New York Real Estate Broker

Under New York law, what is the minimum number of hours of pre-license education required specifically for the broker qualifying course (effective December 21, 2022)?

• A30 hours
• B45 hours
• C75 hours
• D90 hours

Who administers the New York real estate broker licensing exam?

• APearson VUE
• BNew York Department of State (NY DOS)
• CNew York Real Estate Board
• DPrometric

How many questions are on the New York real estate broker exam, and what is the passing score?

• A100 questions, 70% to pass
• B75 questions, 70% to pass
• C150 questions, 70% to pass
• D50 questions, 80% to pass

What is the minimum experience requirement to apply for a New York real estate broker license?

• AOne year as a licensed salesperson
• BTwo years of experience as a licensed real estate salesperson (or equivalent)
• CThree years as a licensed salesperson
• DFive years as a licensed salesperson

Under New York Real Property Law (RPL), what type of agency disclosure form must be provided to all parties at the first substantive contact?

• ADual Agency Consent Form
• BAgency Disclosure Form as required by RPL Section 443
• CExclusive Right to Sell Agreement
• DProperty Condition Disclosure Statement

Under New York law, what is the broker's obligation regarding the escrow of down payment deposits?

• AThe broker may hold deposits in any personal account
• BThe broker must deposit trust funds into a separate, clearly identified escrow account at…
• CDown payments must be held by the seller's attorney only
• DEscrow is not required for residential transactions in New York

In New York, what happens to the interest earned on escrow account funds held by a broker?

• AThe interest belongs to the broker as compensation
• BThe interest must be paid to the buyer
• CUnder the Statewide Escrow Interest Act, interest on qualifying residential escrow accoun…
• DThe interest is always paid to the seller

A New York broker discovers that a sponsored salesperson has been engaging in real estate transactions without providing the required RPL 443 Agency Disclosure Form. What is the broker's liability?

• ANo liability, as the salesperson is independently responsible
• BThe broker faces potential disciplinary action for failure to supervise and ensure compli…
• COnly a written warning from DOS with no further penalty
• DThe broker must pay a fine of $100 per violation

Under New York law, which of the following is the standard listing agreement that gives the broker the right to a commission regardless of who sells the property?

• AOpen listing
• BExclusive agency listing
• CExclusive right to sell listing
• DNet listing

Under New York DOS regulations, what are the requirements for a broker to maintain a branch office?

• ANo special requirements — the broker can open offices freely
• BThe broker must obtain a separate branch office license from DOS for each office and desi…
• CThe broker needs permission from the local zoning board only
• DBranch offices are prohibited in New York

New York's Property Condition Disclosure Act (PCDA) requires sellers to provide a disclosure form. If the seller chooses not to provide the disclosure, what happens?

• AThe transaction cannot proceed
• BThe seller must pay the buyer a $500 credit at closing
• CThe buyer can sue for rescission of the contract
• DThe seller faces criminal penalties

Under New York law, what is the continuing education requirement for broker license renewal?

• ANo continuing education is required for brokers
• B22.5 hours of approved continuing education every two-year renewal period
• C10 hours per year
• D30 hours every four years

In New York, what is 'dual agency' and what must occur for it to be legally permissible?

• ADual agency is prohibited in all circumstances in New York
• BDual agency occurs when a broker represents both buyer and seller, and requires informed…
• CDual agency only requires verbal consent from one party
• DDual agency automatically applies whenever a brokerage has the listing

Under New York law, what is the role of the 'associate broker' in a real estate brokerage?

• AAn associate broker is the same as a salesperson
• BAn associate broker holds a broker license but works under the supervision of a principal…
• CAn associate broker can only manage property, not sell it
• DAssociate broker is a title given to all licensed salespersons after 5 years

A New York broker's escrow account is found to be short $3,000 during a DOS audit. What is the most likely violation?

• ACommingling
• BConversion — the unauthorized use of escrow funds
• CA bookkeeping error with no regulatory consequence
• DAn ATM withdrawal processing delay

Under New York Human Rights Law, which protected classes are recognized in addition to those in federal fair housing law?

• ANone — New York follows only federal fair housing law
• BNew York adds protections for age, marital status, lawful source of income, military stat…
• CNew York only adds gender identity
• DNew York adds only veteran status

A broker in New York City is involved in a rental transaction. Under the Housing Stability and Tenant Protection Act (HSTPA) of 2019, what is the maximum security deposit a landlord can collect?

• ATwo months' rent
• BOne month's rent
• CThree months' rent
• DThere is no limit on security deposits in New York

Under New York RPL, what must a broker disclose if acting as a 'broker's agent' in a transaction?

• ANothing additional beyond the standard agency disclosure
• BThe broker must disclose the broker's agent relationship on the RPL 443 form, including t…
• CThe broker's agent relationship only needs to be disclosed at closing
• DThe broker's agent relationship is confidential

A New York broker wants to advertise properties on social media. Under DOS regulations, what must the advertisement include?

• AOnly the property address and price
• BThe broker's legal name (or DBA) as licensed with DOS, and compliance with fair housing a…
• COnly the agent's personal name
• DNo specific requirements for social media advertising

Under New York law, what is the statute of frauds requirement for real estate contracts?

• AReal estate contracts can be verbal if witnessed by two people
• BAll contracts for the sale of real property must be in writing and signed by the party to…
• COnly contracts over $500 must be in writing
• DThe statute of frauds does not apply to real estate in New York

A New York broker is involved in a commercial lease transaction. Does the RPL 443 agency disclosure requirement apply?

• AYes, RPL 443 applies to all real estate transactions
• BNo, RPL 443 only applies to residential transactions involving 1-4 family dwellings and v…
• CRPL 443 applies only to rentals under $2,500/month
• DRPL 443 applies only to commercial transactions over $1 million

Under New York law, what happens to a salesperson's license when the sponsoring broker's license is revoked?

• AThe salesperson's license automatically transfers to another broker
• BThe salesperson's license is automatically terminated and the salesperson must find a new…
• CThe salesperson's license remains active for 90 days
• DThe salesperson becomes an independent contractor

Under New York rent stabilization laws, which of the following is TRUE about rent increases for rent-stabilized apartments?

• ALandlords can raise rent to market rate when a lease expires
• BRent increases are governed by the Rent Guidelines Board and are limited to the percentag…
• CRent stabilization was eliminated by the HSTPA in 2019
• DOnly commercial properties are subject to rent stabilization

A New York broker receives a written offer on a property but the broker's listing agent is unavailable. What must the broker do?

• AWait until the listing agent is available to present the offer
• BPresent the offer to the seller promptly, as the broker has a duty to present all offers…
• CReturn the offer to the buyer's agent and ask them to resubmit when the listing agent ret…
• DHold the offer for up to 48 hours