NYS Real Estate Practice Exam Questions and
Answers (Graded A)
1). What agency issues real estate licenses?
Ans: The New York State Department of State (NYDOS), Divison of Licensing Services
2). At what age can you become a real estate salesperson?
Ans: 18
3). Do you need experience in the field to become a sales person?
Ans: No
4). What is the minimum age to become a real estate broker?
Ans: 20
5). If your license is revoked, how long do you have to wait to re-apply for it?
Ans: One year
6). Do you need experience in the field to become a broker?
Ans: Yes, at least 2 years of experience and 3200 points
7). As a licensing salesperson, i can receive compensation from my?
Ans: Sponsoring Broker
8). As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________
Ans: Independent contractor, 1099, Schedule C
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, 9). Attorneys admitted to the bar in nys are _____ from the licensure law, unless they take on
sales people
Ans: Exempt
10). If you mix your clients money with the office operating funds, it is called________ and you
have violated which fiducary duty?
Ans: Commingling funds and Accountability
11). For how long does a broker need to keep his/her records for?
Ans: Three years
12). If my license has expired, for how long can i continue to practice real estate sales?in other
words, what is the grace period?
Ans: No Grace Period
13). Your real estate license with the pocket card will be sent to your sponsoring broker. who
holds the license? who holds the pocket card?
Ans: Broker holds the license and I hold the pocket card
14). How many hours of continuing ed must a sales person take?
Ans: 22.5 hours
15). As a real estate sales person, you have to take continuing ed classes every?
Ans: 2 years
16). There is also a component of _________ required every two years.
Ans: Fair housing
17). Are real estate brokers also required to take the ce classes?
Ans: Yes
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, 18). 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?
Ans: $500
19). If you are a independent contractor what can a broker provide to you?
Ans: Telephone
20). As an independent contractor are you paid for the hours you put into a deal, or for
"production'?
Ans: no
21). What is the term of a real estate licensure?
Ans: two years
22). If i was a real estate licensee and wanted to apply to become a mortgage broker, how
many years of experience would i need?
Ans: Two Years
23). Violation of real estate licensee law is a?
Ans: Misdemeanor
24). What is the possible penalty of violating real estate licensee law?
Ans: $1000 fine, and up to one year in jail
25). What is the very first document you should fill out with a client or customer?
Ans: Agency Disclosure Form
26). At what moment should you take out the agency disclosure form?
Ans: At first Substantive Contact
27). What does first substantive contact mean?
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Answers (Graded A)
1). What agency issues real estate licenses?
Ans: The New York State Department of State (NYDOS), Divison of Licensing Services
2). At what age can you become a real estate salesperson?
Ans: 18
3). Do you need experience in the field to become a sales person?
Ans: No
4). What is the minimum age to become a real estate broker?
Ans: 20
5). If your license is revoked, how long do you have to wait to re-apply for it?
Ans: One year
6). Do you need experience in the field to become a broker?
Ans: Yes, at least 2 years of experience and 3200 points
7). As a licensing salesperson, i can receive compensation from my?
Ans: Sponsoring Broker
8). As a real estate licensee you will more often than not be an ________, will receive a
____________ and will file a _____________
Ans: Independent contractor, 1099, Schedule C
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, 9). Attorneys admitted to the bar in nys are _____ from the licensure law, unless they take on
sales people
Ans: Exempt
10). If you mix your clients money with the office operating funds, it is called________ and you
have violated which fiducary duty?
Ans: Commingling funds and Accountability
11). For how long does a broker need to keep his/her records for?
Ans: Three years
12). If my license has expired, for how long can i continue to practice real estate sales?in other
words, what is the grace period?
Ans: No Grace Period
13). Your real estate license with the pocket card will be sent to your sponsoring broker. who
holds the license? who holds the pocket card?
Ans: Broker holds the license and I hold the pocket card
14). How many hours of continuing ed must a sales person take?
Ans: 22.5 hours
15). As a real estate sales person, you have to take continuing ed classes every?
Ans: 2 years
16). There is also a component of _________ required every two years.
Ans: Fair housing
17). Are real estate brokers also required to take the ce classes?
Ans: Yes
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, 18). 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?
Ans: $500
19). If you are a independent contractor what can a broker provide to you?
Ans: Telephone
20). As an independent contractor are you paid for the hours you put into a deal, or for
"production'?
Ans: no
21). What is the term of a real estate licensure?
Ans: two years
22). If i was a real estate licensee and wanted to apply to become a mortgage broker, how
many years of experience would i need?
Ans: Two Years
23). Violation of real estate licensee law is a?
Ans: Misdemeanor
24). What is the possible penalty of violating real estate licensee law?
Ans: $1000 fine, and up to one year in jail
25). What is the very first document you should fill out with a client or customer?
Ans: Agency Disclosure Form
26). At what moment should you take out the agency disclosure form?
Ans: At first Substantive Contact
27). What does first substantive contact mean?
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