Real estate stuvia - Study guides, Class notes & Summaries

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How long must real estate documents be kept? - ANSWER-6 years, from the date the transaction was accepted, rejected, or withdrawn Who approves advertising? - ANSWER-Principal broker When should the principal broker review brokers documents? - ANSWER-7 days of the document's acceptance, rejection or withdrawal. The PB must sign and initial at the time of review How long must you keep attendance and continuing records? - ANSWER-3 years everything else regarding business for 6 years Wh...

UNIT 11 CONTRACTS 12% Which group of legal instruments may legally be prepared by a licensed real estate broker? a. listing contracts, buyer brokerage agreements, commercial leases, and deeds b. leases, option contracts, promissory notes, and buyer brokerage agreements c. listing agreements, buyer brokerage agreements, sale contracts, and option contracts d. mortgages, promissory notes, commercial leases, and option contracts c. listing agreements, buyer brokerage agreements, sale con...

REVIEW QUESTIONS FOR NY REAL ESTATE EXAM WITH CORRECT ANSWERS 1-A broker legitimately may pay all or part of Real estate commission to a a. seller b. salesperson c. buyer d. friend who provides a listing lead - ANSWER--B: Salesperson can accept compensation only from their sponsoring broker. 2-The minimum age for a New York real estate broker's license is a. 19. b. 18. c. 20. d. 21. - ANSWER-C. As of July 1,2008 to become a broker you must be 20 years old. 3-Which of the followin...

STUDY GUIDE FOR THE NY REAL ESTATE EXAM STUDY GUIDE SOLUTIONS Independent contractor must pay their own expenses. - ANSWER-According to IRS code section 3508[A, B], real estate agents are statutory non-employees and are therefore independent contractors. The code also states that there must be a written contract between the broker and the sales associate, also reviewed every 12-15 months · All records must be kept for 3 years · If sales associate not deemed independent then they will n...

Post License Course (Barney Fletcher) Exam Practice Questions and Answers Within the first five years around ___% of agents leave the real estate business - ANSWER-80-90% For buyers what are the five steps of the pre-qualification process - ANSWER-1. Urgency 2. Motivation 3. Financial Ability 4. Wants and Needs 5. Agency For sellers what are the five steps to the first appointment - ANSWER-1. Urgency 2. Motivation 3. Concerns 4. Expectations 5. Hesitations A person who may be willin...

Samantha is a real estate licensee. She's showing her client a property. The client asks about some spots on the ceiling and wonders if they're an indication of a roof leak. What should Samantha do? Suggest that her client contact a roofing expert to make a determination. Buying and selling homes is Samantha's area of expertise, not identifying roof leaks. She shouldn't offer an opinion about whether the roof leaks, but she should suggest contacting an expert in this fi...

Article 12 A NYS Real Estate Property Law (1) Protect the public (2) Salesperson at least 18 (3) broker at least 20 years . Sponsor Broker that holds salesperson license Summary of Submission Paper you get after registering for NYS test. Bring to tes with you Misedemanor Crime with no more than 1 year prison or $1,000 fine Listing Agreement Agreement between salesperson and property owner, allowing salesperson to provide services to the owner involving their porperty Pocket Ca...

California Real Estate Exam Study Guide Solutions Purpose of CalBRE - ANSWER-The California Bureau of Real Estate (CalBRE) protects the public through the enforcement of laws and requirements for salespersons' and brokers' real estate licenses. The California Real Estate Commissioner - ANSWER-The California Real Estate Commissioner has the authority to investigate the actions of any person engaged in the business of a licensee in California, and has the power to deny, suspend or revo...

Community property is that owned by: a. the church b. parent and child if the child is over 21 c. the city or community d. husband or wife when purchased with community funds husband or wife when purchased with community funds When real estate under lease is sold, the lease: a. expires within 30 days, unconditionally b. is broken c. remains binding on the new owner unless otherwise stipulated in the lease itself d. must be renewed remains binding on the new owner unless otherwis...