NY REAL ESTATE BUNDLED EXAMS 2023 WITH 100% CORRECT ANSWERS

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...

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 ...

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...

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...

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...

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...

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. ...

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...

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 ...

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...

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...

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...

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...

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: ...