NY REAL ESTATE PRACTICE EXAM 2025 QUESTIONS AND ANSWERS

NY REAL ESTATE PRACTICE EXAM
2025 QUESTIONS AND ANSWERS



What agency issues real estate licenses? - ANS The New York State Department of State
(NYDOS), Divison of Licensing Services


At what age can you become a real estate salesperson? - ANS 18


Do you need experience in the field to become a sales person? - ANS No


What is the minimum age to become a real estate broker? - ANS 20


If your license is revoked, how long do you have to wait to re-apply for it? - ANS One year


Do you need experience in the field to become a broker? - ANS Yes, at least 2 years of
experience and 3200 points


As a licensing salesperson, I can receive compensation from my? - ANS Sponsoring Broker


As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________ - ANS Independent contractor, 1099, Schedule
C


Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take on
sales people - ANS Exempt

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,If you mix your clients money with the office operating funds, it is called________ and you have
violated which fiducary duty? - ANS Commingling funds and Accountability


For how long does a broker need to keep his/her records for? - ANS 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? - ANS 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? - ANS Broker holds the license and I hold the pocket
card


How many hours of continuing ed must a sales person take? - ANS 22.5 hours


As a real estate sales person, you have to take continuing ed classes every? - ANS 2 years


There is also a component of _________ required every two years. - ANS Fair housing


Are Real Estate brokers also required to take the CE classes? - ANS 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? - ANS $500


If you are a independent contractor what can a broker provide to you? - ANS Telephone


As an independent contractor are you paid for the hours you put into a deal, or for
"production'? - ANS no


What is the term of a real estate licensure? - ANS two years

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, If i was a real estate licensee and wanted to apply to become a mortgage broker, how many
years of experience would i need? - ANS Two Years


Violation of real estate Licensee law is a? - ANS Misdemeanor


What is the possible penalty of violating Real Estate Licensee Law? - ANS $1000 fine, and up
to one year in jail


What is the very first document you should fill out with a client or customer? - ANS Agency
Disclosure Form


At what moment should you take out the Agency Disclosure form? - ANS At first Substantive
Contact


What does First substantive contact mean? - ANS 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? - ANS 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? - ANS Special Agent


As a property manager I am what kind of agent? - ANS A General Agent


As an estate planner, I am what kind of agent? - ANS Universal Agent


What is it called when I represent the seller as my client but then work in the best interest of
the buyer? - ANS Undisclosed Dual Agency




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