NY Real Estate License Exam Questions and Answers

NY Real Estate License Exam Questions and Answers Which NY law allows the DOS to revoke, suspend, fine, or reprimand a real estate broker? A) NY Real Property Law, Article 13 B) NY Real Property Law, Section 442-a C) NY Real Property Law, Section 441-c D) NY Real Property Law, Article 15-A - Answer ️️ -C) NY Real Property Law, Section 441-c How many members of the NYS Board of Real Estate must be real estate brokers? A) 5 B) 7 C) All D) None - Answer ️️ -A) 5 What are the experience requirements for a broker candidate? A) One full year of experience as a licensed salesperson OR two years of equivalent experience in some other aspect of real estate B) Two full years of experience as a licensed salesperson AND three years of equivalent experience in some other aspect of real estate C) One full year of experience as a licensed salesperson AND two years of equivalent experience in some other aspect of real estate D) Two full years of experience as a licensed salesperson OR three years of equivalent experience in some other aspect of real estate - Answer ️️ -D) Two full years of experience as a licensed salesperson OR three years of equivalent experience in some other aspect of real estate Which of the following real estate licenses has a fee of $185? A) Salesperson B) Broker and Associate Broker C) Foreign D) Branch Office - Answer ️️ -B) Broker and Associate Broker How much is the fee charged by the DOS for an associate broker license? A) $50 B) $185 C) $15 D) No fee is charged - Answer ️️ -B) $185 The final step of the real estate transaction is A) Accepting the offer. B) Paying the purchase price. C) Closing. D) Clearing the title. - Answer ️️ -C) Closing. How will an examinee know what percent of the exam questions he or she answered correctly? A) The percentage score will be mailed to the examinee within 15 days of the exam. B) The percentage score will available online only for those examinees who fail the exam. C) The percentage score is not given to the examinee. D) The percentage score will be mailed to the examinee for a $25 fee. - Answer ️️ -C) The percentage score is not given to the examinee. Examination results are reported as either passed or failed with the numeric percentage score not given to the examinee. A real estate transaction has four stages. Which of the following is NOT one of those stages? A) Listing the property B) Marketing the property C) Negotiating the purchase contract D) Settling the transaction - Answer ️️ -B) Marketing the property The four stages of a real estate transaction include listing the property, negotiating the purchase contract, financing the purchase, and settling the transaction. The final step of the real estate transaction when the buyer gets the deed to the property, the seller gets the proceeds from the sale, and the broker gets his or her commission is called? A) Settling the transaction. B) Negotiating the purchase contract. C) Financing the purchase. D) Listing the property. - Answer ️️ -A) Settling the transaction. A real estate salesperson works on behalf of a licensed real estate broker to perform any of the following duties associated with real estate transactions except? A) List property B) Sell property C) Lease property D) Collect commissions - Answer ️️ -D) Collect commissions An___________ real estate broker is a licensed real estate broker who chooses to work under the name and supervision of a licensed real estate broker. A) associate B) administrative C) executive D) affiliate - Answer ️️ -A) associate Which of the following is NOT one of the real estate broker license types? A) Salesperson B) Trade name broker C) Partnership broker D) Corporate broker - Answer ️️ -A) Salesperson From whom can a salesperson receive compensation? A) From any broker he or she works for B) From a broker or client C) From his or her sponsoring