NYS Real Estate Exams COMPILATION BUNDLE

In NYS, how old must one be to enter into contracts? Correct Answer: 18 What other capability should they possess? Correct Answer: Mental and emotional capability What happens if one of the parties to the contract is a minor? Correct Answer: The contract is voidable by the minor What doe...

Article 12A: NYS Real Property Law Correct Answer: "Real Estate License Law" - violation is a misdemeanor punishable by loss of license, $1000 fine, revoking of license - all salespersons have license suspended - after 1 year broker can apply to get license back Capital Gains Tax Exemptio...

The ______ refers to the rights given to the title holder of a particular property. These rights may be limited in certain instances, such as when a title holder fails to pay required property taxes, but in most regards, the title holder is considered the owner of the property. Correct Answer: Righ...

Sellers market their property using a __________. Correct Answer: listing agreement When the licensee has a buyer brokerage agreement with a purchaser, he or she must represent the best interests of the ___ rather than the ___. Correct Answer: buyer,seller In most cases, buyers cannot make a...

How often must you renew your real estate salesperson/broker license? Correct Answer: Every 2 years What is the purpose of license laws in the real estate industry? Correct Answer: To minimize fraudulent practice and protect the general public The New York regulatory agency that oversees rea...

Which of the following is NOT exempt from obtaining a license? Correct Answer: A licensed attorney acting as a sponsor to a real estate salesperson A real estate salespersons license must be renewed every .........years. Correct Answer: 2 A real estate salesperson operates as what type of ag...

The situation with the most potential for conflict is when a real estate licensee acts as a: -Dual Agent -Buyers Broker -Sellers Agent -Transaction Broker Correct Answer: -Dual Agent A seller has listed her home with a broker for $90,000, and the broker tells a prospective buyer to submit a ...

associate real estate broker Correct Answer: a licensed real estate broker who may perform the acts of a broker but chooses to work under the name and supervision and license of a licensed broker real estate broker Correct Answer: any oersons partnership association or corporation who, for anot...

Chapter 1 The section of the New York Real Property Law that applies to salespersons and brokers is... Correct Answer: Article 12-A Chapter 1 Brokers who do not separate their business or personal bank accounts from their real estate deposit accounts are guilty of __________________ the funds....

Which of the following statements about license laws is INCORRECT? Correct Answer: The federal government establish license laws In New York, an individual may obtain a salesperson license at age: Correct Answer: 18 A salesperson licensee may receive commissions from the: Correct Answer: Em...

What agency issues real estate licenses? - The New York State Department of State (NYDOS), Divison of Licensing Services At what age can you become a real estate salesperson? - 18 Do you need experience in the field to become a sales person? - No What is the minimum age to become a real estate broke...

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 Correct Answer: -B: Salesperson can accept compensation only from their sponsoring broker. 2-The minimum age for a New York real estate broker's...