New York Real Estate Institute(NYREI) Tests Bundle Set

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

Where is license law written? CORRECT ANSWER Article 12A of NY State Real Property Law Who is responsible for administrative discipline of real estate licensees? CORRECT ANSWER Department of State (DOS) or Secretary of State Under NYS Real Property Law, when Dept. of State revokes a salesperso...

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

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

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

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

What agency issues real estate licenses? CORRECT ANSWER Department of State or Division of licensing Services At what age can you become a real estate salesperson? CORRECT ANSWER 18 Do you need experience in the field to become a salesperson? CORRECT ANSWER No What is the minimum age to bec...

Planning board = CORRECT ANSWER Comprehensive Board What is the right that government can take property for the public good? CORRECT ANSWER Eminent Domain How long is your NY real estate license issued for? CORRECT ANSWER 2 Years Resales require a ___________________________________________...

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