NYS REAL ESTATE EXAM QUESTIONS AND ANSWERS .Buy
Quality Materials
Real Estate Broker
A licensed individual or firm that charges a fee to serve as the mediator between the
buyer and seller. Mortgage brokers are individuals in the business of arranging funding
or negotiating contracts for a client, but who does not loan the money. A real estate
broker is someone who helps find a house.
Real Estate Salesperson
An individual who is licensed to negotiate and arrange real estate sales; works for a real
estate broker.
Associate Real Estate Broker
A licensed real estate broker who by choice elects to work under the name and
supervision of another real estate broker.
Continuing Education
Continuing Education - Post license education required by salespersons and brokers.
New York State demands 22.5 hours of continuing education.
Listing Agreement
An employment contract between principal and agent, authorizing the agent to perform
services for the principal involving the latter's property.
Pocket Card
A card issued by the Department of State to each licensee which contains the photo,
name and business address of the licensee, and, in the case of a real estate
salesperson, the name and business address of the broker with whom he or she is
associated and shall certify that the person whose name appears thereon is a licensed
real estate broker or salesperson.
Home Inspection
An examination of a real estate property's condition, usually performed in connection
with the property's sale. A qualified home inspector can assess the condition of a
property's roof, foundation, heating and cooling systems, plumbing, electrical work,
water and sewage, and some fire and safety issues. In addition, the home inspector will
look for evidence of insect, water or fire damage or any other issue that may affect the
value of the property.
Escrow
A written agreement between two or more parties providing that certain instruments or
property be placed with a third party to be delivered to a designated person upon the
fulfillment or performance of some act or condition.
Commingling
To mingle or mix, for example, a client's funds in the broker's personal or general
account.
Net Listing
A price below which an owner will not sell the property, and at which price a broker will
not receive a commission; the broker receives the excess over and above the net listing
as the broker's commission.
Quality Materials
Real Estate Broker
A licensed individual or firm that charges a fee to serve as the mediator between the
buyer and seller. Mortgage brokers are individuals in the business of arranging funding
or negotiating contracts for a client, but who does not loan the money. A real estate
broker is someone who helps find a house.
Real Estate Salesperson
An individual who is licensed to negotiate and arrange real estate sales; works for a real
estate broker.
Associate Real Estate Broker
A licensed real estate broker who by choice elects to work under the name and
supervision of another real estate broker.
Continuing Education
Continuing Education - Post license education required by salespersons and brokers.
New York State demands 22.5 hours of continuing education.
Listing Agreement
An employment contract between principal and agent, authorizing the agent to perform
services for the principal involving the latter's property.
Pocket Card
A card issued by the Department of State to each licensee which contains the photo,
name and business address of the licensee, and, in the case of a real estate
salesperson, the name and business address of the broker with whom he or she is
associated and shall certify that the person whose name appears thereon is a licensed
real estate broker or salesperson.
Home Inspection
An examination of a real estate property's condition, usually performed in connection
with the property's sale. A qualified home inspector can assess the condition of a
property's roof, foundation, heating and cooling systems, plumbing, electrical work,
water and sewage, and some fire and safety issues. In addition, the home inspector will
look for evidence of insect, water or fire damage or any other issue that may affect the
value of the property.
Escrow
A written agreement between two or more parties providing that certain instruments or
property be placed with a third party to be delivered to a designated person upon the
fulfillment or performance of some act or condition.
Commingling
To mingle or mix, for example, a client's funds in the broker's personal or general
account.
Net Listing
A price below which an owner will not sell the property, and at which price a broker will
not receive a commission; the broker receives the excess over and above the net listing
as the broker's commission.
