NYREI Review Packet UPDATED Exam Questions and CORRECT Answers
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Course
NYREI
Institution
NYREI
NYREI Review Packet UPDATED Exam
Questions and CORRECT Answers
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 be...
NYREI Review Packet UPDATED Exam
Questions and CORRECT Answers
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 become a real estate broker? - CORRECT ANSWER- 20
Do you need experience in the field to become a real estate broker? - CORRECT 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? - CORRECT
ANSWER- 1 year
As a licensed salesperson, where can I receive compensation from? - CORRECT 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. - CORRECT 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. - CORRECT ANSWER- Exempt
If you mix up the funds, it is called ______, you have violated which of the fiduciary
obligations? - CORRECT ANSWER- Commingling, Accountability
What is the very first document you should fill out with a new client or customer? -
CORRECT ANSWER- Agency Disclosure form
, At what moment should you take out the agency disclosure form? - CORRECT ANSWER-
First substantive contact
What is the Agency Disclosure form? - CORRECT 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)? - CORRECT 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"? - CORRECT ANSWER- Brokers
agent
What should you do if that client or customer refuses to sign the agency disclosure form? -
CORRECT ANSWER- Make note and file an affidavit
If I represent the buyer as a broker this would be called ______. - CORRECT ANSWER-
Buyers Broker
If my license has expired, for how long can I continue to practice real estate sales? What is
the grace period? - CORRECT ANSWER- None
The fullest interest I can have in my ownership of real estate is called having a ____ _____
interest. - CORRECT ANSWER- Fee simple
What is one example of a formal legal description? - CORRECT ANSWER- Section, Block,
Lot
Which description would NOT be a formal legal description? - CORRECT ANSWER- The
street address
As a real estate salesperson I am practicing ______ agency. - CORRECT ANSWER- Special
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