NYREI Review Packet(question and answers)2023 updated to passed
What agency issues real estate licenses? - correct answer Department of State or Division of licensing Services
At what age can you become a real estate salesperson? - correct answer 18
Do you need experience in the field to become a salesperson? - correct answer No
What is the minimum age to become a real estate broker? - correct answer 20
Do you need experience in the field to become a real estate broker? - correct 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? - correct answer 1 year
As a licensed salesperson, where can I receive compensation from? - correct 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. - correct 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. - correct answer Exempt
If you mix up the funds, it is called ______, you have violated which of the fiduciary obligations? - correct
answer Commingling, Accountability What is the very first document you should fill out with a new client or customer? - correct answer Agency Disclosure form
At what moment should you take out the agency disclosure form? - correct answer First substantive contact
What is the Agency Disclosure form? - correct answer Tells the client/customer who you work for
What would you call a situation where I represent the seller as my client but then work in the best interest of the buyer (my customer)? - correct answer Undisclosed dual agency
If it is my intention to protect my client (usually the seller) from the vicarious liability of another licensee violating the laws of the licensure I should always give out my listing to other licensees as the "broker's agent" or "sub-agents"? - correct answer Brokers agent
What should you do if that client or customer refuses to sign the agency disclosure form? - correct answer Make note and file an affidavit
If I represent the buyer as a broker this would be called ______. - correct answer Buyers Broker
If my license has expired, for how long can I continue to practice real estate sales? What is the grace period? - correct answer None
The fullest interest I can have in my ownership of real estate is called having a ____ _____ interest. - correct answer Fee simple
What is one example of a formal legal description? - correct answer Section, Block, Lot
Which description would NOT be a formal legal description? - correct answer The street address
As a real estate salesperson I am practicing ______ agency. - correct answer Special
What agency issues real estate licenses? - correct answer Department of State or Division of licensing Services
At what age can you become a real estate salesperson? - correct answer 18
Do you need experience in the field to become a salesperson? - correct answer No
What is the minimum age to become a real estate broker? - correct answer 20
Do you need experience in the field to become a real estate broker? - correct 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? - correct answer 1 year
As a licensed salesperson, where can I receive compensation from? - correct 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. - correct 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. - correct answer Exempt
If you mix up the funds, it is called ______, you have violated which of the fiduciary obligations? - correct
answer Commingling, Accountability What is the very first document you should fill out with a new client or customer? - correct answer Agency Disclosure form
At what moment should you take out the agency disclosure form? - correct answer First substantive contact
What is the Agency Disclosure form? - correct answer Tells the client/customer who you work for
What would you call a situation where I represent the seller as my client but then work in the best interest of the buyer (my customer)? - correct answer Undisclosed dual agency
If it is my intention to protect my client (usually the seller) from the vicarious liability of another licensee violating the laws of the licensure I should always give out my listing to other licensees as the "broker's agent" or "sub-agents"? - correct answer Brokers agent
What should you do if that client or customer refuses to sign the agency disclosure form? - correct answer Make note and file an affidavit
If I represent the buyer as a broker this would be called ______. - correct answer Buyers Broker
If my license has expired, for how long can I continue to practice real estate sales? What is the grace period? - correct answer None
The fullest interest I can have in my ownership of real estate is called having a ____ _____ interest. - correct answer Fee simple
What is one example of a formal legal description? - correct answer Section, Block, Lot
Which description would NOT be a formal legal description? - correct answer The street address
As a real estate salesperson I am practicing ______ agency. - correct answer Special
