NYS Real Estate Practice Exam Questions and Complete Answers Latest 2025
What agency issues real estate licenses?
The New York State Department of State (NYDOS), Divison of Licensing
Services
At what age can you become a real estate salesperson?
18
Do you need experience in the field to become a sales person?
No
What is the minimum age to become a real estate broker?
20
If your license is revoked, how long do you have to wait to re-apply for it?
One year
Do you need experience in the field to become a broker?
Yes, at least 2 years of experience and 3200 points
As a licensing salesperson, I can receive compensation from my?
Sponsoring Broker
As a real estate licensee you will more often than not be an ________, will
receive a ____________ and will file a _____________
Independent contractor, 1099, Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law,
unless they take on sales people
Exempt
, NYS Real Estate Practice Exam Questions and Complete Answers Latest 2025
If you mix your clients money with the office operating funds, it is
called________ and you have violated which fiducary duty?
Commingling funds and Accountability
For how long does a broker need to keep his/her records for?
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?
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?
Broker holds the license and I hold the pocket card
How many hours of continuing ed must a sales person take?
22.5 hours
As a real estate sales person, you have to take continuing ed classes every?
2 years
There is also a component of _________ required every two years.
Fair housing
Are Real Estate brokers also required to take the CE classes?
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?
$500
, NYS Real Estate Practice Exam Questions and Complete Answers Latest 2025
If you are a independent contractor what can a broker provide to you?
Telephone
As an independent contractor are you paid for the hours you put into a deal,
or for "production'?
no
What is the term of a real estate licensure?
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?
Two Years
Violation of real estate Licensee law is a?
Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law?
$1000 fine, and up to one year in jail
What is the very first document you should fill out with a client or
customer?
Agency Disclosure Form
At what moment should you take out the Agency Disclosure form?
At first Substantive Contact
What does First substantive contact mean?
When the customer begins to ask questions pretaining to the Real Estate
Property.
What agency issues real estate licenses?
The New York State Department of State (NYDOS), Divison of Licensing
Services
At what age can you become a real estate salesperson?
18
Do you need experience in the field to become a sales person?
No
What is the minimum age to become a real estate broker?
20
If your license is revoked, how long do you have to wait to re-apply for it?
One year
Do you need experience in the field to become a broker?
Yes, at least 2 years of experience and 3200 points
As a licensing salesperson, I can receive compensation from my?
Sponsoring Broker
As a real estate licensee you will more often than not be an ________, will
receive a ____________ and will file a _____________
Independent contractor, 1099, Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law,
unless they take on sales people
Exempt
, NYS Real Estate Practice Exam Questions and Complete Answers Latest 2025
If you mix your clients money with the office operating funds, it is
called________ and you have violated which fiducary duty?
Commingling funds and Accountability
For how long does a broker need to keep his/her records for?
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?
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?
Broker holds the license and I hold the pocket card
How many hours of continuing ed must a sales person take?
22.5 hours
As a real estate sales person, you have to take continuing ed classes every?
2 years
There is also a component of _________ required every two years.
Fair housing
Are Real Estate brokers also required to take the CE classes?
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?
$500
, NYS Real Estate Practice Exam Questions and Complete Answers Latest 2025
If you are a independent contractor what can a broker provide to you?
Telephone
As an independent contractor are you paid for the hours you put into a deal,
or for "production'?
no
What is the term of a real estate licensure?
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?
Two Years
Violation of real estate Licensee law is a?
Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law?
$1000 fine, and up to one year in jail
What is the very first document you should fill out with a client or
customer?
Agency Disclosure Form
At what moment should you take out the Agency Disclosure form?
At first Substantive Contact
What does First substantive contact mean?
When the customer begins to ask questions pretaining to the Real Estate
Property.
