NYS Real Estate Practice Exam
What agency issues real estate licenses? - (correct Answer) - The New York State Department of State
(NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - (correct Answer) - 18
Do you need experience in the field to become a sales person? - (correct Answer) - No
What is the minimum age to become a real estate broker? - (correct Answer) - 20
If your license is revoked, how long do you have to wait to re-apply for it? - (correct Answer) - One year
Do you need experience in the field to become a broker? - (correct Answer) - Yes, at least 2 years of
experience and 3200 points
As a licensing salesperson, I can receive compensation from my? - (correct Answer) - Sponsoring Broker
As a real estate licensee you will more often than not be an ________, will receive a ____________ and
will file a _____________ - (correct Answer) - Independent contractor, 1099, Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take on sales people -
(correct Answer) - Exempt
If you mix your clients money with the office operating funds, it is called________ and you have violated
which fiducary duty? - (correct Answer) - Commingling funds and Accountability
For how long does a broker need to keep his/her records for? - (correct Answer) - Three 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) - No Grace Period
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 the license and I hold the pocket
card
How many hours of continuing ed must a sales person take? - (correct Answer) - 22.5 hours
As a real estate sales person, you have to take continuing ed classes every? - (correct Answer) - 2 years
There is also a component of _________ required every two years. - (correct Answer) - Fair housing
Are Real Estate brokers also required to take the CE classes? - (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 a independent contractor what can a broker provide to you? - (correct Answer) - Telephone
As an independent contractor are you paid for the hours you put into a deal, or for "production'? -
(correct Answer) - no
What is the term of a real estate licensure? - (correct Answer) - two years
If i was a real estate licensee and wanted to apply to become a mortgage broker, how many years of
experience would i need? - (correct Answer) - Two Years
Violation of real estate Licensee law is a? - (correct Answer) - Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? - (correct Answer) - $1000 fine, and
up to one year in jail
What is the very first document you should fill out with a client or customer? - (correct Answer) - Agency
Disclosure Form
At what moment should you take out the Agency Disclosure form? - (correct Answer) - At first
Substantive Contact
What does First substantive contact mean? - (correct Answer) - When the customer begins to ask
questions pretaining to the Real Estate Property.
What should you do if a customer refuses to sign an Agency Disclousure form? - (correct Answer) - Fill
out an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? - (correct Answer) - Special Agent
As a property manager I am what kind of agent? - (correct Answer) - A General Agent
As an estate planner, I am what kind of agent? - (correct Answer) - Universal Agent
What is it called when I represent the seller as my client but then work in the best interest of the buyer?
- (correct Answer) - Undisclosed Dual Agency
If I represent the buyer as a broker, this is called? - (correct Answer) - Buyers Broker
Who do I owe my Fiduciary duties to? Client or Customer? - (correct Answer) - Client
What Fiduciary duties to I owe the Customer? - (correct Answer) - Fairness and Honesty
If my driveway crosses over my neighbors property, this would be called an? - (correct Answer) -
Easement Appurtenant
If my driveway crosses my neighbors property, I am the______ - (correct Answer) - Dominant
If my driveway crosses my neighbors property, My neighbro is the _______ - (correct Answer) - Servient
If a utility company has a right to use my property, this is called? - (correct Answer) - Easement in Gross
If someone uses a property that is open and notorious, exclusive and adverse to the best intrest of the
What agency issues real estate licenses? - (correct Answer) - The New York State Department of State
(NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - (correct Answer) - 18
Do you need experience in the field to become a sales person? - (correct Answer) - No
What is the minimum age to become a real estate broker? - (correct Answer) - 20
If your license is revoked, how long do you have to wait to re-apply for it? - (correct Answer) - One year
Do you need experience in the field to become a broker? - (correct Answer) - Yes, at least 2 years of
experience and 3200 points
As a licensing salesperson, I can receive compensation from my? - (correct Answer) - Sponsoring Broker
As a real estate licensee you will more often than not be an ________, will receive a ____________ and
will file a _____________ - (correct Answer) - Independent contractor, 1099, Schedule C
Attorneys admitted to the bar in NYS are _____ from the licensure law, unless they take on sales people -
(correct Answer) - Exempt
If you mix your clients money with the office operating funds, it is called________ and you have violated
which fiducary duty? - (correct Answer) - Commingling funds and Accountability
For how long does a broker need to keep his/her records for? - (correct Answer) - Three 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) - No Grace Period
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 the license and I hold the pocket
card
How many hours of continuing ed must a sales person take? - (correct Answer) - 22.5 hours
As a real estate sales person, you have to take continuing ed classes every? - (correct Answer) - 2 years
There is also a component of _________ required every two years. - (correct Answer) - Fair housing
Are Real Estate brokers also required to take the CE classes? - (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 a independent contractor what can a broker provide to you? - (correct Answer) - Telephone
As an independent contractor are you paid for the hours you put into a deal, or for "production'? -
(correct Answer) - no
What is the term of a real estate licensure? - (correct Answer) - two years
If i was a real estate licensee and wanted to apply to become a mortgage broker, how many years of
experience would i need? - (correct Answer) - Two Years
Violation of real estate Licensee law is a? - (correct Answer) - Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? - (correct Answer) - $1000 fine, and
up to one year in jail
What is the very first document you should fill out with a client or customer? - (correct Answer) - Agency
Disclosure Form
At what moment should you take out the Agency Disclosure form? - (correct Answer) - At first
Substantive Contact
What does First substantive contact mean? - (correct Answer) - When the customer begins to ask
questions pretaining to the Real Estate Property.
What should you do if a customer refuses to sign an Agency Disclousure form? - (correct Answer) - Fill
out an affidavit stating the refusal to sign, then have it notarizied.
As a real estate sales person I am what kind of agent? - (correct Answer) - Special Agent
As a property manager I am what kind of agent? - (correct Answer) - A General Agent
As an estate planner, I am what kind of agent? - (correct Answer) - Universal Agent
What is it called when I represent the seller as my client but then work in the best interest of the buyer?
- (correct Answer) - Undisclosed Dual Agency
If I represent the buyer as a broker, this is called? - (correct Answer) - Buyers Broker
Who do I owe my Fiduciary duties to? Client or Customer? - (correct Answer) - Client
What Fiduciary duties to I owe the Customer? - (correct Answer) - Fairness and Honesty
If my driveway crosses over my neighbors property, this would be called an? - (correct Answer) -
Easement Appurtenant
If my driveway crosses my neighbors property, I am the______ - (correct Answer) - Dominant
If my driveway crosses my neighbors property, My neighbro is the _______ - (correct Answer) - Servient
If a utility company has a right to use my property, this is called? - (correct Answer) - Easement in Gross
If someone uses a property that is open and notorious, exclusive and adverse to the best intrest of the
