NYS Real Estate Salesperson Exam
Questions with Complete Solutions
How often must you renew your real estate salesperson/broker license? - Answer-Every
2 years
What is the purpose of license laws in the real estate industry? - Answer-To minimize
fraudulent practice and protect the general public
The New York regulatory agency that oversees real estate licensure is the: - Answer-
Department of State
Most of the law about salespersons and brokers is in which article of the Real Property
Law? - Answer-Article 12-A
What are the age requirements for a broker applicant and a salesperson applicant,
respectively? - Answer-Broker must be at least 20 years old; a salesperson must be at
least 18 years old.
Attorneys admitted to practice in the NY courts may act as brokers (help you sell, buy
and get commission) without obtaining a broker license. However, under what
circumstance must they obtain a real estate license? - Answer-If they employ
salespersons to work under their supervision
Do building superintendents and maintenance workers (who perform tasks such as rent
collection) for one owner or company require licensure? - Answer-No
How long does a licensee have from the license expiration date to renew? - Answer-
Two years
If a DOS officer appears and asks a licensee (you) for a photo ID, what should the
licensee (you) do? - Answer-The licensee must carry photo ID cards at all times when
doing business and show it on demand
Under the Real Property Law in New York, a branch office manager may be a(n): -
Answer-associate broker
What must brokers' business sign contain? - Answer-Broker's name and the words
"licensed real estate broker"
The listing salesperson must accept compensation directly from: - Answer-Sponsoring
broker
, When brokers improperly pay any part of their compensation to anyone who is not
license or who is not exempt from the license law, they violate the license law. This
payment is called a: - Answer-kickback
If licensees terminate their association with a broker, they must turn over all ______
obtained during their association with the broker. - Answer-listing agreements and
contracts
What is the mixing of the funds of others with business or personal funds called, and
what is the charge for it? - Answer-Commingling; misdemeanor.
What is the apportionment of other people's money from one use to another called? (if a
broker uses deposit money that does not yet belong to the broker, places it in the
operating account, and spends it) What is the charge for it? - Answer-Conversion;
felony (more severe than misdemeanor).
An illegal type of commission arrangement in which all monies above a net amount are
the broker's commission is called what? - Answer-Net listing
Violators of Article 12-A may be guilty of a misdemeanor. What is the penalty for a
misdemeanor? - Answer-A fine of up to $1,000 and/or imprisonment for up to one year.
The revocation (cancelled/revoked) or suspension (temporarily cancelled) of a broker's
license also... - Answer-suspends the licenses of the salespersons and associate
brokers affiliated with the broker.
When should we show the Property Condition Disclosure Act form to the purchaser? -
Answer-before the seller accepts the purchase offer
If the seller refuses to disclose the Property Condition Disclosure Form in the sale of 1-4
unit residential property, which of the following must happen? - Answer-The seller must
credit $500 to the buyer at closing.
The person hired on another's behalf is the: - Answer-agent
Upon creation of the relationship (agency), the agent is a: - Answer-Trustee (fiduciary)
The agent's fiduciary duties include: - Answer-Obedience
Loyalty
Disclosure
Confidentiality
Accountability
Reasonable Care, Skill, and Diligence
What are the broker's responsibilities to the client? - Answer-Fiduciary duties
Questions with Complete Solutions
How often must you renew your real estate salesperson/broker license? - Answer-Every
2 years
What is the purpose of license laws in the real estate industry? - Answer-To minimize
fraudulent practice and protect the general public
The New York regulatory agency that oversees real estate licensure is the: - Answer-
Department of State
Most of the law about salespersons and brokers is in which article of the Real Property
Law? - Answer-Article 12-A
What are the age requirements for a broker applicant and a salesperson applicant,
respectively? - Answer-Broker must be at least 20 years old; a salesperson must be at
least 18 years old.
Attorneys admitted to practice in the NY courts may act as brokers (help you sell, buy
and get commission) without obtaining a broker license. However, under what
circumstance must they obtain a real estate license? - Answer-If they employ
salespersons to work under their supervision
Do building superintendents and maintenance workers (who perform tasks such as rent
collection) for one owner or company require licensure? - Answer-No
How long does a licensee have from the license expiration date to renew? - Answer-
Two years
If a DOS officer appears and asks a licensee (you) for a photo ID, what should the
licensee (you) do? - Answer-The licensee must carry photo ID cards at all times when
doing business and show it on demand
Under the Real Property Law in New York, a branch office manager may be a(n): -
Answer-associate broker
What must brokers' business sign contain? - Answer-Broker's name and the words
"licensed real estate broker"
The listing salesperson must accept compensation directly from: - Answer-Sponsoring
broker
, When brokers improperly pay any part of their compensation to anyone who is not
license or who is not exempt from the license law, they violate the license law. This
payment is called a: - Answer-kickback
If licensees terminate their association with a broker, they must turn over all ______
obtained during their association with the broker. - Answer-listing agreements and
contracts
What is the mixing of the funds of others with business or personal funds called, and
what is the charge for it? - Answer-Commingling; misdemeanor.
What is the apportionment of other people's money from one use to another called? (if a
broker uses deposit money that does not yet belong to the broker, places it in the
operating account, and spends it) What is the charge for it? - Answer-Conversion;
felony (more severe than misdemeanor).
An illegal type of commission arrangement in which all monies above a net amount are
the broker's commission is called what? - Answer-Net listing
Violators of Article 12-A may be guilty of a misdemeanor. What is the penalty for a
misdemeanor? - Answer-A fine of up to $1,000 and/or imprisonment for up to one year.
The revocation (cancelled/revoked) or suspension (temporarily cancelled) of a broker's
license also... - Answer-suspends the licenses of the salespersons and associate
brokers affiliated with the broker.
When should we show the Property Condition Disclosure Act form to the purchaser? -
Answer-before the seller accepts the purchase offer
If the seller refuses to disclose the Property Condition Disclosure Form in the sale of 1-4
unit residential property, which of the following must happen? - Answer-The seller must
credit $500 to the buyer at closing.
The person hired on another's behalf is the: - Answer-agent
Upon creation of the relationship (agency), the agent is a: - Answer-Trustee (fiduciary)
The agent's fiduciary duties include: - Answer-Obedience
Loyalty
Disclosure
Confidentiality
Accountability
Reasonable Care, Skill, and Diligence
What are the broker's responsibilities to the client? - Answer-Fiduciary duties
