NYREI School Exam Questions and Answers Latest Version

Chapter 1 - correct answers--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 answers--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) Fiduciary duties - ObedienceLoyaltyDisclosureConfidentialityAccountabilityReasonableCare Written listing agreement = express agency Exclusive Right to sell - 1 broker, anyone sells, broker gets commission