Real Estate U Final Exam with Complete Solutions 2024

Real Estate U Final Exam with Complete Solutions 2024 Operating Budget Correct Answer money set aside by the owner for a specific period for the property manager to manage the property effectively Article 12-A of the NYS Real Property Law Correct Answer - Primary person is to "protect the public"-minimizing fraud - Requires a salesperson to be at least 18 years of age - Requires a broker to be at least 20 years of age Maintaining a License Correct Answer Place of work (brokerage) Pocket card Give notice to NY Department of State of change in name, status, location (within 5 days) Exemptions to Licensure Correct Answer - real estate attorney - government official pertaining pertaining to court or real estate proceeding duties - court orders official (trusty in bankruptcy, real estate guardian, executor or administrator) "Summary of you Submission" Correct Answer Obtained after you register for the New York State Salesperson exam using eAccessNY. You must bring you "Summary of your Submission" with you when taking the State exam Misdemeanor Correct Answer A crime punishable by up to a year in prison and/or a $1,000 fine Listing Agreement Correct Answer contract between Principle and agent, authorizing the agent to perform services for the principle involving the latter's property Pocket Card Correct Answer issued by the department of state to each licensee:contains the photo, name and business address of licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom he or she iterm-15s associated and shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson - Must be carried by the agent at all times when serving as a salesperson Escrow Usually the Initial purchase when u purchase a home insurance policy for the 1st time u pay in advance where most people will have an escrow account the first years they own a piece of property