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NY REAL ESTATE BUNDLED EXAMS 2023 WITH 100% CORRECT ANSWERS
NY REAL ESTATE EXAM 2023 WITH 100% CORRECT ANSWERS NY REAL ESTATE EXAM 2023 WITH 100% CORRECT ANSWERS
[Show more]NY REAL ESTATE EXAM 2023 WITH 100% CORRECT ANSWERS NY REAL ESTATE EXAM 2023 WITH 100% CORRECT ANSWERS
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In NYS, how old must one be to enter into contracts? 
18 
 
 
 
What other capability should they possess? 
Mental and emotional capability 
 
 
 
What happens if one of the parties to the contract is a minor? 
The contract is voidable by the minor 
 
 
 
What does the zoning board of appeals do? 
G...
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Add to cartIn NYS, how old must one be to enter into contracts? 
18 
 
 
 
What other capability should they possess? 
Mental and emotional capability 
 
 
 
What happens if one of the parties to the contract is a minor? 
The contract is voidable by the minor 
 
 
 
What does the zoning board of appeals do? 
G...
What agency issues real estate licenses? 
The New York State Department of State (NYDOS), Divison of Licensing Services 
 
 
 
At what age can you become a real estate salesperson? 
18 
 
 
 
Do you need experience in the field to become a sales person? 
No 
 
 
 
What is the minimum age to become a...
Preview 2 out of 15 pages
Add to cartWhat agency issues real estate licenses? 
The New York State Department of State (NYDOS), Divison of Licensing Services 
 
 
 
At what age can you become a real estate salesperson? 
18 
 
 
 
Do you need experience in the field to become a sales person? 
No 
 
 
 
What is the minimum age to become a...
An agency relationship is determined by: 
a) the source of compensation 
b) how well the parties know each other 
c) agreement between the principal and the agent 
d) first substantive contract 
c) agreement between the principal and the agent 
 
 
 
Heat from outside air is utilized through a: 
se ...
Preview 2 out of 13 pages
Add to cartAn agency relationship is determined by: 
a) the source of compensation 
b) how well the parties know each other 
c) agreement between the principal and the agent 
d) first substantive contract 
c) agreement between the principal and the agent 
 
 
 
Heat from outside air is utilized through a: 
se ...
How often must you renew your real estate salesperson/broker license? 
Every 2 years 
 
 
 
What is the purpose of license laws in the real estate industry? 
To minimize fraudulent practice and protect the general public 
 
 
 
The New York regulatory agency that oversees real estate licensure is th...
Preview 2 out of 11 pages
Add to cartHow often must you renew your real estate salesperson/broker license? 
Every 2 years 
 
 
 
What is the purpose of license laws in the real estate industry? 
To minimize fraudulent practice and protect the general public 
 
 
 
The New York regulatory agency that oversees real estate licensure is th...
To be licensed as a real estate broker, an individual must be at least how old? 
 
a. 16 
b. 18 
c. 20 
d. 21 
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 t...
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Add to cartTo be licensed as a real estate broker, an individual must be at least how old? 
 
a. 16 
b. 18 
c. 20 
d. 21 
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 t...
The situation with the most potential for conflict is when a real estate licensee acts as a: 
-Dual Agent 
-Buyers Broker 
-Sellers Agent 
-Transaction Broker 
-Dual Agent 
 
 
 
A seller has listed her home with a broker for $90,000, and the broker tells a prospective buyer to submit a low offer be...
Preview 2 out of 13 pages
Add to cartThe situation with the most potential for conflict is when a real estate licensee acts as a: 
-Dual Agent 
-Buyers Broker 
-Sellers Agent 
-Transaction Broker 
-Dual Agent 
 
 
 
A seller has listed her home with a broker for $90,000, and the broker tells a prospective buyer to submit a low offer be...
Article 12A: NYS Real Property Law 
"Real Estate License Law" 
- violation is a misdemeanor punishable by loss of license, $1000 fine, revoking of license 
- all salespersons have license suspended 
- after 1 year broker can apply to get license back 
 
 
 
Capital Gains Tax Exemption 
-profit fro...
Preview 4 out of 33 pages
Add to cartArticle 12A: NYS Real Property Law 
"Real Estate License Law" 
- violation is a misdemeanor punishable by loss of license, $1000 fine, revoking of license 
- all salespersons have license suspended 
- after 1 year broker can apply to get license back 
 
 
 
Capital Gains Tax Exemption 
-profit fro...
Right of Possession 
The ______ refers to the rights given to the title holder of a particular property. These rights may be limited in certain instances, such as when a title holder fails to pay required property taxes, but in most regards, the title holder is considered the owner of the property. ...
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Add to cartRight of Possession 
The ______ refers to the rights given to the title holder of a particular property. These rights may be limited in certain instances, such as when a title holder fails to pay required property taxes, but in most regards, the title holder is considered the owner of the property. ...
Which of the following statements about license laws is INCORRECT? 
The federal government establish license laws 
 
 
 
In New York, an individual may obtain a salesperson license at age: 
18 
 
 
 
A salesperson licensee may receive commissions from the: 
Employing broker 
 
 
 
Which of the follo...
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Add to cartWhich of the following statements about license laws is INCORRECT? 
The federal government establish license laws 
 
 
 
In New York, an individual may obtain a salesperson license at age: 
18 
 
 
 
A salesperson licensee may receive commissions from the: 
Employing broker 
 
 
 
Which of the follo...
associate real estate broker 
a licensed real estate broker who may perform the acts of a broker but chooses to work under the name and supervision and license of a licensed broker 
 
 
 
real estate broker 
any oersons partnership association or corporation who, for another and for compensation of ...
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Add to cartassociate real estate broker 
a licensed real estate broker who may perform the acts of a broker but chooses to work under the name and supervision and license of a licensed broker 
 
 
 
real estate broker 
any oersons partnership association or corporation who, for another and for compensation of ...
1x sold
According to the New York State Real Property Law, a real estate salesperson's license is issued for a term of how many years? 
Two 
 
 
 
What happens to the licenses of salespersons if their sponsoring broker's license is revoked? 
They are suspended 
 
 
 
Which type of residential real propert...
Preview 2 out of 5 pages
Add to cartAccording to the New York State Real Property Law, a real estate salesperson's license is issued for a term of how many years? 
Two 
 
 
 
What happens to the licenses of salespersons if their sponsoring broker's license is revoked? 
They are suspended 
 
 
 
Which type of residential real propert...
Chapter 1 
The section of the New York Real Property Law that applies to salespersons and brokers is... 
Article 12-A 
 
 
 
Chapter 1 
Brokers who do not separate their business or personal bank accounts from their real estate deposit accounts are guilty of __________________ the funds. 
comminglin...
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Add to cartChapter 1 
The section of the New York Real Property Law that applies to salespersons and brokers is... 
Article 12-A 
 
 
 
Chapter 1 
Brokers who do not separate their business or personal bank accounts from their real estate deposit accounts are guilty of __________________ the funds. 
comminglin...
80/20 Rule Rule 
that says in order for individual shareholders to continue to be able to write off yearly taxes and mortgage interest, no more than 20 percent of a co-op's yearly income can come from non-shareholder sources. 
 
 
 
Abandonment 
The failure to occupy and use property, which may res...
Preview 2 out of 15 pages
Add to cart80/20 Rule Rule 
that says in order for individual shareholders to continue to be able to write off yearly taxes and mortgage interest, no more than 20 percent of a co-op's yearly income can come from non-shareholder sources. 
 
 
 
Abandonment 
The failure to occupy and use property, which may res...
What is your status under the Internal Revenue code 
A statutory non-employee 
 
 
 
What is your status under NY Law, and where you are supervised by a Broker 
Independent Contractor 
 
 
 
How long are records to be maintained for 
3 years 
 
 
 
Where do we get our license from 
NY State Departme...
Preview 4 out of 33 pages
Add to cartWhat is your status under the Internal Revenue code 
A statutory non-employee 
 
 
 
What is your status under NY Law, and where you are supervised by a Broker 
Independent Contractor 
 
 
 
How long are records to be maintained for 
3 years 
 
 
 
Where do we get our license from 
NY State Departme...
It is essential that every deed be signed by the: 
a) Devisee 
b) grantee 
c) grantor & grantee 
d) Grantor 
grantor 
 
 
 
Jim's mechanic's lien will remain against the property for at least: 
a) 1 year 
2) 8 Months 
c) 10 years 
d) 4 months 
1 year 
 
 
 
A specific tract of land is known as a: ...
Preview 3 out of 17 pages
Add to cartIt is essential that every deed be signed by the: 
a) Devisee 
b) grantee 
c) grantor & grantee 
d) Grantor 
grantor 
 
 
 
Jim's mechanic's lien will remain against the property for at least: 
a) 1 year 
2) 8 Months 
c) 10 years 
d) 4 months 
1 year 
 
 
 
A specific tract of land is known as a: ...
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