New York Real Estate Broker Exam — All Questions
4 questions
Which agency licenses and regulates real estate brokers in New York?
- a.The New York State Association of Realtors
- b.The New York Department of Financial Services
- c.The New York Department of State, Division of Licensing Services✓
- d.The New York Attorney General's real estate bureau
Real estate brokers and salespersons in New York are licensed and regulated by the New York Department of State, Division of Licensing Services, under Real Property Law Article 12-A. A trade association is a private membership group with no licensing authority.
New York real estate licensing is governed primarily by:
- a.Real Property Law Article 12-A and 19 NYCRR Part 175✓
- b.The General Business Law Article 22-A only
- c.The Uniform Commercial Code Article 9
- d.The New York Insurance Law
New York's real estate license law is Real Property Law (RPL) Article 12-A, with implementing regulations at 19 NYCRR Part 175. Together they govern broker and salesperson licensing and conduct.
In New York, a licensee who has qualified for a broker license but chooses to work under and be supervised by another broker is:
- a.A provisional salesperson
- b.An associate broker✓
- c.A transaction coordinator
- d.A dual agent by definition
New York recognizes the associate broker, who holds a broker-level license but works under, and is supervised by, another broker. The supervising broker remains responsible for the firm's transactions.
Which statement about the New York broker credential is correct?
- a.A salesperson may hold escrow independently in their own name
- b.A broker license is issued automatically after two salesperson renewals
- c.A broker and a salesperson have identical authority
- d.A broker may operate a brokerage and supervise salespersons, while a salesperson must work under a sponsoring broker✓
The broker is the higher credential: a New York broker may operate a brokerage, hold client funds, and supervise associate brokers and salespersons. A salesperson must work under a sponsoring broker and cannot operate independently or hold escrow in their own name.