NYS Real Estate Exam with all Correct & 100% Verified
Answers |Actual Complete Update |Already Graded A+
What agency issues real estate licenses? ✔Correct Answer-The New York State Department of
State (NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? ✔Correct Answer-18
Do you need experience in the field to become a sales person? ✔Correct Answer-No
What is the minimum age to become a real estate broker? ✔Correct Answer-20
If your license is revoked, how long do you have to wait to re-apply for it? ✔Correct Answer-
One year
Do you need experience in the field to become a broker? ✔Correct Answer-Yes, at least 2
years of experience and 3200 points
As a licensing salesperson, I can receive compensation from my? ✔Correct Answer-
Sponsoring Broker
As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________ ✔Correct Answer-Independent contractor,
1099, Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take on sales
people ✔Correct Answer-Exempt
If you mix your clients money with the office operating funds, it is called________ and you have
violated which fiducary duty? ✔Correct Answer-Commingling funds and Accountability
For how long does a broker need to keep his/her records for? ✔Correct 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? ✔Correct 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? ✔Correct Answer-Broker holds the license and I hold
the pocket card
How many hours of continuing ed must a sales person take? ✔Correct Answer-22.5 hours
, As a real estate sales person, you have to take continuing ed classes every? ✔Correct Answer-
2 years
There is also a component of _________ required every two years. ✔Correct Answer-Fair
housing
Are Real Estate brokers also required to take the CE classes? ✔Correct 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? ✔Correct Answer-$500
If you are a independent contractor what can a broker provide to you? ✔Correct Answer-
Telephone
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? ✔Correct Answer-no
What is the term of a real estate licensure? ✔Correct 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? ✔Correct Answer-Two Years
Violation of real estate Licensee law is a? ✔Correct Answer-Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? ✔Correct 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? ✔Correct
Answer-Agency Disclosure Form
At what moment should you take out the Agency Disclosure form? ✔Correct Answer-At first
Substantive Contact
What does First substantive contact mean? ✔Correct 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? ✔Correct
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? ✔Correct Answer-Special Agent
As a property manager I am what kind of agent? ✔Correct Answer-A General Agent
As an estate planner, I am what kind of agent? ✔Correct Answer-Universal Agent
Answers |Actual Complete Update |Already Graded A+
What agency issues real estate licenses? ✔Correct Answer-The New York State Department of
State (NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? ✔Correct Answer-18
Do you need experience in the field to become a sales person? ✔Correct Answer-No
What is the minimum age to become a real estate broker? ✔Correct Answer-20
If your license is revoked, how long do you have to wait to re-apply for it? ✔Correct Answer-
One year
Do you need experience in the field to become a broker? ✔Correct Answer-Yes, at least 2
years of experience and 3200 points
As a licensing salesperson, I can receive compensation from my? ✔Correct Answer-
Sponsoring Broker
As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________ ✔Correct Answer-Independent contractor,
1099, Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take on sales
people ✔Correct Answer-Exempt
If you mix your clients money with the office operating funds, it is called________ and you have
violated which fiducary duty? ✔Correct Answer-Commingling funds and Accountability
For how long does a broker need to keep his/her records for? ✔Correct 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? ✔Correct 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? ✔Correct Answer-Broker holds the license and I hold
the pocket card
How many hours of continuing ed must a sales person take? ✔Correct Answer-22.5 hours
, As a real estate sales person, you have to take continuing ed classes every? ✔Correct Answer-
2 years
There is also a component of _________ required every two years. ✔Correct Answer-Fair
housing
Are Real Estate brokers also required to take the CE classes? ✔Correct 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? ✔Correct Answer-$500
If you are a independent contractor what can a broker provide to you? ✔Correct Answer-
Telephone
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? ✔Correct Answer-no
What is the term of a real estate licensure? ✔Correct 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? ✔Correct Answer-Two Years
Violation of real estate Licensee law is a? ✔Correct Answer-Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? ✔Correct 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? ✔Correct
Answer-Agency Disclosure Form
At what moment should you take out the Agency Disclosure form? ✔Correct Answer-At first
Substantive Contact
What does First substantive contact mean? ✔Correct 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? ✔Correct
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? ✔Correct Answer-Special Agent
As a property manager I am what kind of agent? ✔Correct Answer-A General Agent
As an estate planner, I am what kind of agent? ✔Correct Answer-Universal Agent
