NYREI Exam Questions and Answers Latest Update 2024/2025 (100% Correct)

NYREI Exam Questions and Answers Latest Update 2024/2025 (100% Correct) Who is responsible for the administration of licensing? Secretary of State Which article of real property law deals with licensees? Article 12A Which article of real property law deals with real estate transactions, such as zoning, subdivisions, easements, and the like? Article 9A Which article of real property is is a proceeding known as a "suit to Quiet Title"? Article 14 What does section 443 of Article 12A deal with? disclosure issues Which federal agency is not involved with real estate? SEC Oksana was a broker in Russia, with a very poor understanding of the English language. Although she was 28 years old and now an American citizen, she was unable to obtain her license because she did not: have a grasp of the English language. Which state does NOT offer reciprocity? Vermont What are three of nine states that accept NYC course credits for licensing? Colorado, Arkansas and Virginia Residential real estate developers do NOT engage in creating legal entities / partnerships between attorneys and real estate agents The sources of law that affect real estate transaction and activity are State and federal law, local ordinances and court decisions What classification of license is an associate broker? Class 30 What is the limit action for a tort in NYC? 3 years How many hours of education are required for a brokers license? 120 (75+45) The power to enforce the real estate laws is vested with department of state A real estate brokerage may conduct business under the name of a corporation as long as the broker is an officer of the corporation A salesperson for K&H Realty informed a buyer that the home listed with his company was underpriced for the neighborhood, and that there were several improvements that could ensure instant appreciation. In fact, the market value of the home was much less than what the salesperson disclosed. The agent committed fraud NYREI Exam Questions and Answers Latest Update 2024/2025 (100% Correct) In New York, this protects the broker if, after the listing expires, the owner sells the property to someone with whom the broker had dealt during the listing period. What ensures the original broker a commission? protection clause Mrs. Wilson passed her initial real estate course and received her certificate from the school. She then passed the required state test. The following week, Mrs. Wilson sold her neighbor's house and she was reported to the Department of State because she did not have a sponsoring broker What does irrevocable consent mean? agreeing to abide by the jurisdiction of the courts when leaving NYC Gretta is a broker in New York City and is licensed under her own name. She is also an associate broker with Smith, Williams & Company in Buffalo. This is known as dual licensure In order to receive a salesperson's license, one must 75 hours, 18 years or older, sponsoring broker What is NOT grounds for revocation or suspension of a license? violation of the code of ethics Which law mandates how much a real estate broker can charge for a commission? There are no such laws as this would be a violation of Sherman Anti-trust A real estate agent is authorized to prepare for signature which of the following? a pre-printed real estate sales contract form provided by the local bar association Bill was the Executor of his father's will. Although Bill is not a real estate agent, he put his Dad's house on the market and sold it for $359,000. What law did Bill violate? no law A real estate license is good for a period of 2 years When working with someone other than a client, a licensee legally may licensee is free to disclose information that is public record Which of the following could a real estate agent lawfully prepare for signature? MLS standard form exclusive right to sell listing agreemet A real estate licensee needs to have a broad understanding of law and how it effects real estate When subagency is not offered and buyer agency is not utilized, what agency arrangement would most likely occur? seller's broker agency No matter what type of property is being sold, the agent is obligated to make clear who he represents. This is noted in Regulation 175.7 of article 12A Fraud can be intentional or negligent, which is also referred to as actual or constructive Gail brokered the sale and financing for her clients. In this case, Gail needed to disclose she was acting as a dual agent How many hours of education must a mortgage broker complete within five years prior to approval? 20 hours Which situation requires a seller's written consent? listing agent works with buyer as a mortgage broker Harry is a New York real estate salesperson. He wants to register as a mortgage broker. How many years of experience working with residential mortgage loans must Harry document with his application? 2 years The budget used for capital expenses that are NOT fixed expenses is known as the capital reserves George took Martin to court for non-payment of rent. In the courtroom, the judge referred to George as the Lessor According to the New York Multiple Dwelling Law, heat must be available from October 1 to May 31. Property manager Nora gets bi-monthly inspections of the HVAC system in the building she manages. This is an example of what type of maintenance? preventive Which item is tax deductible for homeowners? property taxes A progressive tax is based on the level of income - the higher the income, the higher the tax Which item is not tax-deductible? depreciation of a new roof of a primary residence Greg bought a small strip mall for $350,000. The land on which it sits is valued at $200,000. What is the total amount that Greg will be able to deduct next year as depreciation? improvments/39 Which statement regarding tax deductions is f interest on credit card debt is dductib The New York State Board of Real Estate has 15 members of which