1. Who is the regulating body for real estate licensees in New York?

A) The Attorney General B) Department of State (DOS), Division of Licensing Services C) The Governor's Office of Real Estate D) The NY Board of Realtors

2. What is the minimum age requirement to obtain a Salesperson license?

A) 21 B) 20 C) 18 D) 19

3. How many hours of pre-licensing education must a Salesperson complete?

A) 45 Hours B) 77 Hours C) 75 Hours D) 22.5 Hours

4. A Real Estate Broker must be at least how old?

A) 20 B) 18 C) 21 D) 25

5. Mixing client funds with business operating funds is called:

A) Conversion B) Commingling C) Kickbacks D) Escrow Balance

6. A listing where the broker keeps everything above a certain purchase price is known as a:

A) Net Listing B) Gross Listing C) Blind Listing D) Exclusive Right to Sell

7. Is a Net Listing legal in New York?

A) Yes, if disclosed. B) No, it is illegal. C) Yes, but only for commercial property. D) Yes, if the seller is an attorney.

8. An ad that fails to disclose the name of the brokerage firm is called:

A) A Private Ad B) A Blind Ad C) A Silent Ad D) A Pocket Ad

9. How long is a real estate license valid for?

A) 1 Year B) 4 Years C) 2 Years D) Lifetime

10. Who is responsible for the actions of a salesperson?

A) The DOS only B) The Sponsoring Broker (Vicarious Liability) C) The homeowner D) The local real estate board

11. A violation of license law is considered a:

A) Felony B) Misdemeanor C) Traffic Violation D) Civil Tort only

12. What is the maximum fine DOS can impose per violation?

A) $500 B) $1,000 C) $5,000 D) $10,000

13. The legal process to appeal a DOS decision in court is called:

A) Habeas Corpus B) Article 78 Proceeding C) Article 12-A Appeal D) Summary Judgment

14. If a seller fails to provide the Property Condition Disclosure Statement, the buyer receives a credit of:

A) $500 B) $1,000 C) $250 D) The full deposit back

15. How many hours of Continuing Education (CE) are required every 2 years?

A) 19.5 Hours B) 22.5 Hours C) 15 Hours D) 30 Hours

16. Which topic is MANDATORY within the CE requirements?

A) Commercial Leasing B) Fair Housing / Discrimination C) Property Management D) Mortgage Brokerage

17. Which professional is exempt from obtaining a real estate license to sell property for a client?

A) An attorney licensed in NY B) An unlicensed assistant C) A mortgage broker D) A home inspector

18. What document must a licensee carry on them at all times?

A) The full paper license B) The Pocket Card C) Their driver's license only D) A copy of Article 12-A

19. Can a Salesperson accept a commission check directly from a seller?

A) Yes, if the broker is out of town. B) Yes, if it is a "bonus." C) No, only from their Sponsoring Broker. D) Yes, if the check is under $500.

20. What is "Dual Licensure"?

A) Being licensed in two different states. B) Being a Broker and an Attorney. C) Holding more than one license (e.g., Salesperson for Firm A and Broker for Firm B). D) Licensing for both residential and commercial.

Unit 1: License Law Review

Programs

New York Real Estate Success Academy