New York Real Estate Institute

Which of the following is NOT exempt from obtaining a license? Correct Answer: A licensed attorney acting as a sponsor to a real estate salesperson A real estate salespersons license must be renewed every .........years. Correct Answer: 2 A real estate salesperson operates as what type of agent to their client? Correct Answer: Special Agent According to this, a broker may be held responsible for the unlawful actions of his/her salespersons? Correct Answer: Vicarious Liability Thi...

Article 12A: NYS Real Property Law Correct Answer: "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 Correct Answer: -profit from sale that is taxed - single person has first $250,000 tax free - married couple $500,000 tax free Property Condition Disclosure Statement Correct Answer: - 6 page...

In NYS, how old must one be to enter into contracts? Correct Answer: 18 What other capability should they possess? Correct Answer: Mental and emotional capability What happens if one of the parties to the contract is a minor? Correct Answer: The contract is voidable by the minor What does the zoning board of appeals do? Correct Answer: Grants variances What regulates construction standards in NYS? Correct Answer: Building codes What does municipal engineer's office do? Corre...

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 conditioner ve solar system pump air return - c) heat pump An automatic renewal clause in a lease is. not allowed on rent-stabilized apartments granted every tenant in a building with four or mor...

In NYS, how old must one be to enter into contracts? - 18 What other capability should they possess? - Mental and emotional capability What happens if one of the parties to the contract is a minor? - The contract is voidable by the minor What does the zoning board of appeals do? - Grants variances What regulates construction standards in NYS? - Building codes What does municipal engineer's office do? - Oversees planning and construction of major highways, sweet systems and water connecti...