Nys Real Estate Practice Exam : 100% Verified
Questions & Answers: Latest Updated
/. 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
Questions & Answers: Latest Updated
/. 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
