Nyrei stuvia 2023 - Study guides, Class notes & Summaries

Greg lists his home with PDQ Realty allowing them to put a sign in the yard, list it in MLS, and advertise it in the local newspaper. During the listing period, Greg sells the home to his brother and is not obligated to pay PDQ any commission. What type of listing did Greg have with PDQ? - ANSWER Exclusive agency Which statement indicates that the listing agreement is an exclusive right to sell? (the commission expected on the sale price, a notice to terminate the agreement at the end of the ...

NYREI Test Prep 2023 Questions and Answers 100% CorrectNYREI Test Prep 2023 Questions and Answers 100% CorrectNYREI Test Prep 2023 Questions and Answers 100% CorrectNYREI Test Prep 2023 Questions and Answers 100% CorrectNYREI Test Prep 2023 Questions and Answers 100% CorrectWhere is license law written? - ANSWER-Article 12A of NY State Real Property Law Who is responsible for administrative discipline of real estate licensees? - ANSWER-Department of State (DOS) or Secretary of State Under ...

Who is responsible for the administration of licensing? - ANSWER Secretary of State Which article of real property law deals with licensees? - ANSWER Article 12A Which article of real property law deals with real estate transactions, such as zoning, subdivisions, easements, and the like? - ANSWER Article 9A Which article of real property is is a proceeding known as a "suit to Quiet Title"? - ANSWER Article 14 What does section 443 of Article 12A deal with? - ANSWER disclosure issue...

What agency issues real estate licenses? - ANSWER Department of State or Division of licensing Services At what age can you become a real estate salesperson? - ANSWER 18 Do you need experience in the field to become a salesperson? - ANSWER No What is the minimum age to become a real estate broker? - ANSWER 20 Do you need experience in the field to become a real estate broker? - ANSWER Yes, 2 years experience and 3500 points If your license is revoked, for how long do you have to w...

NYREI School Exam 2023-2024 Questions and Answers (Graded A)NYREI School Exam 2023-2024 Questions and Answers (Graded A)NYREI School Exam 2023-2024 Questions and Answers (Graded A)NYREI School Exam 2023-2024 Questions and Answers (Graded A)NYREI School Exam 2023-2024 Questions and Answers (Graded A) What is the minimum licensing requirement to sell commercial real estate in New York? - ANSWER-a real estate salesperson's license What is the preferred method of creating an agency relationship...

block and lot - ANSWER Which type of legal description uses a survey map of a subdivision? exclusive right to sell - ANSWER Which type of listing agreement provides the greatest opportunity for a listing broker to earn a commission age - ANSWER Which protected class is NOT covered by New York State law but may be covered by a specific municipality? 42,000 - ANSWER Wilma sells her house for $600,000 two months after her husband passed away. They had purchased the house in 1952 for $58,00...

For the income approach to appraisal, value is a reference to what? -ANSWER the worth of the investment Which method of property description is most frequently used in New York State? -ANSWER Metes and bounds One important characteristic of investing caused Bill to invest in certificates of deposit rather than real estate. Bill was concerned with -ANSWER liquidity. Who sets the legal description? -ANSWER surveyor Dwelling policies generally exclude -ANSWER water damage. John ...

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

independent contractor - ANSWER Independent contractor must pay his own expenses. · According to IRS code section 3508[A, B], real estate agents are statutory nonemployees 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 not be able to file "SCHEDULE C' of the fed...