NYREI Chapter 1 + Chapter 1A question and answers graded A+ 2023

NYREI Chapter 1 + Chapter 1A question and answers graded A+ 2023independent contractor - correct answer Independent contractor must pay his own expenses. · According to IRS code section 3508[A, B], real estate agents are statutory nonemployees and are therefore independent contractors. The code also states that there must be a written contract between the broker and the sales associate, also reviewed every 12-15 months · All records must be kept for 3 years · If sales associate not deemed independent then they will not be able to file "SCHEDULE C' of the federal return · The Independent Contractor Relationship Ø Salespersons are free to engage in outside employment Ø Either party may terminate the relationship at any time employee - correct answer trade or profession of worker is holding employee status statutory employee - correct answer the work, trade, or profession of worker is as legal statutes hold employee status statutory non-employees - correct answer the trade or profession of this worker is written into legal status as holding non-employee status. worker who holds this status under law are classified as independent contractor Division of Licensing Services - correct answer responsible for licensure, registration and/ or regulation of brokers and salespersons, apartment information vendors, apartment sharing agents, real estate appraisers, notaries public, and home inspectors Article 12-A - correct answer laws pertaining to salespersons and brokers of the Real Property Law. Applicants must have fair knowledge of English.