Work Status & Real Estate License Law

Question 1

What agency issues real estate licenses?

Answer 1

The New York State Department of State (NYDOS), Division of Licensing Services

Question 2

At what age can you become a real estate salesperson?

Answer 2

18

Question 3

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

Answer 3

No

Question 4

What is the minimum age to become a real estate broker?

Answer 4

20

Question 5

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

Answer 5

Yes, evidenced by two years in the business and the buildup of 3,500 points

Question 6

On the broker license application, how many points are assigned for a residential sale? Rental?

Answer 6

250 per residential, 25 per rental

Question 7

If a broker’s license is revoked, what happens to the salespersons who work for them?

Answer 7

Their licenses are suspended until they associate with another broker.

Question 8

If your license is revoked, how long do you have to wait to re-apply for it?

Answer 8

One full year

Question 9

As a licensed salesperson, I can receive compensation from ____________.

Answer 9

Only from my sponsoring broker

Question 10

As a real estate licensee, you will more often than not be an ____________, will receive a ____________ from your broker, and will file a ____________ on your tax return to detail your earnings vs. your expenses.

Answer 10

Independent contractor, 1099, schedule C

Question 11

Attorneys admitted to the bar in NYS are ____________ from the licensure law, unless they take on salespeople.

Answer 11

Exempt

Question 12

If you mix your client’s money with the office operating funds, it’s called ____________ and you have violated which of the fiduciary obligations?

Answer 12

Commingling, Accountability

Question 13

For how long does a broker need to keep all of his/her paperwork and records?

Answer 13

Three Years

Question 14

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

Answer 14

The Broker, Me

Question 15

As a real estate salesperson, you have to take continuing education every ____________ years.

Answer 15

Two Years

Question 16

How many hours of CE are required?

Answer 16

22.5

Question 17

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

Answer 17

Fair Housing

Question 18

Are real estate brokers also required to fulfill the CE requirement?

Answer 18

Yes

Question 19

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?

Answer 19

$500.00

Question 20

When is the ‘Property Condition Disclosure Form’ not needed?

Answer 20

For residential new constructions, foreclosure sales, co-ops & condos, and commercial sales

Question 21

If you are truly an independent contractor, what is it that your broker can provide for you?

Answer 21

Telephone

Question 22

As an independent contractor, are you paid for the number of hours you put into a deal of for your ‘production’?

Answer 22

Production

Question 23

What is the term of real estate licensure?

Answer 23

Two Years

Question 24

I want to make an application to become a ‘mortgage broker.’ I can use my experience as a real estate licensee on my application to the NYS Department of Banking. How many years of experience do I need?

Answer 24

Two Years

Question 25

A violation of license law (Article 12A) is a ____________.

Answer 25

Misdemeanor. Up to a fine of $1000 and/or up to a jail term of one year.

Question 26

Licensees (brokers & salespersons) are not allowed to place _____________ which don’t have certain info.

Answer 26

“Blind ads”

Question 27

What two pieces of information are required in any ad placed?

Answer 27

Specific location & mention that you have a real estate license