NY REAL ESTATE NEWEST EXAM WITH ACTUAL
QUESTIONS AND CORRECT VERIFIED ANSWERS (100%
GUARANTEED PASS!!!)
3. Apartment Sharing Agent
4. Appraiser
5 Home inspector
Office regulations - <<answer>>1. Must have appropriate office signage
2. Kickbacks are illegal!
3. Blind ads are illegal! (bait and switch)
Administrative discipline for misdeeds (3) - <<answer>>1. suspension of license
2. Revocation of license (must wait one year before applying for licensing privilege)
3. Article 78 proceeding - Appeal a decision
NYS Dept of State - <<answer>>agency that licenses real estate agents/brokers
Property law name - <<answer>>Article 12A
Types of real estate licenses (3) - <<answer>>salesperson, associate broker, broker
An associate broker... - <<answer>>has no broker powers
,A broker... - <<answer>>sponsors salespeople and associate brokers
The salesperson's license is kept by... - <<answer>>the broker for whom the salesperson is working for,
kept in a secure place
Pocket ID card - <<answer>>Kept with the agent, should be carried at all times
Any changes to a salesperson's license - <<answer>>should be submitted to the Department of State
with 5 days notice
Fees for license - <<answer>>Salesperson: $50 every 2 years
Broker/Associate broker: $150 every 2 years
Stigmatized property disclosure - <<answer>>Article 443, sellers and seller agents do not have to
disclose this info and may or may not disclose upon written request of the buyer or buyer agent. A seller
agent can disclose only with permission of the seller. A buyer or buyer agent may provide written
request for disclosure to the seller or seller agent during negotiations for purchase.
Do Attorneys need a license to practice real estate brokerage? - <<answer>>No, except for when they
employ licensee to work under their supervision
Commingling of funds - <<answer>>ILLEGAL!
Net listings - <<answer>>ILLEGAL!
Violation of license law - <<answer>>misdemeanor and punishable by $1K fine and or a maximum
sentence of a year in jail
Revocation of a broker's license... - <<answer>>suspends the license of salespersons and associate
brokers in the broker's employ
,Property Condition Disclosure Statement - <<answer>>must be provided to the buyer's agent before the
sellers accept the purchase offer
Uncapped natural gas wells - <<answer>>must be disclosed by seller to buyer before entering into a
contract of sale.
Who can be an officer in a real estate company? - <<answer>>Only full broker. Not an associate broker,
not a salesperson
Who can show property? - <<answer>>Only licensed salespeople or brokers
Education requirements - <<answer>>22.5 hours of continuing education prior to license renewal
Total educational hours for broker's license - <<answer>>120 hours (75 sales, 45 brokers)
3500 points sales experience, 2 yrs full time
5250 points for related experience, 3 years full time
reciprocal states to NY - <<answer>>9
Arkansas
Colorado
Connecticut
Georgia
Massachusetts
Mississippi
Oklahoma
Pennsylvania
West Virginia
What are the other DOS Licenses? (5) - <<answer>>1. Notary public
2. Apartment Information Vendor
, Agent - <<answer>>usually works for seller, but can also work for a buyer, representation, looks for best
interest of party, for the buyer an agent usually services, goes through motions but no fiduciary
responsibilty
Customer - <<answer>>the party whom the agent brings to the pricipal as a seller or buyer of the
property
Client - <<answer>>the person who selects the agent to acts on his behalf
dual agency - <<answer>>when agent acts for both buyer and seller (they only have fucidicary
responsibilty to whom hired them)
Fudiciary responsibilities - <<answer>>OLD CAR
Obedience
Loyalty
Disclosure of Info
Confidentiality
Accountability
Reasonable care, skill, dilligence
This is given to a client, never a customer
Real estate agent is known as... - <<answer>>SPECIAL AGENT (one matter)
special agent with specific authority
Vicarious liability - <<answer>>the responsibility of one for the acts of another. In the real estate
business, this would be the case when a listing or buyer broker is an "agent" of the seller or buyer. The
client can be held responsible for the actions of the broker agent if they have knowledge of an improper
or negligent act.
Express Agency - <<answer>>Listing agreement, usually in writing (exclusive)
QUESTIONS AND CORRECT VERIFIED ANSWERS (100%
GUARANTEED PASS!!!)
3. Apartment Sharing Agent
4. Appraiser
5 Home inspector
Office regulations - <<answer>>1. Must have appropriate office signage
2. Kickbacks are illegal!
3. Blind ads are illegal! (bait and switch)
Administrative discipline for misdeeds (3) - <<answer>>1. suspension of license
2. Revocation of license (must wait one year before applying for licensing privilege)
3. Article 78 proceeding - Appeal a decision
NYS Dept of State - <<answer>>agency that licenses real estate agents/brokers
Property law name - <<answer>>Article 12A
Types of real estate licenses (3) - <<answer>>salesperson, associate broker, broker
An associate broker... - <<answer>>has no broker powers
,A broker... - <<answer>>sponsors salespeople and associate brokers
The salesperson's license is kept by... - <<answer>>the broker for whom the salesperson is working for,
kept in a secure place
Pocket ID card - <<answer>>Kept with the agent, should be carried at all times
Any changes to a salesperson's license - <<answer>>should be submitted to the Department of State
with 5 days notice
Fees for license - <<answer>>Salesperson: $50 every 2 years
Broker/Associate broker: $150 every 2 years
Stigmatized property disclosure - <<answer>>Article 443, sellers and seller agents do not have to
disclose this info and may or may not disclose upon written request of the buyer or buyer agent. A seller
agent can disclose only with permission of the seller. A buyer or buyer agent may provide written
request for disclosure to the seller or seller agent during negotiations for purchase.
Do Attorneys need a license to practice real estate brokerage? - <<answer>>No, except for when they
employ licensee to work under their supervision
Commingling of funds - <<answer>>ILLEGAL!
Net listings - <<answer>>ILLEGAL!
Violation of license law - <<answer>>misdemeanor and punishable by $1K fine and or a maximum
sentence of a year in jail
Revocation of a broker's license... - <<answer>>suspends the license of salespersons and associate
brokers in the broker's employ
,Property Condition Disclosure Statement - <<answer>>must be provided to the buyer's agent before the
sellers accept the purchase offer
Uncapped natural gas wells - <<answer>>must be disclosed by seller to buyer before entering into a
contract of sale.
Who can be an officer in a real estate company? - <<answer>>Only full broker. Not an associate broker,
not a salesperson
Who can show property? - <<answer>>Only licensed salespeople or brokers
Education requirements - <<answer>>22.5 hours of continuing education prior to license renewal
Total educational hours for broker's license - <<answer>>120 hours (75 sales, 45 brokers)
3500 points sales experience, 2 yrs full time
5250 points for related experience, 3 years full time
reciprocal states to NY - <<answer>>9
Arkansas
Colorado
Connecticut
Georgia
Massachusetts
Mississippi
Oklahoma
Pennsylvania
West Virginia
What are the other DOS Licenses? (5) - <<answer>>1. Notary public
2. Apartment Information Vendor
, Agent - <<answer>>usually works for seller, but can also work for a buyer, representation, looks for best
interest of party, for the buyer an agent usually services, goes through motions but no fiduciary
responsibilty
Customer - <<answer>>the party whom the agent brings to the pricipal as a seller or buyer of the
property
Client - <<answer>>the person who selects the agent to acts on his behalf
dual agency - <<answer>>when agent acts for both buyer and seller (they only have fucidicary
responsibilty to whom hired them)
Fudiciary responsibilities - <<answer>>OLD CAR
Obedience
Loyalty
Disclosure of Info
Confidentiality
Accountability
Reasonable care, skill, dilligence
This is given to a client, never a customer
Real estate agent is known as... - <<answer>>SPECIAL AGENT (one matter)
special agent with specific authority
Vicarious liability - <<answer>>the responsibility of one for the acts of another. In the real estate
business, this would be the case when a listing or buyer broker is an "agent" of the seller or buyer. The
client can be held responsible for the actions of the broker agent if they have knowledge of an improper
or negligent act.
Express Agency - <<answer>>Listing agreement, usually in writing (exclusive)
