NYREI EXAM BUNDLE 2023(COMPLETE QUESTIONS & ANSWERS!!

For the income approach to appraisal, value is a reference to what? -ANSWER the worth of the investment Which method of property description is most frequently used in New York State? -ANSWER Metes and bounds One important characteristic of investing caused Bill to invest in certificates of ...

What is the minimum licensing requirement to sell commercial real estate in New York? - ANSWER a real estate salesperson's license What is the preferred method of creating an agency relationship? - ANSWER expressed agency An amenity purchaser - ANSWER occupies or uses the purchased property ...

Who is responsible for the administration of licensing? - ANSWER Secretary of State Which article of real property law deals with licensees? - ANSWER Article 12A Which article of real property law deals with real estate transactions, such as zoning, subdivisions, easements, and the like? - ANS...

A vertical piece used to frame a structure is called a: - ANSWER stud What are horizontal parallel framing boards used to support floor loads? - ANSWER joist With regard to residential insulation, what does R- value refer to? - ANSWER resistant to heat transfer What is the standard ventilat...

According to IRS code, licensed re agents are: - ANSWER statutory non-employees who are treated as independent contractors for tax purposes Each licensed broker shall keep and maintain records for: - ANSWER 3 years Brokers can provide ______, but salespersons are responsible for _____ incurred...

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 ...

Planning board = - ANSWER Comprehensive Board What is the right that government can take property for the public good? - ANSWER Eminent Domain How long is your NY real estate license issued for? - ANSWER 2 Years Resales require a _________________________________________________ , it is not...

block and lot - ANSWER Which type of legal description uses a survey map of a subdivision? exclusive right to sell - ANSWER Which type of listing agreement provides the greatest opportunity for a listing broker to earn a commission age - ANSWER Which protected class is NOT covered by New York ...

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 - ANSWER 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 proper...

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? - ANSWER Ex...

What agency issues real estate licenses? - ANSWER NYS DOS, DIVISION OF LICENSING 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 ...

independent contractor - ANSWER Independent contractor must pay his own expenses. · According to IRS code section 3508[A, B], real estate agents are statutory nonemployees and are therefore independent contractors. The code also states that there must be a written contract between the broker and t...