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? - answer18
Do you need experience in the field to become a sales person? - answerNo
What is the minimum age to become a real estate broker? - answer20
If your license is revoked, how long do you have to wait to re-apply for it? - answerOne
year
Do you need experience in the field to become a broker? - answerYes, at least 2 years
of experience and 3200 points
As a licensing salesperson, I can receive compensation from my? - answerSponsoring
Broker
As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________ - answerIndependent contractor, 1099,
Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take
on sales people - answerExempt
If you mix your clients money with the office operating funds, it is called________ and
you have violated which fiducary duty? - answerCommingling funds and Accountability
For how long does a broker need to keep his/her records for? - answerThree 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? - answerNo 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? - answerBroker holds the license and I
hold the pocket card
How many hours of continuing ed must a sales person take? - answer22.5 hours
, As a real estate sales person, you have to take continuing ed classes every? - answer2
years
There is also a component of _________ required every two years. - answerFair
housing
Are Real Estate brokers also required to take the CE classes? - answerYes
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? -
answerTelephone
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? - answerno
What is the term of a real estate licensure? - answertwo 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? - answerTwo Years
Violation of real estate Licensee law is a? - answerMisdemeanor
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? -
answerAgency Disclosure Form
At what moment should you take out the Agency Disclosure form? - answerAt first
Substantive Contact
What does First substantive contact mean? - answerWhen 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? -
answerFill out an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? - answerSpecial Agent
As a property manager I am what kind of agent? - answerA General Agent
As an estate planner, I am what kind of agent? - answerUniversal Agent
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? - answer18
Do you need experience in the field to become a sales person? - answerNo
What is the minimum age to become a real estate broker? - answer20
If your license is revoked, how long do you have to wait to re-apply for it? - answerOne
year
Do you need experience in the field to become a broker? - answerYes, at least 2 years
of experience and 3200 points
As a licensing salesperson, I can receive compensation from my? - answerSponsoring
Broker
As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________ - answerIndependent contractor, 1099,
Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take
on sales people - answerExempt
If you mix your clients money with the office operating funds, it is called________ and
you have violated which fiducary duty? - answerCommingling funds and Accountability
For how long does a broker need to keep his/her records for? - answerThree 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? - answerNo 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? - answerBroker holds the license and I
hold the pocket card
How many hours of continuing ed must a sales person take? - answer22.5 hours
, As a real estate sales person, you have to take continuing ed classes every? - answer2
years
There is also a component of _________ required every two years. - answerFair
housing
Are Real Estate brokers also required to take the CE classes? - answerYes
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? -
answerTelephone
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? - answerno
What is the term of a real estate licensure? - answertwo 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? - answerTwo Years
Violation of real estate Licensee law is a? - answerMisdemeanor
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? -
answerAgency Disclosure Form
At what moment should you take out the Agency Disclosure form? - answerAt first
Substantive Contact
What does First substantive contact mean? - answerWhen 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? -
answerFill out an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? - answerSpecial Agent
As a property manager I am what kind of agent? - answerA General Agent
As an estate planner, I am what kind of agent? - answerUniversal Agent
