NYREI School Exam questions with correct answers

What is the minimum licensing requirement to sell commercial real estate in New York? CORRECT ANSWER a real estate salesperson's license What is the preferred method of creating an agency relationship? CORRECT ANSWER expressed agency An amenity purchaser CORRECT ANSWER occupies or uses the purchased property Condominium units are considered _____ property and are conveyed by _____. CORRECT ANSWER real / deed A salesperson who is an independent contractor CORRECT ANSWER 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? CORRECT ANSWER property tax lien What is another word for principal? CORRECT ANSWER 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? CORRECT ANSWER estate for years What are the age and experience require