New York Real estate exam Official study
guide questions and answers
What agency issues real estate licenses? - Answer-NYS DOS, DIVISION OF
LICENSING
At what age can you become a real estate salesperson? - Answer-18
Do you need experience in the field to become a salesperson? - Answer-No
What is the minimum age to become a real estate broker? - Answer-20
Do you need experience in the field to become a broker? - Answer-Yes, 3500 points
(35hrs weekly for 100 weeks)
If your license is revoked, how long do you have to wait to reapply - Answer-1 year
As a licensed salesperson, I can receive compensation from ___. - Answer-sponsoring
broker
As a real estate licensee, you will more often than not be an (X1) will receive a (X2)
from your broker, and will file a (X3) on your tax return To detail your earnings vs. your
expenses - Answer-Independent contractor, 1099, schedule c
Attorney admitted to the bar in nys are (BLANK) from the licensure law, unless they take
on salespeople - Answer-EXEMPT, lawyers don't need to take real estate school
If you mix your client's money with the office operating funds, it's called ___ and you
have violated which of the fiduciary obligations? ___ - Answer-Commingling,
Accountability
For how long does A broker need to keep his or hers paperwork and records? - Answer-
3 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-Thirty days, 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 license,
Agent holds pocket card
As a real estate salesperson, you have to take continuing education every ___ years. -
Answer-two years
, How many hours of CE are required? - Answer-22.5 hours
There is also a three hour CE component of ___ required every two years. - Answer-
Fair Housing
Are real estate brokers also required to fulfill the CE requirement? - 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 truly an independent contractor, what is it that your broker can provide for
you? - Answer-Phone & Desk
As an independent contractor, are you paid for the number of hours you put into a deal
or for your 'production'? - Answer-production
What is the term of real estate licensure? - Answer-2 years
I want to make an application to become a "mortgage broker". I can use my experience
as a real estate licensee on my application to the NYS Department of Banking. How
many years of experience do I need? - Answer-3 years
Violation of license law is a ___. - Answer-Misdemeanor
What is the penalty for violation of license law? - Answer-1 year or $1000
What is the very first document you should fill out with a new client or customer? -
Answer-Agency Disclosure Form
At what moment should you take out the agency disclosure form? - Answer-At first
substantive contact
Regarding the question above, define what [agency disclosure form] means. - Answer-
In other words, when something of substance happens, such as when the customer
starts to ask questions about the property.
What should you do if that client or customer Refuses to sign the agency disclosure
form - Answer-Fill out an affidavit or a declaration stating the terms of the refusal to
sign. Then sign the affidavit and have the signature notarized.
As a real estate salesperson, I am practicing ___ agency. - Answer-special
As a property manager, I am practicing ___ agency. - Answer-in general
In estate planning, I am a practicing (blank) agency - Answer-Universal
guide questions and answers
What agency issues real estate licenses? - Answer-NYS DOS, DIVISION OF
LICENSING
At what age can you become a real estate salesperson? - Answer-18
Do you need experience in the field to become a salesperson? - Answer-No
What is the minimum age to become a real estate broker? - Answer-20
Do you need experience in the field to become a broker? - Answer-Yes, 3500 points
(35hrs weekly for 100 weeks)
If your license is revoked, how long do you have to wait to reapply - Answer-1 year
As a licensed salesperson, I can receive compensation from ___. - Answer-sponsoring
broker
As a real estate licensee, you will more often than not be an (X1) will receive a (X2)
from your broker, and will file a (X3) on your tax return To detail your earnings vs. your
expenses - Answer-Independent contractor, 1099, schedule c
Attorney admitted to the bar in nys are (BLANK) from the licensure law, unless they take
on salespeople - Answer-EXEMPT, lawyers don't need to take real estate school
If you mix your client's money with the office operating funds, it's called ___ and you
have violated which of the fiduciary obligations? ___ - Answer-Commingling,
Accountability
For how long does A broker need to keep his or hers paperwork and records? - Answer-
3 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-Thirty days, 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 license,
Agent holds pocket card
As a real estate salesperson, you have to take continuing education every ___ years. -
Answer-two years
, How many hours of CE are required? - Answer-22.5 hours
There is also a three hour CE component of ___ required every two years. - Answer-
Fair Housing
Are real estate brokers also required to fulfill the CE requirement? - 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 truly an independent contractor, what is it that your broker can provide for
you? - Answer-Phone & Desk
As an independent contractor, are you paid for the number of hours you put into a deal
or for your 'production'? - Answer-production
What is the term of real estate licensure? - Answer-2 years
I want to make an application to become a "mortgage broker". I can use my experience
as a real estate licensee on my application to the NYS Department of Banking. How
many years of experience do I need? - Answer-3 years
Violation of license law is a ___. - Answer-Misdemeanor
What is the penalty for violation of license law? - Answer-1 year or $1000
What is the very first document you should fill out with a new client or customer? -
Answer-Agency Disclosure Form
At what moment should you take out the agency disclosure form? - Answer-At first
substantive contact
Regarding the question above, define what [agency disclosure form] means. - Answer-
In other words, when something of substance happens, such as when the customer
starts to ask questions about the property.
What should you do if that client or customer Refuses to sign the agency disclosure
form - Answer-Fill out an affidavit or a declaration stating the terms of the refusal to
sign. Then sign the affidavit and have the signature notarized.
As a real estate salesperson, I am practicing ___ agency. - Answer-special
As a property manager, I am practicing ___ agency. - Answer-in general
In estate planning, I am a practicing (blank) agency - Answer-Universal
