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
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
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?
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
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
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?
