NY REAL ESTATE EXAM -REVIEW
QUESTIONS
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 7: A salesperson's license must be
- displayed on the firm's wall.
- kept in the salesperson's wallet
- retained by the principal broker.
- 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
