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NYS Real Estate Practice Exam Questions And Answers
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NYS Real Estate Practice Exam Questions And Answers
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NYS Real Estate Practice ExamQuestions And Answers
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 .p
eople .- .(correct .answer) .-Exempt
If .you .mix .your .clients .money .with .the .office .operating .funds, .it .is .called________ .and .you .have .vio
lated .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 .m
uch .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
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