Latest NYREI School Exam A Graded With Correct Answers

What is the minimum licensing requirement to sell commercial real estate in New York? - -------a real estate salesperson's license What is the preferred method of creating an agency relationship? - -------expressed agency An amenity purchaser - -------occupies or uses the purchased property Condominium units are considered _____ property and are conveyed by _____. - -------real / deed A salesperson who is an independent contractor - -------is not subject to withholding requirements. A homeowner facing foreclosure has a number of liens: The original mortgage, a mechanic's lien from six months ago, a judgment lien from two years ago, and a property tax lien that was just filed. When the property is sold, which lien will be paid first from the proceeds? - -------property tax lien What is another word for principal? - -------Client. The principal in any fiduciary relationship is the client. The tenant signs a two-month lease on an apartment ending September 1. What type of leasehold estate does this represent? - -------estate for years What are the age and experience requirements to apply for a salesperson license? - -------18 years old and no experience necessary Craig owns a warehouse and his property taxes were recently raised. In turn, Craig charged the tenant currently occupying the building additional operating expenses. This is an example of - -------a pass-through. Which federal environmental law, known as the Superfund, creates requirements for closed and abandoned waste sites? - -------Comprehensive Environmental Response, Compensation, and Liability Act