NYS Real Estate Practice Exam

NYS Real Estate Practice Exam What agency issues real estate licenses? - Answer ️️ -The New York State Department of State (NYDOS), Divison of Licensing Services At what age can you become a real estate salesperson? - Answer ️️ -18 Do you need experience in the field to become a sales person? - Answer ️️ -No What is the minimum age to become a real estate broker? - Answer ️️ -20 If your license is revoked, how long do you have to wait to re-apply for it? - Answer ️️ -One year Do you need experience in the field to become a broker? - Answer ️️ -Yes, at least 2 years of experience and 3200 points As a licensing salesperson, I can receive compensation from my? - Answer ️️ -Sponsoring Broker As a real estate licensee you will more often than not be an ________, will receive a ____________ and will file a _____________ - Answer ️️ -Independent contractor, 1099, Schedule C Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take on sales people - Answer ️️ -Exempt If you mix your clients money with the office operating funds, it is called________ and you have violated which fiducary duty? - Answer ️️ -Commingling funds and Accountability For how long does a broker need to keep his/her records for? - Answer ️️ -Three 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 ️️ -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 the license and I hold the pocket card How many hours of continuing ed must a sales person take? - Answer ️️ -22.5 hours As a real estate sales person, you have to take continuing ed classes every? - Answer ️️ -2 years There is also a component of _________ required every two years. - Answer ️️ -Fair housing Are Real Estate brokers also required to take the CE classes? - 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 a independent contractor what can a broker provide to you? - Answer ️️ -Telephone As an independent contractor are you paid for the hours you put into a deal, or for "production'? - Answer ️️ -no What is the term of a real estate licensure? - Answer ️️ -two years If i was a real estate licensee and wanted to apply to become a mortgage broker, how many years of experience would i need? - Answer ️️ -Two Years Violation of real estate Licensee law is a? - Answer ️️ -Misdemeanor What is the possible penalty of violating Real Estate Licensee Law? - Answer ️️ -$1000 fine, and up to one year in jail What is the very first document you should fill out with a client or customer? - Answer ️️ - Agency Disclosure Form At what moment should you take out the Agency Disclosure form? - Answer ️️ -At first Substantive Contact What does First substantive contact mean? - Answer ️️ -When the customer begins to ask questions pretaining to the Real Estate Property. What should you do if a customer refuses to sign an Agency Disclousure form? - Answer ️️ - Fill out an affidavit stating the refusal to sign, then have it notarizied. As a real estate sales person I am what kind of agent? - Answer ️️ -Special Agent As a property manager I am what kind of agent? - Answer ️️ -A General Agent As an estate planner, I am what kind of agent? - Answer ️️ -Universal Agent What is it called when I represent the seller as my client but then work in the best interest of the buyer? - Answer ️️ -Undisclosed Dual Agency If I represent the buyer as a broker, this is called? - Answer ️️ -Buyers Broker Who do I owe my Fiduciary duties to? Client or Customer? - Answer ️️ -Client What Fiduciary duties to I owe the Customer? - Answer ️️ -Fairness and Honesty If my driveway crosses over my neighbors property, this would be called an? - Answer ️️ - Easement Appurtena