NYS Real Estate Practice Exam with Solutions 2024 Updated

NYS Real Estate Practice Exam with Solutions What agency issues real estate licenses? - Answer -The New York State Department of State (NYDOS), Divison of Licensing Services At what age can you become a real estate salesperson? - Answer -18 Do you need experience in the field to become a sales person? - Answer -No What is the minimum age to become a real estate broker? - Answer -20 If your license is revoked, how long do you have to wait to re-apply for it? - Answer -One year Do you need experience in the field to become a broker? - Answer -Yes, at least 2 years of experience and 3200 points As a licensing salesperson, I can receive compensation from my? - Answer -Sponsoring Broker As a real estate licensee you will more often than not be an ________, will receive a ____________ and will file a _____________ - Answer -Independent contractor, 1099, Schedule C Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take on sales people - Answer -Exempt If you mix your clients money with the office operating funds, it is called________ and you have violated which fiducary duty? - Answer -Commingling funds and Accountability For how long does a broker need to keep his/her records for? - Answer -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? - Answer -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? - Answer -Broker holds the license and I hold the pocket card How many hours of continuing ed must a sales person take? - Answer -22.5 hours As a real estate sales person, you have to take continuing ed classes every? - Answer -2 years There is also a component of _________ required every two years. - Answer -Fair housing Are Real Estate brokers also required to take the CE classes? - Answer -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? - Answer -$500 If you are a independent contractor what can a broker provide to you? - Answer -Telephone