Exam (elaborations)
NYS SALESPERSON LICENSE EXAM 2024 QUESTIONS AND ANSWERS
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NYS SALESPERSON LICENSE EXAM 2024
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NYS SALESPERSON LICENSE EXAM2024
NYS Department of State - answer primarily responsible for issuing real estate
licenses , pocket cards , and handing down disciplinary action
Article 12 A - answer outlines the roles / duties of the Department of State
New York Court of Appeals - answer the highest court in New York State .
A real estate salesperson must be at least - answer18 years old
A real estate salesperson's license is valid for - answer2 years
Before renewing a license , the salesperson must complete - answer22.5 hours of
Continuing Education
If a real estate salesperson fails to renew their license within 2 years , their license is
considered - answer expired
Real estate salespersons may perform acts that a broker is authorized to perform , but
they do so - answeron behalf of a broker with whom they are associated
A real estate broker must be at least - answer20 years old
A real estate broker must have at least how many years of experience as a sales
person? - answertwo years
A real estate broker must complete how many hours in the broker course for a license?
- answer45 hours
How many hours of total coursework should a real estate broker have completed for a
license? - answer120 hours total coursework
The status of an associate broker is the same as - answerA salesperson
Who issues the pocket card? - answerDepartment of state
The salesperson's license is held where? - answersponsoring broker
,When should the real estate sales person carry their pocket card? - answerat all times
when doing business and show it on demand
If a real estate brokers license is suspended or revoked, what happens to each sales
person working under that broker? - answerof Sponsor's or each real estate
salesperson working under that broker shall also have their licenses suspended
if a licensed attorney wants to have salespersons working under them ( the attorney
acts as.... - answertheir sponsoring broker the attorney must obtain a broker's license
All advertisements placed by a broker must list what? - answerName of the broker and
telephone number
Ads that do not contain information of a broker is also known as - answerBlind
advertising
Brokers must maintain records of all transactions, for at least, how many years? -
answerThree years
General agent - answerSomeone authorized to transact every kind of business for the
principal. example property manager
Special agent - answerAn agent with limited authority to act on behalf of the principle,
such as created by a listing. example, real estate agent, or real estate broker
Universal agent - answerHas complete authority over any activity of the principal.
example power of authority
Principal or client - answerBuyer and/or seller
The broker is also known as what? - answerAgent
The sales person is also known as what? - answerSub agent of their broker
When does buyer agency occur? - answerWhen a purchaser hires a broker to represent
them
A buyer representation form should be signed between who? - answerthe buyer and the
broker
A fiduciary relationship implies what? - answerGreat confidence and trust
The agents fiduciary duties to the client include.... - answerObedience, loyalty
disclosure of information, confidentialities, accountability, reasonable care
, The agency disclosure form is a written explanation to be signed by prospective buyer
or client of real estate. What does it explain? - answerthe role that the broker plays in
the transaction
The agency disclosure form outlines what? - answerThe agents duties to the client
explains that an agent owes a fiduciary duty to the client and allows for advance
consent to dual agency
The agency disclosure form is not required for what? - answerThe sale of vacant land
According to section 443 of the New York State real property law licensees must
present a written agency disclosure form that details, consumer choice about
representation when? - answerAt the first substantive contact
Oh, if a buyer or seller refuses to sign the agency disclosure form, what should the
agent document? - answerNames, time, date, reasons and complete the declaration
form stating the facts
when the declaration form is done for refusal to sign the agency disclosure form , what if
any should happen next? - answerAcknowledgment, state the facts, and retain a copy
for at least three years
Dual agency occurs when - answera broker represents both the buyer and seller in a
transaction
Undisclosed Dual Agency is - answeris illegal in New York State
Dual Agency the agent should notify both parties and have them sign - answerthe
Agency Disclosure form
The agency disclosure form is known as - answerAdvance Consent to Dual Agency
Estoppel - answerwhen a principal does not stop an individual from representing his or
her interests , thus creating an agency relationship between the two .
A listing contract is created between a seller and a broker not with wom? - answera
salesperson
The listing agreement creates - answeran express agency relationship
Exclusive Right to Sell Agreement - answerThis listing contract offers the most security
to the broker . The seller must work exclusively with the broker to sell their property .
The broker is entitled to a commission even if the seller finds a buyer themselves
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