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NY REAL ESTATE NEWEST EXAM WITH
QUESTIONS AND WELL VERIFIED ANSWERS
[ALREADY GRADED A+] REAL EXAM!!!
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 sales person? -ANSWER-18
Do you need experience in the field to become a salesperson? -ANSWER-No
What is the minimum age to become a real estate broker -ANSWER-20
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 -
ANSWER-1 year
As a licensed salesperson, I can receive compensation from ___.
-ANSWER-Only from my sponsoring broker.
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As real estate license, you will often be an _______ , will receive _______
from your broker and will file a _______ on your tax return detail your
earnings vs your expenses -ANSWER-Independent broker
1099
Schedule C
Attorneys admitted to the bar in NYS are ___ from the licensure law, unless
they take on salespeople. -ANSWER-exempt
If you mix your client's money with the office operating funds, it's called ___
and you have violated which of the fiduciary obligations? ___
-ANSWER-Commingling, Accountability
For how long does a broker need to keep all of his paperwork and records ? -
ANSWER-3 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
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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
As a real estate salesperson, you have to take continuing education every ___
years. -ANSWER-2 years
How many hours of CE are required ? -ANSWER-22.5 hours
There is also a three hour CE component of ___ required every two years. -
ANSWER-Fair Housing
Are real estate brokers also required to fulfill the CE requirement? -
ANSWER-Yes
If a person decides to not provide the purchaser with the "property condition
disclosure form " how much of a reduction in price does he have to give?
-ANSWER-$500
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If you are truly an independent contractor, what is it that your broker can
provide for you? -ANSWER-telephone
As an independent contractor, are you paid for the number of hours you put
into a deal or for your 'production'? -ANSWER-production
What is the term of real estate licensure? -ANSWER-2 years
I wanna make an application to become a mortgage broker. I can use my
experience as a real estate license on my application to the NYS department
of banking. How many years do I need -ANSWER-2 years
Violation of law is a ? -ANSWER-Misdemeanor
Referring to the question above what is the possible penalty?
-ANSWER-$1000 FINE AND/OR 1 YEAR JAIL
What is the very first document you should fill out with a new client or
customer? -ANSWER-Agency Disclosure Form
NY REAL ESTATE NEWEST EXAM WITH
QUESTIONS AND WELL VERIFIED ANSWERS
[ALREADY GRADED A+] REAL EXAM!!!
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 sales person? -ANSWER-18
Do you need experience in the field to become a salesperson? -ANSWER-No
What is the minimum age to become a real estate broker -ANSWER-20
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 -
ANSWER-1 year
As a licensed salesperson, I can receive compensation from ___.
-ANSWER-Only from my sponsoring broker.
,2|Page
As real estate license, you will often be an _______ , will receive _______
from your broker and will file a _______ on your tax return detail your
earnings vs your expenses -ANSWER-Independent broker
1099
Schedule C
Attorneys admitted to the bar in NYS are ___ from the licensure law, unless
they take on salespeople. -ANSWER-exempt
If you mix your client's money with the office operating funds, it's called ___
and you have violated which of the fiduciary obligations? ___
-ANSWER-Commingling, Accountability
For how long does a broker need to keep all of his paperwork and records ? -
ANSWER-3 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
,3|Page
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
As a real estate salesperson, you have to take continuing education every ___
years. -ANSWER-2 years
How many hours of CE are required ? -ANSWER-22.5 hours
There is also a three hour CE component of ___ required every two years. -
ANSWER-Fair Housing
Are real estate brokers also required to fulfill the CE requirement? -
ANSWER-Yes
If a person decides to not provide the purchaser with the "property condition
disclosure form " how much of a reduction in price does he have to give?
-ANSWER-$500
, 4|Page
If you are truly an independent contractor, what is it that your broker can
provide for you? -ANSWER-telephone
As an independent contractor, are you paid for the number of hours you put
into a deal or for your 'production'? -ANSWER-production
What is the term of real estate licensure? -ANSWER-2 years
I wanna make an application to become a mortgage broker. I can use my
experience as a real estate license on my application to the NYS department
of banking. How many years do I need -ANSWER-2 years
Violation of law is a ? -ANSWER-Misdemeanor
Referring to the question above what is the possible penalty?
-ANSWER-$1000 FINE AND/OR 1 YEAR JAIL
What is the very first document you should fill out with a new client or
customer? -ANSWER-Agency Disclosure Form
