NYS Real Estate Practice UPDATED Exam Questions and CORRECT Answers
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Course
NYS Real Estate
Institution
NYS Real Estate
NYS Real Estate Practice UPDATED Exam
Questions and CORRECT 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
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NYS Real Estate Practice UPDATED Exam
Questions and CORRECT 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 people - CORRECT ANSWER- Exempt
If you mix your clients money with the office operating funds, it is called________ and you
have violated 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 much 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
As an estate planner, I am what kind of agent? - CORRECT ANSWER- Universal Agent
What is it called when I represent the seller as my client but then work in the best interest of
the buyer? - CORRECT ANSWER- Undisclosed Dual Agency
If I represent the buyer as a broker, this is called? - CORRECT ANSWER- Buyers Broker
Who do I owe my Fiduciary duties to? Client or Customer? - CORRECT ANSWER- Client
What Fiduciary duties to I owe the Customer? - CORRECT ANSWER- Fairness and Honesty
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