Nyrei state exam - Study guides, Class notes & Summaries

Planning board = - ANSWER Comprehensive Board What is the right that government can take property for the public good? - ANSWER Eminent Domain How long is your NY real estate license issued for? - ANSWER 2 Years Resales require a _________________________________________________ , it is not required for new construction or through the court. - ANSWER Property Condition Disclosure Form What do brand new properties require? - ANSWER A Warranty What happens to you if your broker is s...

NYREI School Exam Questions and Answers Latest Version Graded A+ What is the minimum licensing requirement to sell commercial real estate in New York? a real estate salesperson's license What is the preferred method of creating an agency relationship? expressed agency An amenity purchaser occupies or uses the purchased property Condominium units are considered _____ property and are conveyed by _____. real / deed A salesperson who is an independent contractor is not subject to withholding r...

NYREI Test Prep UPDATED Exam Questions and CORRECT Answers 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 salesperson license, the salesperson can't be relicensed until how much time has expired? - CORRECT ANSWER- 1 yea

NYREI State PASSED Exam Questions and CORRECT Answers Planning board = - Ans Comprehensive Board What is the right that government can take property for the public good? - Ans Eminent Domain How long is your NY real estate license issued for? - Ans 2 Years Resales require a _________________________________________________ , it is not required for new construction or through the court. - Ans Property Condition Disclosure Form What do brand new properties require? - Ans A Warranty

NYREI State UPDATED Exam Questions and CORRECT Answers According to the New York State Real Property Law, a real estate salesperson's license is issued for a term of how many years? - Ans Two What type of residential real property transfer would require a property condition disclosure statement? - Ans Re-sales What happens to the licenses of salespersons if their sponsoring broker's license is revoked or suspended? - Ans They are suspended A listing broker for the seller has a buyer...

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

NYREI Exam Review (1-10) Questions and Answers (Graded A) According to IRS code, licensed re agents are: - ANSWER ️️ statutory non- employees who are treated as independent contractors for tax purposes Each licensed broker shall keep and maintain records for: - ANSWER ️️ 3 years Brokers can provide ______, but salespersons are responsible for _____ incurred - ANSWER ️️ office and supplies, expenses Who issues real estate licenses - ANSWER ️️ NY State Dept of State's Divisi...