New York Real estate Questions And Correct Detailed Answers (Verified Answers) Already Graded A+

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New York Real estate Questions And Correct Detailed Answers (Verified Answers) Already Graded A+

• If you mix your client's money with the office operating funds, it's called ___ and you

have violated which of the fiduciary obligations?

a) Conversion; Reasonable Care

b) Commingling; Accountability

c) Steerage; Loyalty

d) Redlining; Confidentiality

Correct Answer: b) Commingling; Accountability

• As a real estate licensee, you will more often than not be an independent

contractor, will receive a ___ from your broker, and will file a ___ on your tax return to detail your earnings vs. your expenses.

a) W-2; 1040

• 1099; Schedule C

c) W-4; Schedule A

• 1099; Schedule E

Correct Answer: b) 1099; Schedule C

• What is the minimum age to become a real estate broker?
• 18
• 19
• 20
• 21

Correct Answer: c) 20

• If your license is revoked, how long do you have to wait to reapply?

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• 6 months
• 1 year
• 2 years

d) Permanently barred

Correct Answer: b) 1 year

• Which agency issues real estate licenses in New York?

a) NYS Department of Taxation

b) NYS Attorney General

c) NYS DOS, Division of Licensing

d) NYS Banking Department

Correct Answer: c) NYS DOS, Division of Licensing

• Do you need experience in the field to become a salesperson?

a) Yes, 1 year

b) Yes, 3500 points

c) No

d) Only if you are under 21

Correct Answer: c) No

• Attorneys admitted to the bar in NYS are ___ from the licensure law, unless they take

on salespeople.

a) Required to test

b) Exempt

c) Suspended

d) Prohibited

Correct Answer: b) Exempt

• Do you need experience in the field to become a broker?

a) No, just the educational requirement

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b) Yes, 1 year of experience

c) Yes, 3500 points (35hrs weekly for 100 weeks)

d) Yes, 5000 points (40hrs weekly for 50 weeks)

Correct Answer: c) Yes, 3500 points (35hrs weekly for 100 weeks)

• As a licensed salesperson, I can receive compensation from ___.

a) The buyer directly

b) The seller directly

c) Any broker involved in the deal

d) My sponsoring broker only

Correct Answer: d) My sponsoring broker only

• At what age can you become a real estate salesperson?
• 16
• 18
• 20
• 21

Correct Answer: b) 18

• For how long does a broker need to keep his or her paperwork and records?
• 1 year
• 3 years
• 5 years
• 7 years

Correct Answer: b) 3 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?

• 30 days
• 60 days

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• 6 months

d) No grace period

Correct Answer: d) No grace period

• Your real estate license with the pocket card will be sent to your sponsoring broker.

Who holds the license and who holds the pocket card?

a) Broker holds both

b) Agent holds both

c) Broker holds license, Agent holds pocket card

d) Agent holds license, Broker holds pocket card

Correct Answer: c) Broker holds license, Agent holds pocket card

• As a real estate salesperson, you have to take continuing education every ___

years.

a) One year

b) Two years

c) Three years

d) Four years

Correct Answer: b) Two years

• How many hours of Continuing Education (CE) are required?
• 15 hours
• 19.5 hours
• 22.5 hours
• 45 hours

Correct Answer: c) 22.5 hours

• There is also a three-hour CE component of ___ required every two years.

a) Agency Law

b) Fair Housing

c) Ethics