Exam (elaborations)
NYS REAL ESTATE PRACTICE EXAM
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NYS REAL ESTATE PRACTICE EXAM
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NYS REAL ESTATE PRACTICE EXAMWhat agency issues real estate licenses? - Answers-The New York State Department of
State (NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? - Answers-18
Do you need experience in the field to become a sales person? - Answers-No
What is the minimum age to become a real estate broker? - Answers-20
How many hours of continuing ed must a sales person take? - Answers-22.5 hours
As a real estate sales person, you have to take continuing ed classes every? - Answers-
2 years
There is also a component of _________ required every two years. - Answers-Fair
housing
Are Real Estate brokers also required to take the CE classes? - Answers-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? - Answers-$500
If you are a independent contractor what can a broker provide to you? - Answers-
Telephone
As an independent contractor are you paid for the hours you put into a deal, or for
"production'? - Answers-no
What is the term of a real estate licensure? - Answers-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? - Answers-Two Years
Violation of real estate Licensee law is a? - Answers-Misdemeanor
What is the possible penalty of violating Real Estate Licensee Law? - Answers-$1000
fine, and up to one year in jail
What is the very first document you should fill out with a client or customer? - Answers-
Agency Disclosure Form
If your license is revoked, how long do you have to wait to re-apply for it? - Answers-
One year
, If you mix your clients money with the office operating funds, it is called________ and
you have violated which fiducary duty? - Answers-Commingling funds and
Accountability
For how long does a broker need to keep his/her records for? - Answers-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? - Answers-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? - Answers-Broker holds the license and I
hold the pocket card
At what moment should you take out the Agency Disclosure form? - Answers-At first
Substantive Contact
What does First substantive contact mean? - Answers-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? -
Answers-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? - Answers-Special Agent
As a property manager I am what kind of agent? - Answers-A General Agent
As an estate planner, I am what kind of agent? - Answers-Universal Agent
What is it called when I represent the seller as my client but then work in the best
interest of the buyer? - Answers-Undisclosed Dual Agency
If I represent the buyer as a broker, this is called? - Answers-Buyers Broker
Who do I owe my Fiduciary duties to? Client or Customer? - Answers-Client
What Fiduciary duties to I owe the Customer? - Answers-Fairness and Honesty
If my driveway crosses over my neighbors property, this would be called an? - Answers-
Easement Appurtenant
If my driveway crosses my neighbors property, I am the______ - Answers-Dominant
If my driveway crosses my neighbors property, My neighbro is the _______ - Answers-
Servient
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