NYREI Review Packet UPDATED Exam Questions and CORRECT Answers
3 views 0 purchase
Course
NYREI
Institution
NYREI
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 be...
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
Do you need experience in the field to become a real estate broker? - CORRECT ANSWER-
Yes, 2 years experience and 3500 points
If your license is revoked, for how long do you have to wait to re-apply for it? - CORRECT
ANSWER- 1 year
As a licensed salesperson, where can I receive compensation from? - CORRECT ANSWER-
Only from the Employing Broker
As a real estate licensee, you will more often than not be an _____ _____, will receive a ____
from your broker, and will file a ______ on your tax return to detail your earnings vs your
expenses. - CORRECT ANSWER- Independent Contractor, 1099, Schedule C
Attorneys admitted to the bar in the NYS are _____ from the licensure law, unless they take
on sales people. - CORRECT ANSWER- Exempt
If you mix up the funds, it is called ______, you have violated which of the fiduciary
obligations? - CORRECT ANSWER- Commingling, Accountability
What is the very first document you should fill out with a new client or customer? -
CORRECT ANSWER- Agency Disclosure form
, At what moment should you take out the agency disclosure form? - CORRECT ANSWER-
First substantive contact
What is the Agency Disclosure form? - CORRECT ANSWER- Tells the client/customer who
you work for
What would you call a situation where I represent the seller as my client but then work in the
best interest of the buyer (my customer)? - CORRECT ANSWER- Undisclosed dual agency
If it is my intention to protect my client (usually the seller) from the vicarious liability of
another licensee violating the laws of the licensure I should always give out my listing to
other licensees as the "broker's agent" or "sub-agents"? - CORRECT ANSWER- Brokers
agent
What should you do if that client or customer refuses to sign the agency disclosure form? -
CORRECT ANSWER- Make note and file an affidavit
If I represent the buyer as a broker this would be called ______. - CORRECT ANSWER-
Buyers Broker
If my license has expired, for how long can I continue to practice real estate sales? What is
the grace period? - CORRECT ANSWER- None
The fullest interest I can have in my ownership of real estate is called having a ____ _____
interest. - CORRECT ANSWER- Fee simple
What is one example of a formal legal description? - CORRECT ANSWER- Section, Block,
Lot
Which description would NOT be a formal legal description? - CORRECT ANSWER- The
street address
As a real estate salesperson I am practicing ______ agency. - CORRECT ANSWER- Special
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
