NYREI Review Packet| 150 Questions| Correct Answers 100% Verified

What agency issues real estate licenses? - ANSWER Department of State or Division of licensing Services At what age can you become a real estate salesperson? - ANSWER 18 Do you need experience in the field to become a salesperson? - ANSWER No What is the minimum age to become a real estate broker? - ANSWER 20 Do you need experience in the field to become a real estate broker? - ANSWER Yes, 2 years experience and 3500 points If your license is revoked, for how long do you have to wait to re-apply for it? - ANSWER 1 year As a licensed salesperson, where can I receive compensation from? - ANSWER Only from the Employing Broker As a real estate licensee, you will more often than not be an _____ _____, will receive a ____ from your broker, and will file a ______ on your tax return to detail your earnings vs your expenses. - ANSWER Independent Contractor, 1099, Schedule C Attorneys admitted to the bar in the NYS are _____ from the licensure law, unless they take on sales people. - ANSWER Exempt If you mix up the funds, it is called ______, you have violated which of the fiduciary obligations? - ANSWER Commingling, Accountability What is the very first document you should fill out with a new client or customer? - ANSWER Agency Disclosure form At what moment should you take out the agency disclosure form? - ANSWER First substantive contact What is the Agency Disclosure form? - ANSWER Tells the client/customer who you work for What would you call a situation where I represent the seller as my client but then work in the best interest of the buyer (my customer)? - ANSWER Undisclosed dual agency If it is my intention to protect my client (usually the seller) from the vicarious liability of another licensee violating the laws of the licensure I should always give out my listing to other licensees as the "broker's agent" or "sub-agents"? - ANSWER Brokers agent What should you do if that client or customer refuses to sign the agency disclosure form? - ANSWER Make note and file an affidavit If I represent the buyer as a broker this would be called ______. - ANSWER Buyers Broker If my license has expired, for how long can I continue to