NYS Real Estate Practice Exam / Questions with 100%
Correct Answers.
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
,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
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
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
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
Correct Answers.
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
,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
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
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
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
