NYREI Review Packet Exam with complete solutions

NYREI Review Packet Exam with complete solutions What agency issues real estate licenses? - ANSWER ️️ Department of State or Division of licensing Services At what age can you become a real estate salesperson? - ANSWER ️️ 18 Do you need experience in the field to become a salesperson? - ANSWER ️️ No What is the minimum age to become a real estate broker? - ANSWER ️️ 20 Do you need experience in the field to become a real estate broker? - ANSWER ️️ Yes, 2 years experience and 3500 points If your license is revoked, for how long do you have to wait to re-apply for it? - ANSWER ️️ 1 year As a licensed salesperson, where can I receive compensation from? - ANSWER ️️ Only from the Employing Broker As a real estate licensee, you will more often than not be an _____ _____, will receive a ____ from your broker, and will file a ______ on your tax return to detail your earnings vs your expenses. - ANSWER ️️ Independent Contractor, 1099, Schedule C Attorneys admitted to the bar in the NYS are _____ from the licensure law, unless they take on sales people. - ANSWER ️️ Exempt If you mix up the funds, it is called ______, you have violated which of the fiduciary obligations? - ANSWER ️️ Commingling, Accountability