Page 1 of 38
NYS REAL ESTATE EXAM/ REAL ESTATE EXAM/
NYS STUDY GUIDE 2023-2024 ALL QUESTIONS
ANSWERED CORRECTLY/ BEST GRADE A+
NYS Dept of State - ANSWER: agency that licenses real estate agents/brokers
Property law name - ANSWER: Article 12A
Types of real estate licenses (3) - ANSWER: salesperson, associate broker, broker
An associate broker... - ANSWER: has no broker powers
A broker... - ANSWER: sponsors salespeople and associate brokers
The salesperson's license is kept by... - ANSWER: the broker for whom the
salesperson is working for, kept in a secure place
Pocket ID card - ANSWER: Kept with the agent, should be carried at all times
Any changes to a salesperson's license - ANSWER: should be submitted to the
Department of State with 5 days notice
Fees for license - ANSWER: Salesperson: $50 every 2 years
Broker/Associate broker: $150 every 2 years
Education requirements - ANSWER: 22.5 hours of continuing education prior to
license renewal
,Page 2 of 38
Total educational hours for broker's license - ANSWER: 120 hours (75 sales, 45
brokers)
3500 points sales experience, 2 yrs full time
5250 points for related experience, 3 years full time
reciprocal states to NY - ANSWER: 9
Arkansas
Colorado
Connecticut
Georgia
Massachusetts
Mississippi
Oklahoma
Pennsylvania
West Virginia
What are the other DOS Licenses? (5) - ANSWER: 1. Notary public
2. Apartment Information Vendor
3. Apartment Sharing Agent
4. Appraiser
5 Home inspector
Office regulations - ANSWER: 1. Must have appropriate office signage
2. Kickbacks are illegal!
3. Blind ads are illegal! (bait and switch)
,Page 3 of 38
Administrative discipline for misdeeds (3) - ANSWER: 1. suspension of license
2. Revocation of license (must wait one year before applying for licensing
privilege)
3. Article 78 proceeding - Appeal a decision
Stigmatized property disclosure - ANSWER: Article 443, sellers and seller agents
do not have to disclose this info and may or may not disclose upon written request
of the buyer or buyer agent. A seller agent can disclose only with permission of the
seller. A buyer or buyer agent may provide written request for disclosure to the
seller or seller agent during negotiations for purchase.
Do Attorneys need a license to practice real estate brokerage? - ANSWER: No,
except for when they employ licensee to work under their supervision
Commingling of funds - ANSWER: ILLEGAL!
Net listings - ANSWER: ILLEGAL!
Violation of license law - ANSWER: misdemeanor and punishable by $1K fine
and or a maximum sentence of a year in jail
Revocation of a broker's license... - ANSWER: suspends the license of
salespersons and associate brokers in the broker's employ
Property Condition Disclosure Statement - ANSWER: must be provided to the
buyer's agent before the sellers accept the purchase offer
, Page 4 of 38
Uncapped natural gas wells - ANSWER: must be disclosed by seller to buyer
before entering into a contract of sale.
Who can be an officer in a real estate company? - ANSWER: Only full broker.
Not an associate broker, not a salesperson
Who can show property? - ANSWER: Only licensed salespeople or brokers
Agent - ANSWER: usually works for seller, but can also work for a buyer,
representation, looks for best interest of party, for the buyer an agent usually
services, goes through motions but no fiduciary responsibilty
Customer - ANSWER: the party whom the agent brings to the pricipal as a seller
or buyer of the property
Client - ANSWER: the person who selects the agent to acts on his behalf
dual agency - ANSWER: when agent acts for both buyer and seller (they only
have fucidicary responsibilty to whom hired them)
Fudiciary responsibilities - ANSWER: OLD CAR
Obedience
Loyalty
Disclosure of Info
Confidentiality
Accountability
Reasonable care, skill, dilligence
NYS REAL ESTATE EXAM/ REAL ESTATE EXAM/
NYS STUDY GUIDE 2023-2024 ALL QUESTIONS
ANSWERED CORRECTLY/ BEST GRADE A+
NYS Dept of State - ANSWER: agency that licenses real estate agents/brokers
Property law name - ANSWER: Article 12A
Types of real estate licenses (3) - ANSWER: salesperson, associate broker, broker
An associate broker... - ANSWER: has no broker powers
A broker... - ANSWER: sponsors salespeople and associate brokers
The salesperson's license is kept by... - ANSWER: the broker for whom the
salesperson is working for, kept in a secure place
Pocket ID card - ANSWER: Kept with the agent, should be carried at all times
Any changes to a salesperson's license - ANSWER: should be submitted to the
Department of State with 5 days notice
Fees for license - ANSWER: Salesperson: $50 every 2 years
Broker/Associate broker: $150 every 2 years
Education requirements - ANSWER: 22.5 hours of continuing education prior to
license renewal
,Page 2 of 38
Total educational hours for broker's license - ANSWER: 120 hours (75 sales, 45
brokers)
3500 points sales experience, 2 yrs full time
5250 points for related experience, 3 years full time
reciprocal states to NY - ANSWER: 9
Arkansas
Colorado
Connecticut
Georgia
Massachusetts
Mississippi
Oklahoma
Pennsylvania
West Virginia
What are the other DOS Licenses? (5) - ANSWER: 1. Notary public
2. Apartment Information Vendor
3. Apartment Sharing Agent
4. Appraiser
5 Home inspector
Office regulations - ANSWER: 1. Must have appropriate office signage
2. Kickbacks are illegal!
3. Blind ads are illegal! (bait and switch)
,Page 3 of 38
Administrative discipline for misdeeds (3) - ANSWER: 1. suspension of license
2. Revocation of license (must wait one year before applying for licensing
privilege)
3. Article 78 proceeding - Appeal a decision
Stigmatized property disclosure - ANSWER: Article 443, sellers and seller agents
do not have to disclose this info and may or may not disclose upon written request
of the buyer or buyer agent. A seller agent can disclose only with permission of the
seller. A buyer or buyer agent may provide written request for disclosure to the
seller or seller agent during negotiations for purchase.
Do Attorneys need a license to practice real estate brokerage? - ANSWER: No,
except for when they employ licensee to work under their supervision
Commingling of funds - ANSWER: ILLEGAL!
Net listings - ANSWER: ILLEGAL!
Violation of license law - ANSWER: misdemeanor and punishable by $1K fine
and or a maximum sentence of a year in jail
Revocation of a broker's license... - ANSWER: suspends the license of
salespersons and associate brokers in the broker's employ
Property Condition Disclosure Statement - ANSWER: must be provided to the
buyer's agent before the sellers accept the purchase offer
, Page 4 of 38
Uncapped natural gas wells - ANSWER: must be disclosed by seller to buyer
before entering into a contract of sale.
Who can be an officer in a real estate company? - ANSWER: Only full broker.
Not an associate broker, not a salesperson
Who can show property? - ANSWER: Only licensed salespeople or brokers
Agent - ANSWER: usually works for seller, but can also work for a buyer,
representation, looks for best interest of party, for the buyer an agent usually
services, goes through motions but no fiduciary responsibilty
Customer - ANSWER: the party whom the agent brings to the pricipal as a seller
or buyer of the property
Client - ANSWER: the person who selects the agent to acts on his behalf
dual agency - ANSWER: when agent acts for both buyer and seller (they only
have fucidicary responsibilty to whom hired them)
Fudiciary responsibilities - ANSWER: OLD CAR
Obedience
Loyalty
Disclosure of Info
Confidentiality
Accountability
Reasonable care, skill, dilligence
