NYREI Cram Book Quiz & answers rated A+ fully solved to pass 2023

NYREI Cram Book Quiz & answers rated A+ fully solved to pass 2023From Whom may a salesperson accept commission? A. Employing Broker only B. Employing Broker or buyer C. Employing broker or listing broker D. Empling Broker or seller - correct answer A. Employing Broker Salesperson candidates are required to complete ___ hours of state approved education and have __years of experience. A. 75 hours/no years B. 75 hours/ 3 years C. 120 hours/2 years D. 120 hours/3 years - correct answer A. 75 hours/ no years John has an associate broker's license. He can also have A. a commercial associate broker's license B. a real estate broker's license C. A real estate salesperson's license D. no other professional licenses - correct answer B. An associ. broker retains the right to have a broker's license as well. There is no commercial real estate license. Sophie just renewed her real estate salesperson's license for the first time. How many hours of approved continuing education is Sophie required to complete before she renews her license again? A. 15.5 hours B. 14 hrs C. 22.5 hrs D. 25 hrs - correct answer C. 22.5 hours of CE Salesperson Greg works for Tom Ace, owner of Ace realty. He decides to spend his own money to take out an extra ad for a home he's really eager to sell. Which statement about this ad is true? A. Greg must include his name, phone number and license status B. Only Greg's broker is allowed to place an ad. C. Since Greg is paying for the ad, he can put whatever he wants on it. D. The sign must include Ace Realty and the office phone number. - correct answer D. The law requires that the Brokers business name and and phone number appear on all advertising Harry and his wife buy a small apartment building in Watertown and they're ready to hire resources to help run it. Who would need to have a real estate license? A. Ella, Harry's otherwise unemployed neighbor whom he hires to collect rents from the tenants. B. Joe, an employee of Ace Property Mgmt. C. Kyl, who works for Joe as a plumber and general handyman D. Harry's wife the she decides to sell the property as a FSBO - correct answer B. Only Joe needs one bc he works for a property management company All four of the real estate licensees who work for Joe Wilson, owner of Wilson Realty Inc., have passed the NYRE broker's exam and have received their licenses. How many broker licenses must be having on the wall at Wilson Realty? A. 1 B. 2. C. 4 D. 5 - correct answer A. Joe has one broker's license, most likely a Class 31 Corp. Broker's license. Although the others have the education and experience and passed the broker's exam, they are associate brokers since they are employed by Joe. Only the broker's licensed is required to be displayed. What is a novation? A. an amendment to a contract B. an assignment of a contract C. an assumption of a contract