NYS Real Estate Practice Exam Questions and Answers (Graded A)
Question : 1-A broker legitimately may pay all or part of Real
estate commission to a
- seller
- salesperson
- buyer
- friend who provides a listing lead
Correct answer: -B: Salesperson can accept compensation only from their sponsoring broker.
Question : 2-The minimum age for a New York real estate
broker's license is
- 19.
- 18.
- 20.
- 21.
Correct answer: C. As of July 1,2008 to become a broker you
must be 20 years old.
Question : 3-Which of the following acts would require a real
estate license in New York
- Sale of one's own property
- Sale by the owner's lawyer
- Sale of land by an auctioneer
- Foreclosure sale by court order
Correct answer: C: selling land at an auction.
Question : 4-An associate broker may
- sponsor a person for a salesperson's license.
- collect his or her own real estate fees.
- act as a principal broker for another broker.
- Work as a salesperson for a principal broker
Correct answer: D: Associate broker is a licensed broker but chooses to work under the supervision of another broker.
Question : 5-Violation of the license law is a misdemeanor,
Punishable by up to a year in jail and a fine of Up to
- $500.
- $2,000.
- $1,000.
- $1,500.
Correct answer: C: DOS may impose a fine not to exceed
$1000.
Question : 6-When salesperson Tom Jones left ABC Realty
And went to work with XYZ REALTORS, Tom's listings
- became null and void.
- Remained with ABC Realty.
- Went with him to XYZ REALTORS.
- Required the sellers' signatures to remain in the local MLS.
Correct answer: B: When a licensee terminates with a broker they must turn over all information.
Question : A salesperson's license must be
- displayed on the firm's wall.
- kept in the salesperson's wallet
- retained by the principal broker.
- d. sent to the local REALTORS association.
Correct answer: C: Kept by the broker in a safe place.
Question : 8-When does offering a client's business for sale
Require a real estate license?
- Never
- Always
- When the business includes any real estate
- When more than half the value is real estate
Correct answer: -D: selling a business where the real estate is greater than the business.
Question : An apartment information vendor is licensed by:
- Department of Law
- New York Attorney General's office
- Department of State
- Division of Housing and Community Rental
