NYS Real Estate Practice Exam
What agency issues real estate licenses? - ANSThe New York State Department of State
(NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - ANS18
Do you need experience in the field to become a sales person? - ANSNo
What is the minimum age to become a real estate broker? - ANS20
If your license is revoked, how long do you have to wait to re-apply for it? - ANSOne year
Do you need experience in the field to become a broker? - ANSYes, at least 2 years of
experience and 3200 points
As a licensing salesperson, I can receive compensation from my? - ANSSponsoring Broker
As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________ - ANSIndependent contractor, 1099, Schedule
C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take on
sales people - ANSExempt
If you mix your clients money with the office operating funds, it is called________ and you
have violated which fiducary duty? - ANSCommingling funds and Accountability
For how long does a broker need to keep his/her records for? - ANSThree 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? - ANSNo 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? - ANSBroker holds the license and I hold the
pocket card
How many hours of continuing ed must a sales person take? - ANS22.5 hours
As a real estate sales person, you have to take continuing ed classes every? - ANS2 years
There is also a component of _________ required every two years. - ANSFair housing
Are Real Estate brokers also required to take the CE classes? - ANSYes
, 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? - ANS$500
If you are a independent contractor what can a broker provide to you? - ANSTelephone
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? - ANSno
What is the term of a real estate licensure? - ANStwo 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? - ANSTwo Years
Violation of real estate Licensee law is a? - ANSMisdemeanor
What is the possible penalty of violating Real Estate Licensee Law? - ANS$1000 fine, and
up to one year in jail
What is the very first document you should fill out with a client or customer? - ANSAgency
Disclosure Form
At what moment should you take out the Agency Disclosure form? - ANSAt first Substantive
Contact
What does First substantive contact mean? - ANSWhen 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? - ANSFill out
an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? - ANSSpecial Agent
As a property manager I am what kind of agent? - ANSA General Agent
As an estate planner, I am what kind of agent? - ANSUniversal Agent
What is it called when I represent the seller as my client but then work in the best interest of
the buyer? - ANSUndisclosed Dual Agency
If I represent the buyer as a broker, this is called? - ANSBuyers Broker
Who do I owe my Fiduciary duties to? Client or Customer? - ANSClient
What Fiduciary duties to I owe the Customer? - ANSFairness and Honesty
If my driveway crosses over my neighbors property, this would be called an? -
ANSEasement Appurtenant
What agency issues real estate licenses? - ANSThe New York State Department of State
(NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - ANS18
Do you need experience in the field to become a sales person? - ANSNo
What is the minimum age to become a real estate broker? - ANS20
If your license is revoked, how long do you have to wait to re-apply for it? - ANSOne year
Do you need experience in the field to become a broker? - ANSYes, at least 2 years of
experience and 3200 points
As a licensing salesperson, I can receive compensation from my? - ANSSponsoring Broker
As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________ - ANSIndependent contractor, 1099, Schedule
C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take on
sales people - ANSExempt
If you mix your clients money with the office operating funds, it is called________ and you
have violated which fiducary duty? - ANSCommingling funds and Accountability
For how long does a broker need to keep his/her records for? - ANSThree 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? - ANSNo 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? - ANSBroker holds the license and I hold the
pocket card
How many hours of continuing ed must a sales person take? - ANS22.5 hours
As a real estate sales person, you have to take continuing ed classes every? - ANS2 years
There is also a component of _________ required every two years. - ANSFair housing
Are Real Estate brokers also required to take the CE classes? - ANSYes
, 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? - ANS$500
If you are a independent contractor what can a broker provide to you? - ANSTelephone
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? - ANSno
What is the term of a real estate licensure? - ANStwo 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? - ANSTwo Years
Violation of real estate Licensee law is a? - ANSMisdemeanor
What is the possible penalty of violating Real Estate Licensee Law? - ANS$1000 fine, and
up to one year in jail
What is the very first document you should fill out with a client or customer? - ANSAgency
Disclosure Form
At what moment should you take out the Agency Disclosure form? - ANSAt first Substantive
Contact
What does First substantive contact mean? - ANSWhen 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? - ANSFill out
an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? - ANSSpecial Agent
As a property manager I am what kind of agent? - ANSA General Agent
As an estate planner, I am what kind of agent? - ANSUniversal Agent
What is it called when I represent the seller as my client but then work in the best interest of
the buyer? - ANSUndisclosed Dual Agency
If I represent the buyer as a broker, this is called? - ANSBuyers Broker
Who do I owe my Fiduciary duties to? Client or Customer? - ANSClient
What Fiduciary duties to I owe the Customer? - ANSFairness and Honesty
If my driveway crosses over my neighbors property, this would be called an? -
ANSEasement Appurtenant
