NY State Real Estate Exam Study
Practice Guide
What agency issues real estate licenses? - answer The New York State Department of
State (NYDOS), Division of Licensing Services
At what age can you become a real estate salesperson (agent) - answer18
Do you need experience in the field to become a salesperson? - answer No.
What is the minimum age to become a real estate broker? - answer20
Do you need experience in the field to become a broker? - answer yes, 2 years and
3500 points
If your license is revoked how long do you have to wait to re-apply? - answer1 year
As a licensed salesperson, you can receive
compensation from? - answer Only the sponsoring Broker
As a salesperson, you will be a __________ and will get a _________ form from your
broker and file a _________ on your tax return to detail earnings vs expenses. -
answerindependent contractor, 1099, Schedule C
Attorneys admitted to the bar in NYS are ______ from the licensure law, unless they
take on salespeople. - answerExempt
If you mix your client's money with the office operating funds, it's called ______ and you
have violated which of the fiduciary obligations? _______ - answercommingling,
accountability
For how long does a broker need to keep all of his/her paperwork and records? -
answer3 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? - answerThe Broker, you
As a real estate salesperson you have to take continuing education every ______ years
- answer2
, How many hours of continuing education (CE) are required? - answer22.5
There is also a 3 hour CE component of ________ required every 2 years - answerFair
Housing
Are real estate brokers also required to fulfill the CE requirement? - 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 truly an independent contractor, what is it that your broker can provide for
you? - answerTelephone and office supplies.
As an independent contractor, are you paid for the number of hours you put into a deal
or for your 'production'? - answerProduction
What is the term of real estate licensure? - answer2 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? - answer2 Years
Violation of license law is a __________. - answerMisdemeanor
Referring to the last question about violation of license law, what is the possible
penalty? _________and/or___________. - answer1 year or 1000 dollars
What is the very first document you should fill out with a new client or customer? -
answerAgency disclosure form
At what moment should you take out the agency disclosure form? - answerFirst
Substantive contact
Regarding the last question about the agency disclosure form and when you should
take it out (first substantive contact) define what that means? - answerAs soon as the
client starts to ask questions about the property.
What should you do if the client or customer refuses to sign the agency disclosure
form? - answerAffidavit
As a real estate salesperson, I am practicing ______ agency. - answerspecial
As a property manager, I am practicing ___ agency. - answerin general
In estate planning I am practicing ________ agency. - answeruniversal
Practice Guide
What agency issues real estate licenses? - answer The New York State Department of
State (NYDOS), Division of Licensing Services
At what age can you become a real estate salesperson (agent) - answer18
Do you need experience in the field to become a salesperson? - answer No.
What is the minimum age to become a real estate broker? - answer20
Do you need experience in the field to become a broker? - answer yes, 2 years and
3500 points
If your license is revoked how long do you have to wait to re-apply? - answer1 year
As a licensed salesperson, you can receive
compensation from? - answer Only the sponsoring Broker
As a salesperson, you will be a __________ and will get a _________ form from your
broker and file a _________ on your tax return to detail earnings vs expenses. -
answerindependent contractor, 1099, Schedule C
Attorneys admitted to the bar in NYS are ______ from the licensure law, unless they
take on salespeople. - answerExempt
If you mix your client's money with the office operating funds, it's called ______ and you
have violated which of the fiduciary obligations? _______ - answercommingling,
accountability
For how long does a broker need to keep all of his/her paperwork and records? -
answer3 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? - answerThe Broker, you
As a real estate salesperson you have to take continuing education every ______ years
- answer2
, How many hours of continuing education (CE) are required? - answer22.5
There is also a 3 hour CE component of ________ required every 2 years - answerFair
Housing
Are real estate brokers also required to fulfill the CE requirement? - 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 truly an independent contractor, what is it that your broker can provide for
you? - answerTelephone and office supplies.
As an independent contractor, are you paid for the number of hours you put into a deal
or for your 'production'? - answerProduction
What is the term of real estate licensure? - answer2 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? - answer2 Years
Violation of license law is a __________. - answerMisdemeanor
Referring to the last question about violation of license law, what is the possible
penalty? _________and/or___________. - answer1 year or 1000 dollars
What is the very first document you should fill out with a new client or customer? -
answerAgency disclosure form
At what moment should you take out the agency disclosure form? - answerFirst
Substantive contact
Regarding the last question about the agency disclosure form and when you should
take it out (first substantive contact) define what that means? - answerAs soon as the
client starts to ask questions about the property.
What should you do if the client or customer refuses to sign the agency disclosure
form? - answerAffidavit
As a real estate salesperson, I am practicing ______ agency. - answerspecial
As a property manager, I am practicing ___ agency. - answerin general
In estate planning I am practicing ________ agency. - answeruniversal
