NYREI School Exam Questions with Correct Answers
100% Verified Graded A+
1. What is the minimum licensing requirement to sell commercial real estate in New
York?
Answer a real estate salesperson's license
2. What is the preferred method of creating an agency relationship?
Answer expressed agency
3. An amenity purchaser
Answer occupies or uses the purchased property
4. Condominium units are considered property and are conveyed by
.
Answer real / deed
5. A salesperson who is an independent contractor
Answer is not subject to withholding requirements.
6. A homeowner facing foreclosure has a number of liens
Answer The original mort- gage, 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,
1/
14
, which lien will be paid first from the proceeds?
Answer property tax lien
7. What is another word for principal?
Answer Client. The principal in any fiduciary relationship is the client.
8. The tenant signs a two-month lease on an apartment ending September 1. What type
of leasehold estate does this represent?
Answer estate for years
9. What are the age and experience requirements to apply for a salesperson license?
Answer 18 years old and no experience necessary
10. 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
Answer a pass-through.
11. Which federal environmental law, known as the Superfund, creates require- ments for
closed and abandoned waste sites?
Answer Comprehensive Environmental Response, Compensation, and Liability Act
12. Who is responsible for approving septic and other sanitation systems in New York
State?
2/
14
100% Verified Graded A+
1. What is the minimum licensing requirement to sell commercial real estate in New
York?
Answer a real estate salesperson's license
2. What is the preferred method of creating an agency relationship?
Answer expressed agency
3. An amenity purchaser
Answer occupies or uses the purchased property
4. Condominium units are considered property and are conveyed by
.
Answer real / deed
5. A salesperson who is an independent contractor
Answer is not subject to withholding requirements.
6. A homeowner facing foreclosure has a number of liens
Answer The original mort- gage, 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,
1/
14
, which lien will be paid first from the proceeds?
Answer property tax lien
7. What is another word for principal?
Answer Client. The principal in any fiduciary relationship is the client.
8. The tenant signs a two-month lease on an apartment ending September 1. What type
of leasehold estate does this represent?
Answer estate for years
9. What are the age and experience requirements to apply for a salesperson license?
Answer 18 years old and no experience necessary
10. 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
Answer a pass-through.
11. Which federal environmental law, known as the Superfund, creates require- ments for
closed and abandoned waste sites?
Answer Comprehensive Environmental Response, Compensation, and Liability Act
12. Who is responsible for approving septic and other sanitation systems in New York
State?
2/
14
