NYREI Study guides, Class notes & Summaries

NYREI PRACTICE EXAM QUESTIONS AND ANSWERS

According to IRS code, licensed re agents are: - ANS statutory non-employees who are treated as independent contractors for tax purposes Each licensed broker shall keep and maintain records for: - ANS 3 years Brokers can provide ______, but salespersons are responsible for _____ incurred - ANS office and supplies, expenses Who issues real estate licenses - ANS NY State Dept of State's Division of Licensing Services associate real estate broker...

12A, Licensee: - ANS Article 12A is part of the NY. State Real Property Law known as "Real Estate License Law." And it is the article that states the things that can and cannot. Be done with our license. Capital Gains Tax Exemption - ANS Capital gains are profits from sale which are taxed. Taxpayer Relief Act, a law that says $250,000 of profit is tax-free (tax-exempt) for a single person and $500,000 for a married couple. Property Condition Disclosure Statement - ANS ...

block and lot - ANS Which type of legal description uses a survey map of a subdivision? exclusive right to sell - ANS Which type of listing agreement provides the greatest opportunity for a listing broker to earn a commission age - ANS Which protected class is NOT covered by New York State law but may be covered by a specific municipality? 42,000 - ANS Wilma sells her house for $600,000 two months after her husband passed away. They had purchased the ...

1. To be licensed as a real estate broker, an individual must be at least how old? a. 16 b. 18 c. 20 d. 21 - ANS c. 20 2. Which of the following individuals is exempt from licensure? a. attorneys admitted to practice in the New York courts b. property managers who manage property for more than one individual or company c. individuals who only list property for sale d. auctioneers who only auction commercial real estate - ANS a. attorneys admitted to pra...

What agency issues real estate licenses? - ANS Department of State or Division of licensing Services At what age can you become a real estate salesperson? - ANS 18 Do you need experience in the field to become a salesperson? - ANS No What is the minimum age to become a real estate broker? - ANS 20 Do you need experience in the field to become a real estate broker? - ANS Yes, 2 years experience and 3500 points If your license is revoked, for how long d...

Greg lists his home with PDQ Realty allowing them to put a sign in the yard, list it in MLS, and advertise it in the local newspaper. During the listing period, Greg sells the home to his brother and is not obligated to pay PDQ any commission. What type of listing did Greg have with PDQ? - ANS Exclusive agency Which statement indicates that the listing agreement is an exclusive right to sell? (the commission expected on the sale price, a notice to terminate the agreement at the end of t...

What agency issues real estate licenses? - ANS Department of State or Division of licensing Services At what age can you become a real estate salesperson? - ANS 18 Do you need experience in the field to become a salesperson? - ANS No What is the minimum age to become a real estate broker? - ANS 20 Do you need experience in the field to become a real estate broker? - ANS Yes, 2 years experience and 3500 points If your license is revoked, for how l...

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 ...

Greg lists his home with PDQ Realty allowing them to put a sign in the yard, list it in MLS, and advertise it in the local newspaper. During the listing period, Greg sells the home to his brother and is not obligated to pay PDQ any commission. What type of listing did Greg have with PDQ? - ANS Exclusive agency Which statement indicates that the listing agreement is an exclusive right to sell? (the commission expected on the sale price, a notice to terminate the agreement at the end o...