NYS Real Estate Exam Questions and Answers Graded A+

NYS Real Estate Exam Questions and
Answers Graded A+

NYS Dept of State - Correct answer-agency that licenses real estate agents/brokers

Property law name - Correct answer-Article 12A

Types of real estate licenses (3) - Correct answer-salesperson, associate broker,

broker

An associate broker... - Correct answer-has no broker powers

A broker... - Correct answer-sponsors salespeople and associate brokers

The salesperson's license is kept by... - Correct answer-the broker for whom the

salesperson is working for, kept in a secure place

Pocket ID card - Correct answer-Kept with the agent, should be carried at all times

Any changes to a salesperson's license - Correct answer-should be submitted to the

Department of State with 5 days notice

Fees for license - Correct answer-Salesperson: $50 every 2 years

Broker/Associate broker: $150 every 2 years

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,Education requirements - Correct answer-22.5 hours of continuing education prior

to license renewal

Total educational hours for broker's license - Correct 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 - Correct answer-9

Arkansas

Colorado

Connecticut

Georgia

Massachusetts

Mississippi

Oklahoma

Pennsylvania

West Virginia



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,What are the other DOS Licenses? (5) - Correct answer-1. Notary public

2. Apartment Information Vendor

3. Apartment Sharing Agent

4. Appraiser

5 Home inspector

Office regulations - Correct answer-1. Must have appropriate office signage

2. Kickbacks are illegal!

3. Blind ads are illegal! (bait and switch)

Administrative discipline for misdeeds (3) - Correct 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 - Correct 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




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, 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? - Correct answer-No,

except for when they employ licensee to work under their supervision

Commingling of funds - Correct answer-ILLEGAL!

Net listings - Correct answer-ILLEGAL!

Violation of license law - Correct answer-misdemeanor and punishable by $1K

fine and or a maximum sentence of a year in jail

Revocation of a broker's license... - Correct answer-suspends the license of

salespersons and associate brokers in the broker's employ

Property Condition Disclosure Statement - Correct answer-must be provided to the

buyer's agent before the sellers accept the purchase offer

Uncapped natural gas wells - Correct 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? - Correct answer-Only full broker.

Not an associate broker, not a salesperson

Who can show property? - Correct answer-Only licensed salespeople or brokers



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