Exam (elaborations)
NYREI Test 2023 Questions and Answers
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NYREI Test 2023 Questions and Answers Chapter 1 - CORRECT ️️ According to IRS, salespersons are independent contractors (earnings for 1099) Statutory Non-employees Keep records for 3 years Salesperson - 18 +, Broker - 20+ Receive commissions from supervising broker ONLY Broker cannot schedule them or require meetings - only regular supervision Chapter 2, 3, 4 - CORRECT ️️ Principal/ Client - hires agent While customer can see multiple brokers, clients cannot. Licensees are special, not general agents Dual agent - representing both parties, need to ask permission from both parties Subagent - duties to broker and seller (vicarious liability) Broker's agent - cooperating broker (no vicarious liability)
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- December 17, 2023
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