NYREI Exam With 100% Correct Answers 2023
employee - Correct Answer-someone who works under the direction and control of another
independent contractor - Correct Answer-individual who is self employed
statutory employee - Correct Answer-independent contractors specifically classified as empl...
NYREI Exam With 100% Correct Answers 2023
employee - Correct Answer-someone who works under the direction and control of another
independent contractor - Correct Answer-individual who is self employed
statutory employee - Correct Answer-independent contractors specifically classified as employees by statute for social security and medicare taxes
statutory non-employees - Correct Answer-direct sellers and licenses real estate agents; treated as independent contracts for all tax purposes if certain conditions are met
administrative discipline - Correct Answer-The New York Department of State's enforcement of license laws through reprimand and denial as well as the suspension and revocation of licenses.
article 12-a - Correct Answer-Article of New York Real Property
Law, which contains most of the laws
relevant to real estate brokers and
salespeople.
article 78 proceeding - Correct Answer-Refers to an article of the Civil Practice Law and Rules that allows aggrieved persons to bring an action against a government body or officer.
associate broker - Correct Answer-A licensed broker who works for another broker.
blind ad - Correct Answer-An ad placed by a real estate licensee that does not include the appropriate broker indentification, often placed in order to give the illusion that property is for sale by owner.
broker - Correct Answer-a businessman who buys or sells for another in exchange for a commission
commingling - Correct Answer-Illegally mixing deposits or monies, collected from a client, with one's personal or business account. Taking money out too soon or putting it into escrow too late (10 banking days).
continuing education - Correct Answer-Formal education by a working professional to improve or maintain professional competence (fair housing laws, etc) dual agent - Correct Answer-An agent who represents both buyer and seller in the same
transaction.
dual licensure - Correct Answer-When real estate licensees hold more than one license at a time.
escrow - Correct Answer-a written agreement (or property or money) delivered to a third
party or put in trust by one party to a contract to be returned after fulfillment of some condition
exemption - Correct Answer-a deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.), immunity from an obligation or duty
irrevocable consent - Correct Answer-An agreement filed by an out - of - state broker stating that suits and actions may be brought against the broker in the state where license is sought.
kickback - Correct Answer-an illegal payment of money made in return for a favor or service, an arrangement in which contractors padded the amount of their bill for city work and paid, or "kicked back" a percentage of that amount to the political bosses.
listing agreement - Correct Answer-a contract between owner and broker (as agent) where broker is employed to find a buyer on the owner's terms
misdemeanor - Correct Answer-a crime or offense that is less serious than a felony; any
minor misbehavior or misconduct
multiple listing service - Correct Answer-marketing organization whose broker members make their own exclusive listings available to other brokers; sellers gain because of larger exposure.
net listing agreement - Correct Answer-A listing agreement in which the seller sets a net
amount acceptable for a property; if the actual selling price exceeds that amount, the broker is entitled to keep the excess as commission; illegal in NY.
office manager - Correct Answer-A licensed associate real estate broker who elects to work as an office manager under the name and supersvision of another broker in order to supervice a branch office.
pocket card - Correct Answer-When a new license or a license renewal is issued, a wallet sized card identifying the holder as a real estate licensee accompanies it. The R.E.C. requires that the licensee obtain this card from the broker, sign it and carry it when conducting real estate business. real estate appraiser - Correct Answer-A person licensed by the Department of State who is specially trained to offer an unbiased value of real property.
real estate salesperson - Correct Answer-A person other than another licensed broker employed by a real estate broker to perform any act authorized to be performed by a real estate broker.
reciprocity - Correct Answer-when states allow licensees to use their license in other states
revocation - Correct Answer-the act (by someone having the authority) of annulling something previously done (real estate license)
sponsoring broker - Correct Answer-The principal broker in a real estate firm,who undertakes to train and supervise associated licensees.
suspension - Correct Answer-a temporary debarment (from a privilege or position etc)
violation - Correct Answer-an act that disregards an agreement or a right
accountability - Correct Answer-the responsibilities of an agent to their client
actual fraud - Correct Answer-intentional misrepresentation, concealment, negligent misrepresentation
agency - Correct Answer-relationship of trust created when one person (client) gives another person (agent) the right to represent them in dealings with third parties
agency disclosure form - Correct Answer-Form that states whether an agent is representing the seller or the buyer, or both, in a transaction.
agency relationship - Correct Answer-the representation of a party in a real estate transaction
antitrust - Correct Answer-a business activity that attempts to monopolize contract, or conspire (or any of these things together) in a way that negatively affects another's ability to do business
brokerage - Correct Answer-the business of bringing together buyers and sellers of real property and assisting in negotiating such transactions
broker's agent - Correct Answer-engaged and works directly for the broker - a broker's agent is not a subagent of the seller or buyer. still owes the same fiduciary duty to the broker's seller or buyer the broker does broker protection clause - Correct Answer-the property owner will compensate the listing broker if, within a specified number of days after the listing expires, the owner sells the property to someone with whom the broker negotiated during the original term of the listing.
buyer broker contract - Correct Answer-a written agency contract between a buyer and a real estate broker stipulating the broker will be paid a commission when the buyer purchases real estate
buyer's agent - Correct Answer-A broker who represents a buyer in a real estate transaction.
client - Correct Answer-someone who employs a broker, lawyer, or other professional. real estate clients can be sellers buyers or both
confidentiality - Correct Answer-discretion in keeping secret information
consensual dual agency - Correct Answer-Occurs when 1. the broker and all licensees are dual agents for both parties in the transaction 2. the buyer and seller each appoint a
designated agent, who fully represents them. The broker, however, would (with consent) act as a dual agent in the transaction.
constructive fraud - Correct Answer-Negligent misrepresentation or concealment of a material fact intended or not
cooperating broker - Correct Answer-Brings the buyer to the transaction (represents the buyer) from another company. The listing broker and the cooperating broker may be the
same person/firm.
customer - Correct Answer-a party in a transaction to whom an agent does not have a fiduciary duty or relationship, but to whom an agent must still be fair and honest.
designated agency - Correct Answer-used when a transaction is an in-house sale (when
one agent from firm X represents the buyer and another agent from firm X represents the seller)
disclosure - Correct Answer-points or facts in a real estate transaction
dual agency - Correct Answer-Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in many states
estoppel - Correct Answer-a rule of evidence whereby a person is barred from denying the truth of a fact that has already been settled
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