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Review Questions For The New York Real Estate
Exam Includes 500 Accurate And Verified
Content Covering State Specific Topics Such As
License Law, Agency Disclosure, Property
Ownership, Contracts, Real Estate Finance,
Environmental Issues, Fair Housing,
Real Estate License - .....ANSWER ...✔✔ Required
credential to engage in real estate transactions.
Continuing Education - .....ANSWER ...✔✔ Mandatory
training every two years for license renewal.
Qualifying Course - .....ANSWER ...✔✔ 75-hour
educational requirement for obtaining a license.
Department of State - .....ANSWER ...✔✔ Regulatory
agency overseeing real estate licensure in New York.
Broker Sponsorship - .....ANSWER ...✔✔ Requirement
for salespersons to operate under a broker.
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Earnest Money Deposit - .....ANSWER ...✔✔ Funds
submitted to secure a purchase agreement.
Multiple Listing Services - .....ANSWER ...✔✔
Platforms for sharing property listings among brokers.
Real Estate Broker - .....ANSWER ...✔✔ Licensed
professional facilitating real estate transactions.
Salesperson License - .....ANSWER ...✔✔ Credential
allowing individuals to assist in real estate sales.
License Renewal - .....ANSWER ...✔✔ Process of
maintaining active status every two or four years.
Age Requirement - .....ANSWER ...✔✔ Minimum age
of 18 to obtain a salesperson license.
Trust Account - .....ANSWER ...✔✔ Separate account
for holding client funds in real estate.
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Fraudulent Practices - .....ANSWER ...✔✔ Actions
leading to license suspension or revocation.
Photo ID Card - .....ANSWER ...✔✔ Identification
required for real estate transactions.
Real Estate Brokerage - .....ANSWER ...✔✔ Business
involving the sale, lease, or management of properties.
Contract of Sale - .....ANSWER ...✔✔ Legal document
outlining terms of property purchase.
Harrisons Case - .....ANSWER ...✔✔ Example of
buyer broker drafting a contract.
Occupational Licensing - .....ANSWER ...✔✔
Regulation of professions requiring specific credentials.
TILA - .....ANSWER ...✔✔ Truth in Lending Act,
governing credit disclosures.
NYS Exam - .....ANSWER ...✔✔ Licensure examination
for aspiring real estate professionals.
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Commingling - .....ANSWER ...✔✔ Illegal mixing of
personal and client funds.
Escheat - .....ANSWER ...✔✔ Reversion of property to
the state when unclaimed.
Business Card Requirement - .....ANSWER ...✔✔
Mandatory inclusion of license information on
promotional materials.
DOS Approval - .....ANSWER ...✔✔ Required for a
firm's name usage.
Broker Commission - .....ANSWER ...✔✔
Compensation based on agreed terms.
Escrow Account - .....ANSWER ...✔✔ Separate bank
account for deposits.
Sales Associate - .....ANSWER ...✔✔ Must be hired
for brokerage operations.
Review Questions For The New York Real Estate
Exam Includes 500 Accurate And Verified
Content Covering State Specific Topics Such As
License Law, Agency Disclosure, Property
Ownership, Contracts, Real Estate Finance,
Environmental Issues, Fair Housing,
Real Estate License - .....ANSWER ...✔✔ Required
credential to engage in real estate transactions.
Continuing Education - .....ANSWER ...✔✔ Mandatory
training every two years for license renewal.
Qualifying Course - .....ANSWER ...✔✔ 75-hour
educational requirement for obtaining a license.
Department of State - .....ANSWER ...✔✔ Regulatory
agency overseeing real estate licensure in New York.
Broker Sponsorship - .....ANSWER ...✔✔ Requirement
for salespersons to operate under a broker.
,2|Page
Earnest Money Deposit - .....ANSWER ...✔✔ Funds
submitted to secure a purchase agreement.
Multiple Listing Services - .....ANSWER ...✔✔
Platforms for sharing property listings among brokers.
Real Estate Broker - .....ANSWER ...✔✔ Licensed
professional facilitating real estate transactions.
Salesperson License - .....ANSWER ...✔✔ Credential
allowing individuals to assist in real estate sales.
License Renewal - .....ANSWER ...✔✔ Process of
maintaining active status every two or four years.
Age Requirement - .....ANSWER ...✔✔ Minimum age
of 18 to obtain a salesperson license.
Trust Account - .....ANSWER ...✔✔ Separate account
for holding client funds in real estate.
,3|Page
Fraudulent Practices - .....ANSWER ...✔✔ Actions
leading to license suspension or revocation.
Photo ID Card - .....ANSWER ...✔✔ Identification
required for real estate transactions.
Real Estate Brokerage - .....ANSWER ...✔✔ Business
involving the sale, lease, or management of properties.
Contract of Sale - .....ANSWER ...✔✔ Legal document
outlining terms of property purchase.
Harrisons Case - .....ANSWER ...✔✔ Example of
buyer broker drafting a contract.
Occupational Licensing - .....ANSWER ...✔✔
Regulation of professions requiring specific credentials.
TILA - .....ANSWER ...✔✔ Truth in Lending Act,
governing credit disclosures.
NYS Exam - .....ANSWER ...✔✔ Licensure examination
for aspiring real estate professionals.
, 4|Page
Commingling - .....ANSWER ...✔✔ Illegal mixing of
personal and client funds.
Escheat - .....ANSWER ...✔✔ Reversion of property to
the state when unclaimed.
Business Card Requirement - .....ANSWER ...✔✔
Mandatory inclusion of license information on
promotional materials.
DOS Approval - .....ANSWER ...✔✔ Required for a
firm's name usage.
Broker Commission - .....ANSWER ...✔✔
Compensation based on agreed terms.
Escrow Account - .....ANSWER ...✔✔ Separate bank
account for deposits.
Sales Associate - .....ANSWER ...✔✔ Must be hired
for brokerage operations.
