NYS Real Estate Practice Exam<\/p>\n\n\n\n
What agency issues real estate licenses? correct answerThe New York State Department of State If my license has expired, for how long can i continue to practice real estate sales?In other words, what
(NYDOS), Divison of Licensing Services
At what age can you become a real estate salesperson? correct answer18
Do you need experience in the field to become a sales person? correct answerNo
What is the minimum age to become a real estate broker? correct answer20
If your license is revoked, how long do you have to wait to re-apply for it? correct answerOne year
Do you need experience in the field to become a broker? correct answerYes, at least 2 years of
experience and 3200 points
As a licensing salesperson, I can receive compensation from my? correct answerSponsoring Broker
As a real estate licensee you will more often than not be an , will receive a __<\/em><\/strong> and
will file a _<\/em><\/strong><\/em><\/strong> correct answerIndependent contractor, 1099, Schedule C
Attorneys admitted to the bar in NYS are _ from the licensure law, unless they take on sales people correct answerExempt If you mix your clients money with the office operating funds, it is called____<\/em><\/strong> and you have violated
which fiducary duty? correct answerCommingling funds and Accountability
For how long does a broker need to keep his\/her records for? correct answerThree years<\/p>\n\n\n\n
is the grace period? correct answerNo 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 answerBroker holds the license and I hold the pocket card
How many hours of continuing ed must a sales person take? correct answer22.5 hours
As a real estate sales person, you have to take continuing ed classes every? correct answer2 years
There is also a component of _<\/em><\/strong> required every two years. correct answerFair housing
Are Real Estate brokers also required to take the CE classes? correct answerYes
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 answerTelephone
As an independent contractor are you paid for the hours you put into a deal, or for “production’? correct
answerno
What is the term of a real estate licensure? correct answertwo 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 answerTwo Years
Violation of real estate Licensee law is a? correct answerMisdemeanor
What is the possible penalty of violating Real Estate Licensee Law? correct answer$1000 fine, and up to
one year in jail<\/p>\n\n\n\n