NY REAL ESTATE EXAM REVIEW QUESTIONS
AND ANSW ERS
1. 1-A broker legitimately may pay all or part of Real estate commission to a
a. seller
b. salesperson
c. buyer
d. friend who provides a listing lead
ANS -B Salesperson can accept compensation only from their sponsoring broker.
2. 2-The minimum age for a New York real estate broker's license is
a. 19.
b. 18.
c. 20.
d. 21.
ANS C. As of July 1,2008 to become a broker you must be 20 years old.
3. 3-Which of the following acts would require a real estate license in New York
a. Sale of one's own property
b. Sale by the owner's lawyer
,c. Sale of land by an auctioneer
d. Foreclosure sale by court order
ANS C
selling land at an auction.
4. 4-An associate broker may
a. sponsor a person for a salesperson's license.
b. collect his or her own real estate fees.
c. act as a principal broker for another broker.
d. Work as a salesperson for a principal broker
ANS D
Associate broker is a licensed broker but chooses to work under the supervision of another broker.
5. 5-Violation of the license law is a misdemeanor, Punishable by up to a year
in jail and a fine of
Up to
a. $500.
b. $2,000.
c. $1,000.
d. $1,500.
ANS C
, DOS may impose a fine not to exceed $1000.
6. 6-When salesperson Tom Jones left ABC Realty And went to work with XYZ
REALTORS,
Tom's listings
a. became null and void.
b. Remained with ABC Realty.
c. Went with him to XYZ REALTORS.
d. Required the sellers' signatures to remain in the local MLS.
ANS B
When a licensee terminates with a broker they must turn over all information.
7. A salesperson's license must be
a. displayed on the firm's wall.
b. kept in the salesperson's wallet
c. retained by the principal broker.
d. d. sent to the local REALTORS association.
ANS C
Kept by the broker in a safe place.
, 8. 8-When does offering a client's business for sale Require a real estate
li- cense?
a. Never
b. Always
c. When the business includes any real estate
d. When more than half the value is real estate
ANS -D
selling a business where the real estate is greater than the business.
9. An apartment information vendor is licensed by
a. Department of Law
b. New York Attorney General's office
c. Department of State
d. Division of Housing and Community Rental
ANS C
Department of State licenses apartment information vendors....
10. When a license is revoked, how long must a licensee wait before
applying to have the license reinstated?
a. 18 months
AND ANSW ERS
1. 1-A broker legitimately may pay all or part of Real estate commission to a
a. seller
b. salesperson
c. buyer
d. friend who provides a listing lead
ANS -B Salesperson can accept compensation only from their sponsoring broker.
2. 2-The minimum age for a New York real estate broker's license is
a. 19.
b. 18.
c. 20.
d. 21.
ANS C. As of July 1,2008 to become a broker you must be 20 years old.
3. 3-Which of the following acts would require a real estate license in New York
a. Sale of one's own property
b. Sale by the owner's lawyer
,c. Sale of land by an auctioneer
d. Foreclosure sale by court order
ANS C
selling land at an auction.
4. 4-An associate broker may
a. sponsor a person for a salesperson's license.
b. collect his or her own real estate fees.
c. act as a principal broker for another broker.
d. Work as a salesperson for a principal broker
ANS D
Associate broker is a licensed broker but chooses to work under the supervision of another broker.
5. 5-Violation of the license law is a misdemeanor, Punishable by up to a year
in jail and a fine of
Up to
a. $500.
b. $2,000.
c. $1,000.
d. $1,500.
ANS C
, DOS may impose a fine not to exceed $1000.
6. 6-When salesperson Tom Jones left ABC Realty And went to work with XYZ
REALTORS,
Tom's listings
a. became null and void.
b. Remained with ABC Realty.
c. Went with him to XYZ REALTORS.
d. Required the sellers' signatures to remain in the local MLS.
ANS B
When a licensee terminates with a broker they must turn over all information.
7. A salesperson's license must be
a. displayed on the firm's wall.
b. kept in the salesperson's wallet
c. retained by the principal broker.
d. d. sent to the local REALTORS association.
ANS C
Kept by the broker in a safe place.
, 8. 8-When does offering a client's business for sale Require a real estate
li- cense?
a. Never
b. Always
c. When the business includes any real estate
d. When more than half the value is real estate
ANS -D
selling a business where the real estate is greater than the business.
9. An apartment information vendor is licensed by
a. Department of Law
b. New York Attorney General's office
c. Department of State
d. Division of Housing and Community Rental
ANS C
Department of State licenses apartment information vendors....
10. When a license is revoked, how long must a licensee wait before
applying to have the license reinstated?
a. 18 months
