NYS Real Estate Practice Exam
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
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? -ANSWER no
What is the term of a real estate licensure? -ANSWER 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? -ANSWER Two Years
Violation of real estate Licensee law is a? -ANSWER Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? -ANSWER $1000
fine, and up to one year in jail
What is the very first document you should fill out with a client or customer? -ANSWER
Agency Disclosure Form
At what moment should you take out the Agency Disclosure form? -ANSWER At first
Substantive Contact
What does First substantive contact mean? -ANSWER When the customer begins to ask
questions pretaining to the Real Estate Property.
What should you do if a customer refuses to sign an Agency Disclousure form? -
ANSWER Fill out an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? -ANSWER Special Agent
As a property manager I am what kind of agent? -ANSWER A General Agent
As an estate planner, I am what kind of agent? -ANSWER Universal Agent
What is it called when I represent the seller as my client but then work in the best
interest of the buyer? -ANSWER Undisclosed Dual Agency
If I represent the buyer as a broker, this is called? -ANSWER Buyers Broker
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
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? -ANSWER no
What is the term of a real estate licensure? -ANSWER 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? -ANSWER Two Years
Violation of real estate Licensee law is a? -ANSWER Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? -ANSWER $1000
fine, and up to one year in jail
What is the very first document you should fill out with a client or customer? -ANSWER
Agency Disclosure Form
At what moment should you take out the Agency Disclosure form? -ANSWER At first
Substantive Contact
What does First substantive contact mean? -ANSWER When the customer begins to ask
questions pretaining to the Real Estate Property.
What should you do if a customer refuses to sign an Agency Disclousure form? -
ANSWER Fill out an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? -ANSWER Special Agent
As a property manager I am what kind of agent? -ANSWER A General Agent
As an estate planner, I am what kind of agent? -ANSWER Universal Agent
What is it called when I represent the seller as my client but then work in the best
interest of the buyer? -ANSWER Undisclosed Dual Agency
If I represent the buyer as a broker, this is called? -ANSWER Buyers Broker
