New York Real Estate Exam Guide 2024
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 license, Agent
holds pocket card
As a real estate salesperson, you have to take continuing education
every ___ years. - ✔️CORRECT ANSWER✅-two years
How many hours of CE are required? - ✔️CORRECT ANSWER✅-
22.5 hours
There is also a three hour CE component of ___ required every two
years. - ✔️CORRECT ANSWER✅-Fair Housing
Are real estate brokers also required to fulfill the CE requirement?
- ✔️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 truly an independent contractor, what is it that your
broker can provide for you? - ✔️CORRECT ANSWER✅-Phone &
Desk
As a real estate salesperson, you have to take continuing education
every ___ years. - ✔️CORRECT ANSWER✅-two years
What agency issues real estate licenses? - ✔️CORRECT
ANSWER✅-NYS DOS, DIVISION OF LICENSING
At what age can you become a real estate salesperson? -
✔️CORRECT ANSWER✅-18
Do you need experience in the field to become a salesperson? -
✔️CORRECT ANSWER✅-No
,What is the minimum age to become a real estate broker? -
✔️CORRECT ANSWER✅-20
Do you need experience in the field to become a broker? -
✔️CORRECT ANSWER✅-Yes, 3500 points (35hrs weekly for 100
weeks)
If your license is revoked, how long do you have to wait to reapply -
✔️CORRECT ANSWER✅-1 year
As a licensed salesperson, I can receive compensation from ___. -
✔️CORRECT ANSWER✅-sponsoring broker
As a real estate licensee, you will more often than not be an (X1)
will receive a (X2) from your broker, and will file a (X3) on your tax
return To detail your earnings vs. your expenses - ✔️CORRECT
ANSWER✅-Independent contractor, 1099, schedule c
, Attorney admitted to the bar in nys are (BLANK) from the licensure
law, unless they take on salespeople - ✔️CORRECT ANSWER✅-
EXEMPT, lawyers don't need to take real estate school
If you mix your client's money with the office operating funds, it's
called ___ and you have violated which of the fiduciary obligations?
___ - ✔️CORRECT ANSWER✅-Commingling, Accountability
For how long does A broker need to keep his or hers paperwork
and records? - ✔️CORRECT ANSWER✅-3 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✅-Thirty days, no grace period
As an independent contractor, are you paid for the number of
hours you put into a deal or for your 'production'? - ✔️CORRECT
ANSWER✅-production
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 license, Agent
holds pocket card
As a real estate salesperson, you have to take continuing education
every ___ years. - ✔️CORRECT ANSWER✅-two years
How many hours of CE are required? - ✔️CORRECT ANSWER✅-
22.5 hours
There is also a three hour CE component of ___ required every two
years. - ✔️CORRECT ANSWER✅-Fair Housing
Are real estate brokers also required to fulfill the CE requirement?
- ✔️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 truly an independent contractor, what is it that your
broker can provide for you? - ✔️CORRECT ANSWER✅-Phone &
Desk
As a real estate salesperson, you have to take continuing education
every ___ years. - ✔️CORRECT ANSWER✅-two years
What agency issues real estate licenses? - ✔️CORRECT
ANSWER✅-NYS DOS, DIVISION OF LICENSING
At what age can you become a real estate salesperson? -
✔️CORRECT ANSWER✅-18
Do you need experience in the field to become a salesperson? -
✔️CORRECT ANSWER✅-No
,What is the minimum age to become a real estate broker? -
✔️CORRECT ANSWER✅-20
Do you need experience in the field to become a broker? -
✔️CORRECT ANSWER✅-Yes, 3500 points (35hrs weekly for 100
weeks)
If your license is revoked, how long do you have to wait to reapply -
✔️CORRECT ANSWER✅-1 year
As a licensed salesperson, I can receive compensation from ___. -
✔️CORRECT ANSWER✅-sponsoring broker
As a real estate licensee, you will more often than not be an (X1)
will receive a (X2) from your broker, and will file a (X3) on your tax
return To detail your earnings vs. your expenses - ✔️CORRECT
ANSWER✅-Independent contractor, 1099, schedule c
, Attorney admitted to the bar in nys are (BLANK) from the licensure
law, unless they take on salespeople - ✔️CORRECT ANSWER✅-
EXEMPT, lawyers don't need to take real estate school
If you mix your client's money with the office operating funds, it's
called ___ and you have violated which of the fiduciary obligations?
___ - ✔️CORRECT ANSWER✅-Commingling, Accountability
For how long does A broker need to keep his or hers paperwork
and records? - ✔️CORRECT ANSWER✅-3 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✅-Thirty days, no grace period
As an independent contractor, are you paid for the number of
hours you put into a deal or for your 'production'? - ✔️CORRECT
ANSWER✅-production
