Nys real property law - Study guides, Class notes & Summaries

Real Estate Salesperson Exam questions and answers 2023Where is license law written? Article 12A Under NYS Real Property Law, when Dept. of State revokes a salesperson's license, the salesperson can't be relicensed until how much time has expired? 1 year If a broker's license is taken away, what happens to the salespersons who work for him? Their licenses are suspended until they associate with a new broker. What could happen to somebody who breaks Article 12A? Loss o...

NYS Colibri Real Estate Final Exam Questions and Complete Solutions Expressed Agency - Answer: An agency created in a written or oral agreement General Agent - Answer: One who is authorized by a principal to represent the principal in a specific range of matters Fiduciary - Answer: Person in a position of trust, held by law to high standards of good faith and loyalty Fiduciary Duties - Answer: care, obedience, accounting, loyalty, and disclosure COALD Group Boycott - Answer: An or...

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

REAL ESTATE U FINAL EXAM TEST BANK AND STUDY GUIDE | ALL EXAM VERSIONS 1 , 2 AND 3 | ACCURATE REAL EXAM QUESTIONS AND ANSWERS | RECENTLY TESTED | EXPERT VERIFIED | GUARANTEED PASS | GRADED A | LATEST UPDATE | 2023/2024 Article 12-A of the NYS Real Property Law - The section of the New York Real Property Law pertaining to real estate salespersons and brokers. - Primary purpose is to "Protect the Public" - Requires a salesperson to be at least 18 years of age - Requires a broke...

Nys Realestateu final exam 2023 Article 12 A - Correct Answer The section of the New York Real Property Law pertaining to real estate salespersons and brokers Sponsor - Correct Answer A licensed real estate broker that holds the license of a salesperson Misdemeanor - Correct Answer A crime punishable by up to a year in prison and / or a $ 1,000 fine . Listing Agreement - Correct Answer An employment contract between principal and agent , authorizing the agent to perform services for th...

Article 12A: NYS Real Property Law - Answer "Real Estate License Law" - violation is a misdemeanor punishable by loss of license, $1000 fine, revoking of license - all salespersons have license suspended - after 1 year broker can apply to get license back Capital Gains Tax Exemption - Answer -profit from sale that is taxed - single person has first $250,000 tax free - married couple $500,000 tax free Property Condition Disclosure Statement - Answer - 6 page statement sell...

A Notary who refrains from performing a duty, which is imposed by law or inherent in the nature of his/her office, may be guilty of? a. A felony b. Criminal Contempt c. A Tort d. A Misdemeanor d. A Misdemeanor A copy of a public record signed and certified as true copy by the public official having custody of the original is known a(n): a. Affirmation b. Authentication c. Certified Copy d. Acknowledgment c. Certified Copy To grant the right of usage in real property to an...

Who Commissions notaries public? A. State Comptroller B. County Clerks C. Attorney General D. Secretary of State - Correct answer-D. Secretary of State The application fee for a notary public commission is? A. $40 B. $60 C. $80 D $90 - Correct answer-B. $60 An application for a notary public commission must be submitted to? A. County Clerk B. Local civil court C. Division of Licensing Services D. None of the above - Correct answer-C. Division of Licensing Services Which of the fol...

Final NYS Exam Review Questions And Answers NYS Department of State - ANS The Department of State is primarily responsible for issuing real estate licenses, pocket cards, and handing down disciplinary action. Article 12-A of the NYS Real Property Law outlines the roles/duties of the Department of State. Commissions - ANS Commissions are paid by the client (buyer or seller depending on the transaction) to the brokers involved in the transaction. A typical commission in New York is 6%...

Real Estate U Final Exam Questions with verified Answers 1. Article 12-A of the NYS Real Property Law- Answer-- The section of the New York Real Property Law pertaining to real estate salespersons and brokers. - Primary purpose is to "Protect the Public" - Requires a salesperson to be at least 18 years of age - Requires a broker to be at least 20 years of age 2. Sponsor- Answer-- A licensed real estate broker that holds the license of a salesperson. 3. "Summary of Your Submission"- ...