NYS Real Estate Practice Exam 180
questions and correct solutions.
NYS Real Estate Practice Exam 180
questions and correct solutions.
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
,NYS Real Estate Practice Exam 180
questions and correct solutions.
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
, NYS Real Estate Practice Exam 180
questions and correct solutions.
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
questions and correct solutions.
NYS Real Estate Practice Exam 180
questions and correct solutions.
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
,NYS Real Estate Practice Exam 180
questions and correct solutions.
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
, NYS Real Estate Practice Exam 180
questions and correct solutions.
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
