,000.
c. $1,000.
d. $1,500. - correct answersC: DOS may impose a fine not to exceed $1000.
6-When salesperson Tom Jones left ABC Realty And went to work with XYZ
REALTORS,
Tom's listings
a. became null and void.
b. Remained with ABC Realty.
, c. Went with him to XYZ REALTORS.
d. Required the sellers' signatures to remain in the local MLS. - correct answersB: When
a licensee terminates with a broker they must turn over all information.
A salesperson's license must be
a. displayed on the firm's wall.
b. kept in the salesperson's wallet
c. retained by the principal broker.
d. d. sent to the local REALTORS association. - correct answersC: Kept by the broker in
a safe place.
8-When does offering a client's business for sale Require a real estate license?
a. Never
b. Always
c. When the business includes any real estate
d. When more than half the value is real estate - correct answers-D: selling a business
where the real estate is greater than the business.
An apartment information vendor is licensed by:
a. Department of Law
b. New York Attorney General's office
c. Department of State
d. Division of Housing and Community Rental - correct answersC: Department of State
licenses apartment information vendors....
When a license is revoked, how long must a licensee wait before applying to have the
license reinstated?
a. 18 months
b. 1 year
c. 6 months
d. 2 years - correct answersB: If a license is revoke licensee must wait 1 year before
reapplying..
The form of listing whereby an owner lists property for sale with a number of brokers is
known as a(n)
a. Exclusive agency.
b. Open listing.
c. Exclusive right to sell.
d. Net listing. - correct answersB: In an Open listing the seller allows the property to be
shown by many Brokers.
To avoid possible liability for the actions of c cooperating members of a multiple-listing
system, the owner who lists property for sale may decline to offer
a. commission to the selling agent.
