2024 NEW YORK STATE REAL ESTATE SALESPERSON LICENSING EXAM 75 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS

An___________ real estate broker is a licensed real estate broker who chooses to work under the name and supervision of a licensed real estate broker. associate administrative executive affiliate - correct answerassociate The final step of the real estate transaction when the buyer gets the deed to the property, the seller gets the proceeds from the sale, and the broker gets his or her commission is called? Settling the transaction. Negotiating the purchase contract. Financing the purchase. Listing the property. - correct answerSettling the transaction. How many hours of education is a broker candidate required to complete in addition to those required for a salesperson's license? 45 hours 75 hours 100 hours 120 hours - correct answer45 hours How will an examinee know what percent of the exam questions he or she answered correctly? The percentage score will be mailed to the examinee within 15 days of the exam. The percentage score will available online only for those examinees who fail the exam. The percentage score is not given to the examinee. The percentage score will be mailed to the examinee for a $25 fee. - correct answerThe percentage score is not given to the examinee. How many points are given for hotel sales experience? 400 300 250 125 - correct answer4 A real estate salesperson works on behalf of a licensed real estate broker to perform any of the following duties associated with real estate transactions except? List property Sell property Lease property Collect commissions - correct answerCollect commissions Sellers employ a broker to sell their home through the use of which of these documents? Buyer agency agreement Listing contract Purchase contract Seller agency agreement - correct answerListing contract How much is the fee charged by the DOS for an associate broker license? $50 $155 $15 No fee is charged - correct answer$155 What are the experience requirements for a broker candidate? One full year of experience as a licensed salesperson OR two years of equivalent experience in some other aspect of real estate Two full years of experience as a licensed salesperson AND three years of equivalent experience in some other aspect of real estate One full year of experience as a licensed salesperson AND two years of equivalent experience in some other aspect of real estate Two full years of experience as a licensed salesperson OR three years of equivalent experience in some other aspect of real estate - correct answerTwo full years of experience as a licensed salesperson OR three years of equivalent experience in some other aspect of real estate Which of the following must hold a real estate license? An owner selling his neighbor's property for a fee An owner selling his own property A NY attorney A bankruptcy trustee - correct answerAn owner selling his neighbor's property for a fee Those who are exempt from needing a license include all of the following except? An owner selling his or her own property. A landlord renting his or her own property. A person selling property for a friend or associate if the fee charged is under $1000. An attorney performing his or her duties as an attorney. - correct answerA person selling property for a friend or associate if the fee charged is under $1000. Which penalty is not imposed by the DOS on a real estate broker for engaging in fraud? License revocation Fine Imprisonment Reprimand - correct answerImprisonment How old must a candidate for a broker's license be? 18 19 20