NYREI - Study Material Questions with correct Answers

NYREI - Study Material Questions with correct Answers Highest and Best - CORRECT ️️ legal, possible thing to do with real estate to maximize value Can real estate salespersons appraise? - CORRECT ️️ No Appraisal - CORRECT ️️ An objective opinion of value, done by licensed appraisers. Three Appraisal Approaches - CORRECT ️️ Sales Comps, Cost Approach, Income Approach Functional Obsolescence - CORRECT ️️ Outdated or inappropriate Arms Length - CORRECT ️️ Seller and buyer are unrelated Commingling - CORRECT ️️ Illegally mixing money, violates accountability Commission Checks - CORRECT ️️ Salesperson gives this to his/her broker Net Listing - CORRECT ️️ When commission is not specified as dollar amount; illegal. Article 12A - CORRECT ️️ New York State Real Property Law Independent Contractor - CORRECT ️️ Not an employee, no wage, no required meetings. How long must you keep residential records? - CORRECT ️️ 3 years What can broker pay for independent contractor? - CORRECT ️️ Office expenses Who gives and takes licenses? - CORRECT ️️ Department of State How old must you be to be a salesperson or broker? - CORRECT ️️ 18 years old; 20 years old Department of States - Types of Licenses - CORRECT ️️ Broker; Salesperson; Appraiser; Inspector