NYS Real Estate Salesperson Exam
Questions
How often must you renew your real estate salesperson/broker license? - correct
answer-Every 2 years
What is the purpose of license laws in the real estate industry? - correct answer-To minimize
fraudulent practice and protect the general public
The New York regulatory agency that oversees real estate licensure is the: - correct
answer-Department of State
Most of the law about salespersons and brokers is in which article of the Real Property Law?
- correct answer-Article 12-A
What are the age requirements for a broker applicant and a salesperson applicant,
respectively? - correct answer-Broker must be at least 20 years old; a salesperson must be
at least 18 years old.
Attorneys admitted to practice in the NY courts may act as brokers (help you sell, buy and
get commission) without obtaining a broker license. However, under what circumstance must
they obtain a real estate license? - correct answer-If they employ salespersons to work under
their supervision
Do building superintendents and maintenance workers (who perform tasks such as rent
collection) for one owner or company require licensure? - correct answer-No
How long does a licensee have from the license expiration date to renew? - correct
answer-Two years
If a DOS officer appears and asks a licensee (you) for a photo ID, what should the licensee
(you) do? - correct answer-The licensee must carry photo ID cards at all times when doing
business and show it on demand
Under the Real Property Law in New York, a branch office manager may be a(n): - correct
answer-associate broker
What must brokers' business sign contain? - correct answer-Broker's name and the words
"licensed real estate broker"
The listing salesperson must accept compensation directly from: - correct
answer-Sponsoring broker
, When brokers improperly pay any part of their compensation to anyone who is not license or
who is not exempt from the license law, they violate the license law. This payment is called a:
- correct answer-kickback
If licensees terminate their association with a broker, they must turn over all ______ obtained
during their association with the broker. - correct answer-listing agreements and contracts
What is the mixing of the funds of others with business or personal funds called, and what is
the charge for it? - correct answer-Commingling; misdemeanor.
What is the apportionment of other people's money from one use to another called? (if a
broker uses deposit money that does not yet belong to the broker, places it in the operating
account, and spends it) What is the charge for it? - correct answer-Conversion; felony (more
severe than misdemeanor).
An illegal type of commission arrangement in which all monies above a net amount are the
broker's commission is called what? - correct answer-Net listing
Violators of Article 12-A may be guilty of a misdemeanor. What is the penalty for a
misdemeanor? - correct answer-A fine of up to $1,000 and/or imprisonment for up to one
year.
The revocation (cancelled/revoked) or suspension (temporarily cancelled) of a broker's
license also... - correct answer-suspends the licenses of the salespersons and associate
brokers affiliated with the broker.
When should we show the Property Condition Disclosure Act form to the purchaser? -
correct answer-before the seller accepts the purchase offer
If the seller refuses to disclose the Property Condition Disclosure Form in the sale of 1-4 unit
residential property, which of the following must happen? - correct answer-The seller must
credit $500 to the buyer at closing.
The person hired on another's behalf is the: - correct answer-agent
Upon creation of the relationship (agency), the agent is a: - correct answer-Trustee
(fiduciary)
The agent's fiduciary duties include: - correct answer-Obedience
Loyalty
Disclosure
Confidentiality
Accountability
Reasonable Care, Skill, and Diligence
What are the broker's responsibilities to the client? - correct answer-Fiduciary duties
Questions
How often must you renew your real estate salesperson/broker license? - correct
answer-Every 2 years
What is the purpose of license laws in the real estate industry? - correct answer-To minimize
fraudulent practice and protect the general public
The New York regulatory agency that oversees real estate licensure is the: - correct
answer-Department of State
Most of the law about salespersons and brokers is in which article of the Real Property Law?
- correct answer-Article 12-A
What are the age requirements for a broker applicant and a salesperson applicant,
respectively? - correct answer-Broker must be at least 20 years old; a salesperson must be
at least 18 years old.
Attorneys admitted to practice in the NY courts may act as brokers (help you sell, buy and
get commission) without obtaining a broker license. However, under what circumstance must
they obtain a real estate license? - correct answer-If they employ salespersons to work under
their supervision
Do building superintendents and maintenance workers (who perform tasks such as rent
collection) for one owner or company require licensure? - correct answer-No
How long does a licensee have from the license expiration date to renew? - correct
answer-Two years
If a DOS officer appears and asks a licensee (you) for a photo ID, what should the licensee
(you) do? - correct answer-The licensee must carry photo ID cards at all times when doing
business and show it on demand
Under the Real Property Law in New York, a branch office manager may be a(n): - correct
answer-associate broker
What must brokers' business sign contain? - correct answer-Broker's name and the words
"licensed real estate broker"
The listing salesperson must accept compensation directly from: - correct
answer-Sponsoring broker
, When brokers improperly pay any part of their compensation to anyone who is not license or
who is not exempt from the license law, they violate the license law. This payment is called a:
- correct answer-kickback
If licensees terminate their association with a broker, they must turn over all ______ obtained
during their association with the broker. - correct answer-listing agreements and contracts
What is the mixing of the funds of others with business or personal funds called, and what is
the charge for it? - correct answer-Commingling; misdemeanor.
What is the apportionment of other people's money from one use to another called? (if a
broker uses deposit money that does not yet belong to the broker, places it in the operating
account, and spends it) What is the charge for it? - correct answer-Conversion; felony (more
severe than misdemeanor).
An illegal type of commission arrangement in which all monies above a net amount are the
broker's commission is called what? - correct answer-Net listing
Violators of Article 12-A may be guilty of a misdemeanor. What is the penalty for a
misdemeanor? - correct answer-A fine of up to $1,000 and/or imprisonment for up to one
year.
The revocation (cancelled/revoked) or suspension (temporarily cancelled) of a broker's
license also... - correct answer-suspends the licenses of the salespersons and associate
brokers affiliated with the broker.
When should we show the Property Condition Disclosure Act form to the purchaser? -
correct answer-before the seller accepts the purchase offer
If the seller refuses to disclose the Property Condition Disclosure Form in the sale of 1-4 unit
residential property, which of the following must happen? - correct answer-The seller must
credit $500 to the buyer at closing.
The person hired on another's behalf is the: - correct answer-agent
Upon creation of the relationship (agency), the agent is a: - correct answer-Trustee
(fiduciary)
The agent's fiduciary duties include: - correct answer-Obedience
Loyalty
Disclosure
Confidentiality
Accountability
Reasonable Care, Skill, and Diligence
What are the broker's responsibilities to the client? - correct answer-Fiduciary duties
