NYREI State Exam| 220 Questions| Correct Answers(RATED A)
Planning board = - ANSWER Comprehensive Board What is the right that government can take property for the public good? - ANSWER Eminent Domain How long is your NY real estate license issued for? - ANSWER 2 Years Resales require a _________________________________________________ , it is not required for new construction or through the court. - ANSWER Property Condition Disclosure Form What do brand new properties require? - ANSWER A Warranty What happens to you if your broker is suspended? - ANSWER Your Suspended What happens to you if your broker is revoked? - ANSWER Your Suspended What happens to you if your broker dies? - ANSWER Your Suspended What is a Dual Agency? - ANSWER Dual agency exists when an agent represents both the buyer and the seller in the same transaction. Dual agency is legal in Washington, although it is discouraged. To act as a dual agent, a broker must have the written consent of both parties to the transac- tion. He must also act impartially towards both buyer and seller and refrain from acting to the detriment of either party.
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