100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
NYREI Exam With 100% Correct Answers 2023 $19.99   Add to cart

Exam (elaborations)

NYREI Exam With 100% Correct Answers 2023

 4 views  0 purchase
  • Course
  • NYREI
  • Institution
  • NYREI

NYREI Exam With 100% Correct Answers 2023 employee - Correct Answer-someone who works under the direction and control of another independent contractor - Correct Answer-individual who is self employed statutory employee - Correct Answer-independent contractors specifically classified as empl...

[Show more]

Preview 4 out of 42  pages

  • November 18, 2023
  • 42
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • NYREI
  • NYREI
avatar-seller
professoraxel
NYREI Exam With 100% Correct Answers 2023
employee - Correct Answer-someone who works under the direction and control of another
independent contractor - Correct Answer-individual who is self employed
statutory employee - Correct Answer-independent contractors specifically classified as employees by statute for social security and medicare taxes
statutory non-employees - Correct Answer-direct sellers and licenses real estate agents; treated as independent contracts for all tax purposes if certain conditions are met
administrative discipline - Correct Answer-The New York Department of State's enforcement of license laws through reprimand and denial as well as the suspension and revocation of licenses.
article 12-a - Correct Answer-Article of New York Real Property
Law, which contains most of the laws
relevant to real estate brokers and
salespeople.
article 78 proceeding - Correct Answer-Refers to an article of the Civil Practice Law and Rules that allows aggrieved persons to bring an action against a government body or officer.
associate broker - Correct Answer-A licensed broker who works for another broker.
blind ad - Correct Answer-An ad placed by a real estate licensee that does not include the appropriate broker indentification, often placed in order to give the illusion that property is for sale by owner.
broker - Correct Answer-a businessman who buys or sells for another in exchange for a commission
commingling - Correct Answer-Illegally mixing deposits or monies, collected from a client, with one's personal or business account. Taking money out too soon or putting it into escrow too late (10 banking days).
continuing education - Correct Answer-Formal education by a working professional to improve or maintain professional competence (fair housing laws, etc) dual agent - Correct Answer-An agent who represents both buyer and seller in the same
transaction.
dual licensure - Correct Answer-When real estate licensees hold more than one license at a time.
escrow - Correct Answer-a written agreement (or property or money) delivered to a third
party or put in trust by one party to a contract to be returned after fulfillment of some condition
exemption - Correct Answer-a deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.), immunity from an obligation or duty
irrevocable consent - Correct Answer-An agreement filed by an out - of - state broker stating that suits and actions may be brought against the broker in the state where license is sought.
kickback - Correct Answer-an illegal payment of money made in return for a favor or service, an arrangement in which contractors padded the amount of their bill for city work and paid, or "kicked back" a percentage of that amount to the political bosses.
listing agreement - Correct Answer-a contract between owner and broker (as agent) where broker is employed to find a buyer on the owner's terms
misdemeanor - Correct Answer-a crime or offense that is less serious than a felony; any
minor misbehavior or misconduct
multiple listing service - Correct Answer-marketing organization whose broker members make their own exclusive listings available to other brokers; sellers gain because of larger exposure.
net listing agreement - Correct Answer-A listing agreement in which the seller sets a net
amount acceptable for a property; if the actual selling price exceeds that amount, the broker is entitled to keep the excess as commission; illegal in NY.
office manager - Correct Answer-A licensed associate real estate broker who elects to work as an office manager under the name and supersvision of another broker in order to supervice a branch office.
pocket card - Correct Answer-When a new license or a license renewal is issued, a wallet sized card identifying the holder as a real estate licensee accompanies it. The R.E.C. requires that the licensee obtain this card from the broker, sign it and carry it when conducting real estate business. real estate appraiser - Correct Answer-A person licensed by the Department of State who is specially trained to offer an unbiased value of real property.
real estate salesperson - Correct Answer-A person other than another licensed broker employed by a real estate broker to perform any act authorized to be performed by a real estate broker.
reciprocity - Correct Answer-when states allow licensees to use their license in other states
revocation - Correct Answer-the act (by someone having the authority) of annulling something previously done (real estate license)
sponsoring broker - Correct Answer-The principal broker in a real estate firm,who undertakes to train and supervise associated licensees.
suspension - Correct Answer-a temporary debarment (from a privilege or position etc)
violation - Correct Answer-an act that disregards an agreement or a right
accountability - Correct Answer-the responsibilities of an agent to their client
actual fraud - Correct Answer-intentional misrepresentation, concealment, negligent misrepresentation
agency - Correct Answer-relationship of trust created when one person (client) gives another person (agent) the right to represent them in dealings with third parties
agency disclosure form - Correct Answer-Form that states whether an agent is representing the seller or the buyer, or both, in a transaction.
agency relationship - Correct Answer-the representation of a party in a real estate transaction
antitrust - Correct Answer-a business activity that attempts to monopolize contract, or conspire (or any of these things together) in a way that negatively affects another's ability to do business
brokerage - Correct Answer-the business of bringing together buyers and sellers of real property and assisting in negotiating such transactions
broker's agent - Correct Answer-engaged and works directly for the broker - a broker's agent is not a subagent of the seller or buyer. still owes the same fiduciary duty to the broker's seller or buyer the broker does broker protection clause - Correct Answer-the property owner will compensate the listing broker if, within a specified number of days after the listing expires, the owner sells the property to someone with whom the broker negotiated during the original term of the listing.
buyer broker contract - Correct Answer-a written agency contract between a buyer and a real estate broker stipulating the broker will be paid a commission when the buyer purchases real estate
buyer's agent - Correct Answer-A broker who represents a buyer in a real estate transaction.
client - Correct Answer-someone who employs a broker, lawyer, or other professional. real estate clients can be sellers buyers or both
confidentiality - Correct Answer-discretion in keeping secret information
consensual dual agency - Correct Answer-Occurs when 1. the broker and all licensees are dual agents for both parties in the transaction 2. the buyer and seller each appoint a
designated agent, who fully represents them. The broker, however, would (with consent) act as a dual agent in the transaction.
constructive fraud - Correct Answer-Negligent misrepresentation or concealment of a material fact intended or not
cooperating broker - Correct Answer-Brings the buyer to the transaction (represents the buyer) from another company. The listing broker and the cooperating broker may be the
same person/firm.
customer - Correct Answer-a party in a transaction to whom an agent does not have a fiduciary duty or relationship, but to whom an agent must still be fair and honest.
designated agency - Correct Answer-used when a transaction is an in-house sale (when
one agent from firm X represents the buyer and another agent from firm X represents the seller)
disclosure - Correct Answer-points or facts in a real estate transaction
dual agency - Correct Answer-Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in many states
estoppel - Correct Answer-a rule of evidence whereby a person is barred from denying the truth of a fact that has already been settled

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller professoraxel. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $19.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79223 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$19.99
  • (0)
  Add to cart