New York Real estate exam Offical study guide questions and answers well illustrated.

New York Real estate exam Offical study guide questions and answers well illustrated. What agency issues real estate licenses? - correct answers.NYS DOS, DIVISION OF LICENSING At what age can you become a real estate salesperson? - correct answers.18 Do you need experience in the field to become a salesperson? - correct answers.No What is the minimum age to become a real estate broker? - correct answers.20 Do you need experience in the field to become a broker? - correct answers.Yes, 3500 points (35hrs weekly for 100 weeks) If your license is revoked, how long do you have to wait to reapply - correct answers.1 year As a licensed salesperson, I can receive compensation from ___. - correct oring 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 - correct answers.Independent contractor, 1099, schedule c Attorney admitted to the bar in nys are (BLANK) from the licensure law, unless they take on salespeople - correct answers.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? ___ - correct answers.Commingling, Accountability For how long does A broker need to keep his or hers paperwork and records? - correct answers.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? - correct answers.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? - correct answers.Broker holds license, Agent holds pocket card As a real estate salesperson, you have to take continuing education every ___ years. - correct years How many hours of CE are required? - correct answers.22.5 hours There is also a three hour CE component of ___ required every two years. - correct answers.Fair Housing Are real estate brokers also required to fulfill the CE requirement? - correct answers.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? - correct answers.$500 If you are truly an independent contractor, what is it that your broker can provide for you? - correct answers.Phone & Desk As an independent contractor, are you paid for the number of hours you put into a deal or for your 'production'? - correct ction What is the term of real estate licensure? - correct answers.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? - correct answers.3 years Violation of license law is a ___. - correct answers.Misdemeanor