NY S REAL ESTATE PR ACTICE EXAM
Questions and Answ er s
1. What agency issues real estate licenses?
ANS The New York State Department of State (NYDOS), Division of Licensing Services
2. At what age can you become a real estate salesperson?
ANS 18
3. Do you need experience in the field to become a sales person?
ANS No
4. What is the minimum age to become a real estate broker?
ANS 20
5. If your license is revoked, how long do you have to wait to re-apply for it?
ANS One year
6. Do you need experience in the field to become a broker?
ANS Yes, at least 2 years of experience and 3200 points
,7. As a licensing salesperson, I can receive compensation from my?
ANS Sponsoring Broker
8. As a real estate license you will more often than not be an
, will receive a and will file a
ANS Independent contractor, 1099, Schedule C
9. Attorneys admitted to the
bar in NYS are from the licensure law, unless
they take on sales people
ANS Exempt
10. If you mix your clients money with the office operating
funds, it is called and you have violated which fiducary duty?
ANS Commingling funds and Accountability
11. For how long does a broker need to keep his/her records for?
ANS Three years
12. If my license has expired, for how long can i continue to practice real
estate sales? In other words, what is the grace period?
ANS No Grace Period
, 13. Your real estate license with the pocket card will be sent to your
sponsoring broker. who holds the license? Who holds the pocket card?
ANS Broker holds the license and I hold the pocket card
14. How many hours of continuing ed must a sales person take?
ANS 22.5 hours
15. As a real estate sales person, you have to take continuing ed classes
every?
ANS 2 years
16. There is also a component of required
every two years.
ANS Fair housing
17. Are Real Estate brokers also required to take the CE classes?
ANS Yes
18. 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?
ANS $500
Questions and Answ er s
1. What agency issues real estate licenses?
ANS The New York State Department of State (NYDOS), Division of Licensing Services
2. At what age can you become a real estate salesperson?
ANS 18
3. Do you need experience in the field to become a sales person?
ANS No
4. What is the minimum age to become a real estate broker?
ANS 20
5. If your license is revoked, how long do you have to wait to re-apply for it?
ANS One year
6. Do you need experience in the field to become a broker?
ANS Yes, at least 2 years of experience and 3200 points
,7. As a licensing salesperson, I can receive compensation from my?
ANS Sponsoring Broker
8. As a real estate license you will more often than not be an
, will receive a and will file a
ANS Independent contractor, 1099, Schedule C
9. Attorneys admitted to the
bar in NYS are from the licensure law, unless
they take on sales people
ANS Exempt
10. If you mix your clients money with the office operating
funds, it is called and you have violated which fiducary duty?
ANS Commingling funds and Accountability
11. For how long does a broker need to keep his/her records for?
ANS Three years
12. If my license has expired, for how long can i continue to practice real
estate sales? In other words, what is the grace period?
ANS No Grace Period
, 13. Your real estate license with the pocket card will be sent to your
sponsoring broker. who holds the license? Who holds the pocket card?
ANS Broker holds the license and I hold the pocket card
14. How many hours of continuing ed must a sales person take?
ANS 22.5 hours
15. As a real estate sales person, you have to take continuing ed classes
every?
ANS 2 years
16. There is also a component of required
every two years.
ANS Fair housing
17. Are Real Estate brokers also required to take the CE classes?
ANS Yes
18. 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?
ANS $500
