NYREI EXAM REVIEW CHAPTERS 1-10 QUESTIONS WITH CORRECT ANSWERS ALREADY GRADED

NYREI EXAM REVIEW CHAPTERS 1-10
e e e e




e QUESTIONS WITH CORRECT e e




e ANSWERS ALREADY GRADED A+ e e e




According eto eIRS ecode, elicensed ere eagents eare: e e e e e✔- estatutory enon-employees ewho eare
etreated eas eindependent econtractors efor etax epurposes




Each elicensed ebroker eshall ekeep eand emaintain erecords efor: e e e e e✔- e3 eyears



Brokers ecan eprovide e______, ebut esalespersons eare eresponsible efor e_____ eincurred e e e e e✔- eoffice
eand esupplies, eexpenses




Who eissues ereal eestate elicenses e e e e e✔- eNY eState eDept eof eState's eDivision eof eLicensing eServices



associate ereal eestate ebrokers e e e e e✔- ebecame ebrokers ebut edidn't eopen eup etheir eown eshop



Real eestate esalesperson emay enever e______ e e e e e✔- ework eindependently eof ehis eor eher ebroker

,Qualifications efor elicensed ereal eestate eSP e e e e e✔- e-min eage e18

-educ ereq: e75 ehrs

-pass eschool etest

-pass estate etest

-need esponsoring ebroker

-then eapply eonline efor eyour elicense



Qualifications efor elicensed ereal eestate ebroker e e e e e✔- e-min eage e20

-min eexperience e2 eyears

-min epts: e3500

-or e3 eyrs ealternative ebusiness eexperience eor e5250 epoints

-additional e45 ehour ebroker ecourse

-pass eschool eand estate etest



license eand epocket ecard eare emailed eto: e e e e e✔- eyour esponsoring ebroker e($20 efee eto echanging
eyour esponsoring ebroker)




must eshow eyour epocket ecard: e e e e e✔- eon edemand eto esomeone ein ethe ereal eestate etransaction



real eestate elicense eexpire: e e e e e✔- eevery e2 eyears, erenewals ecan ebe edone eonline



Continuing eeducation: e e e e e✔- elicensee emust ecomplete e22.5 ehours eof eeducation ein e2 eyears eprior
eto erenewal. eMust ehave eat eleast e3 ehours eof eteaching eon efair ehousing eor ediscrimination ein ethe
esale eor erental eof ereal eproperty




from estreet elocation: e e e e e✔- esign emust ebe elegible efrom ethe estreet

, blind eads e e e e e✔- eads ethat edon't egive ethe ename eof ethe ebroker eand ehis etelephone enumber



Property eCondition eDisclosure eForm e e e e e✔- e-all esellers ehave eto egive eall ebuyers ea eform

-if enot, eseller emust egive ebuyer e$500 ecredit eat ethe eclosing



commingling efunds e e e e e✔- ebroker emixes edeposit emoney ein etheir eoperating eaccount

-instead, ethe emoney emust ego einto ea eseparate eaccount e(escrow)



kickbacks e e e e e✔- epaying epart eof ethe eproceeds eof ea esale eto eanother eparty ethat ehelped esecure
ethe esale, ebut eis eunlicensed




net elisting eagreement e e e e e✔- ein ewhich ethe eseller esets ea enet eamount eacceptable efor ethe
eproperty; eif ethe eactual eselling eprice eexceeds ethat eamount, ethe ebroker eis eentitled eto ekeep ethe
eexcess eas ecommission e(illegal ein eNY)




What eis eanother eword efor epersonal eproperty? e e e e e✔- eChattel



Why ewould ea eSP efill eout eschedule eC eon eincome etax? e e e e e✔- eBusiness eexpenses



OLD eCAR e e e e e✔- eObedience- ea elandlord etells eyou enot eto eshow eapts eto eminorities. eWhat eshould
eyou edo? eRefuse ethe elisting


Loyalty- ewhen eis eloyalty eimpossible? eDual eAgency

Disclosure- eagents emust epass ealong eall einfo

Confidentiality- eOwner eis ein e$ etrouble eand etells eyou ehe ewould etake ea elow eprice. eYou edon't euse
ethis einfo eagainst ehim edue eto eConfidentiality e(Duty eof eConfidentiality elasts eforever)


Accountability- ecommingling eviolates ethis

Reasonable- eagent emust enot ebe ecareless