Nyrei stuvia - Study guides, Class notes & Summaries

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....

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...

A vertical piece used to frame a structure is called a: - ANSWER stud What are horizontal parallel framing boards used to support floor loads? - ANSWER joist With regard to residential insulation, what does R- value refer to? - ANSWER resistant to heat transfer What is the standard ventilation rate? - ANSWER 15 cubic feet per min (CFM) per person What system delivers heat and AC through the same ducts? - ANSWER Forced warm air system As a measure of the force that pushes electrici...

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....

Planning board = - ANSWER Comprehensive Board What is the right that government can take property for the public good? - ANSWER Eminent Domain How long is your NY real estate license issued for? - ANSWER 2 Years Resales require a _________________________________________________ , it is not required for new construction or through the court. - ANSWER Property Condition Disclosure Form What do brand new properties require? - ANSWER A Warranty What happens to you if your broker is s...

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...

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...

NYREI Review Packet| 150 Questions| Correct Answers 100% Verified(SCORED A+)NYREI Review Packet| 150 Questions| Correct Answers 100% Verified(SCORED A+)NYREI Review Packet| 150 Questions| Correct Answers 100% Verified(SCORED A+)NYREI Review Packet| 150 Questions| Correct Answers 100% Verified(SCORED A+)NYREI Review Packet| 150 Questions| Correct Answers 100% Verified(SCORED A+)

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...