NYREI School Exam questions and answers 100% verified.

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