NYREI Exam Review (1-10)updated correctly answered 2023

NYREI Exam Review (1-10)updated correctly answered 2023 According to IRS code, licensed re agents are: - correct answer statutory non-employees who are treated as independent contractors for tax purposes Each licensed broker shall keep and maintain records for: - correct answer 3 years Brokers can provide ______, but salespersons are responsible for _____ incurred - correct answer office and supplies, expenses Who issues real estate licenses - correct answer NY State Dept of State's Division of Licensing Services associate real estate brokers - correct answer became brokers but didn't open up their own shop Real estate salesperson may never ______ - correct answer work independently of his or her broker Qualifications for licensed real estate SP - correct answer -min age 18 -educ req: 75 hrs -pass school test -pass state test -need sponsoring broker -then apply online for your license Qualifications for licensed real estate broker - correct answer -min age 20 -min experience 2 years -min pts: 3500 -or 3 yrs alternative business experience or 5250 points -additional 45 hour broker course -pass school and state test license and pocket card are mailed to: - correct answer your sponsoring broker ($20 fee to changing your sponsoring broker) must show your pocket card: - correct answer on demand to someone in the real estate transaction real estate license expire: - correct answer every 2 years, renewals can be done online Continuing education: - correct answer licensee must complete 22.5 hours of education in 2 years prior to renewal. Must have at least 3 hours of teaching on fair housing or discrimination in the sale or rental of real property from street location: - correct answer sign must be legible from the street blind ads - correct answer ads that don't give the name of the broker and his telephone number Property Condition Disclosure Form - correct answer -all sellers have to give all buyers a form -if not, seller must give buyer $500 credit at the closing commingling funds - correct answer broker mixes deposit money in their operating account -instead, the money must go into a separate account (escrow) kickbacks - correct answer paying part of the proceeds of a sale to another party that helped secure the sale, but is unlicensed net listing agreement - correct answer in which the seller sets a net amount acceptable for the property; if the actual selling price exceeds that amount, the broker is entitled to keep the excess as commission (illegal in NY) What is another word for personal property? - correct answer Chattel