NYS Real Estate Practice Exam

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31 NYS Real Estate Practice Exam 1.What agency issues real estate licenses?ANS The New York State Department of State (NYDOS), Divison of Licensing Services 2.At what age can you become a real estate salesperson?

ANS 18

3.Do you need experience in the field to become a sales person?ANS No 4.What is the minimum age to become a real estate broker?

ANS 20

5.If your license is revoked, how long do you have to wait to re-apply for it?ANS One year 6.Do you need experience in the field to become a broker?ANS Yes, at least 2 years of experience and 3200 points 7.As a licensing salesperson, I can receive compensation from my?ANS Sponsor- ing Broker 8.As a real estate licensee you will more often than not be an , will 1 / 4

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31 receive a and will file a ANS Independent contractor, 1099, Schedule C 9.Attorneys admitted to the bar in NYS are from the licensure law, unless they take on sales people ANS Exempt 10.If you mix your clients money with the office operating funds, it is called and you have violated which fiducary duty?ANS Commingling funds and Accountability 11.For how long does a broker need to keep his/her records for?ANS Three years 12.If my license has expired, for how long can i continue to practice real estate sales?In other words, what is the grace period?ANS No Grace Period 13.Your real estate license with the pocket card will be sent to your sponsoring broker. who holds the license? Who holds the pocket card?ANS Broker holds the license and I hold the pocket card 14.How many hours of continuing ed must a sales person take?ANS 22.5 hours 15.As a real estate sales person, you have to take continuing ed classes 2 / 4

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31 every?ANS 2 years 16.There is also a component of required every two years.ANS Fair housing 17.Are Real Estate brokers also required to take the CE classes?ANS Yes 18.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?

ANS $500

19.If you are a independent contractor what can a broker provide to you?ANS - Telephone 20.As an independent contractor are you paid for the hours you put into a deal, or for "production'?ANS no 21.What is the term of a real estate licensure?ANS two years 3 / 4

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31 22.If i was a real estate licensee and wanted to apply to become a mortgage broker, how many years of experience would i need?ANS Two Years 23.Violation of real estate Licensee law is a?ANS Misdemeanor 24.What is the possible penalty of violating Real Estate Licensee Law?ANS $1000 fine, and up to one year in jail 25.What is the very first document you should fill out with a client or cus- tomer?ANS Agency Disclosure Form 26.At what moment should you take out the Agency Disclosure form?ANS At first Substantive Contact 27.What does First substantive contact mean?ANS When the customer begins to ask questions pretaining to the Real Estate Property.

28.What should you do if a customer refuses to sign an Agency Disclousure form?ANS Fill out an affidavit stating the refusal to sign, then have it notarizied.

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