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STUDY GUIDE FOR THE NY REAL ESTATE EXAM QUESTIONS AND CORRECT ANSWERS GRADED A+ 2024/2025
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STUDY GUIDE FOR THE NY REAL ESTATE EXAM QUESTIONS AND CORRECT ANSWERS GRADED A+ 2024/2025
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STUDY GUIDE FOR THE NY REALESTATE EXAM
Independent contractor must pay their personal prices. - ANSAccording to IRS code phase
3508[A, B],
real property dealers are statutory non-personnel and are therefore impartial contractors.
The code additionally states that there must be a written agreement between the broker and
the sales accomplice, also reviewed every 12-15 months
· All information should be saved for 3 years
· If income accomplice not deemed unbiased then they may not be capable of file
"SCHEDULE C' of the federal go back
· The Independent Contractor Relationship
Ø Salespersons are loose to engage in out of doors employment
Ø Either party may terminate the relationship at any time
License Law & Regulations - ANSThe New York Department of State, Division of licensing
Services is the regulatory company that oversees and administers the licensure technique.
Most of the regulation pertaining to salespersons and agents is contained in Article 12-A of
the actual property law.
A actual estate broker - ANSis any character, partnership, affiliation or enterprise who, for
any other, and for compensation of any kind, negotiates any form of actual property
transaction.
Real estate brokers supervise and are chargeable for the activities of partner brokers and
salespersons of their appoint.
A salesperson or an accomplice broker - ANScannot perform independently. Although
licensed, they must work beneath a certified Real Estate Broker
Duties That Require Licensure - ANS* Selling or purchasing actual estate at an auction
*Negotiating the sale of a business for which the values of the real property transferred is not
merely incidental to the transaction (RE fee is really worth more than the commercial
enterprise
* Salespersons need to be 18 years of age.
* Brokers must be two decades vintage with 2 years experience
,* Points for Broker License paintings as salesperson & 3500 points or 3 years and 5250
points.
*Licenses are renewed each 2 years
Exemptions to Licensure - ANSBuilding superintendents or maintenance employees who
carry out tasks together with rent accumulating for one proprietor, agency or entity.
Classes of Licensure for Brokers - ANSØ Each officer of a enterprise or member of a
co-partnership need to be licensed as a broker.
Ø Salespersons licenses are not issued to officers of organizations or contributors of
co-partnerships.
Ø Salespersons and partner brokers may not be principals within the brokerage firm and
may not very own voting inventory within the certified brokerage agency.
License and Pocket Card - ANSØ Pocket Cards have to be carried at all times and shown on
demand.
· Fees, Office Requirements, and Terms of Licensure
Ø Brokers must pay $a hundred and fifty.00 and Salespersons $50.00 for each time period.
Ø Additional licenses for each department workplace fee $a hundred and fifty.00.
An apartment-sharing agent - ANSis an man or woman who, for a price, arranges and
coordinates conferences among the present day owners of actual belongings, inclusive of
apartment housing who desire to percentage their housing with others.
A mortgage banker - ANSis an person or entity licensed by the New York Banking
Department to interact inside the enterprise of making residential loan loans. Licensed and
lends.
Compensation and Fee Splitting - ANSØ Salespersons won't receive compensation besides
from their sponsoring agents
Ø If agents improperly pay any part of repayment to everybody who isn't licensed or who is
not exempt from the license law, they're in violation of the license law,
this fee is called a kickback.
Lawsuits for Commissions - ANSAn unlicensed person, co-partnership or employer can not
bring about a lawsuit to acquire reimbursement for real property offerings rendered because-
handiest a licensed real estate broking or salesclerk is entitled to a judgment by the courts.
Violations of Real Estate License Law - ANSØ Failing to provide adequate disclosure
regarding any or all the following:
, a) if licensees purchase belongings listed by their firm, they should make their role clear to
the seller,
b) the licensee ought to make clear their function regarding the celebration for whom they
may be performing in a residential real property transaction-vendor, client or both.
Ø Receiving compensation from more than one celebration in a actual estate transaction
without the know-how and consent of all events.
Ø Being a party to an different listing settlement that carries an automatic continuation of the
listing beyond the desired termination date.
Listing contracts are renewed via the signing of a written renewal agreement.
Ø Drawing up prison documents inclusive of deeds or mortgages, giving an opinion as to the
criminal validity of any report, appearing a title exam.
A licensee won't perform any service this is achieved by using an lawyer.
Ø Brokers are prohibited from commingling or blending the finances of others with their
commercial enterprise or private budget and are required to maintain ok statistics concerning
the deposit and disbursement of funds from their accounts.
Ø Entering into a net list agreement.
A net list contract happens when a supplier authorizes a dealer you got a unique quantity for
the assets and
-then allows the broker to hold as a fee any money above the desired quantity from the sale.
· Discrimination due to race, creed, colour, countrywide foundation, age, intercourse,
incapacity, familial or marital popularity within the sale apartment or commercial of housing
or commercial area covered by means of law
· All ads located by way of a broker should suggest that the advertiser is a broker. Ads that
don't include this are called BLIND ADS.
· DOS Hearings and Appeals
Ø Article seventy eight proceeding is the approach for appeals against regulatory groups
along with DOS.
Law of Agency - ANSWhen one individual is hired to act on behalf of some other person, an
organization dating is created.
The man or woman hired on the alternative man or woman's behalf is the agent.
· An business enterprise courting is consensual.
· The individual who selects the agent to act on his behalf is the main or patron.
· The Customer of an agent is the birthday celebration whom the agent brings to the
predominant as a dealer or buyer of the property.
· A General agent represents the primary in a particular variety of topics.
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