Real estate exam stuvia - Study guides, Class notes & Summaries

REVIEW QUESTIONS FOR NY REAL ESTATE EXAM WITH CORRECT ANSWERS 1-A broker legitimately may pay all or part of Real estate commission to a a. seller b. salesperson c. buyer d. friend who provides a listing lead - ANSWER--B: Salesperson can accept compensation only from their sponsoring broker. 2-The minimum age for a New York real estate broker's license is a. 19. b. 18. c. 20. d. 21. - ANSWER-C. As of July 1,2008 to become a broker you must be 20 years old. 3-Which of the followin...

STUDY GUIDE FOR THE NY REAL ESTATE EXAM STUDY GUIDE SOLUTIONS Independent contractor must pay their own expenses. - ANSWER-According to IRS code section 3508[A, B], real estate agents are statutory non-employees 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 n...

Post License Course (Barney Fletcher) Exam Practice Questions and Answers Within the first five years around ___% of agents leave the real estate business - ANSWER-80-90% For buyers what are the five steps of the pre-qualification process - ANSWER-1. Urgency 2. Motivation 3. Financial Ability 4. Wants and Needs 5. Agency For sellers what are the five steps to the first appointment - ANSWER-1. Urgency 2. Motivation 3. Concerns 4. Expectations 5. Hesitations A person who may be willin...

Community property is that owned by: a. the church b. parent and child if the child is over 21 c. the city or community d. husband or wife when purchased with community funds husband or wife when purchased with community funds When real estate under lease is sold, the lease: a. expires within 30 days, unconditionally b. is broken c. remains binding on the new owner unless otherwise stipulated in the lease itself d. must be renewed remains binding on the new owner unless otherwis...

California Real Estate Exam Study Guide Solutions Purpose of CalBRE - ANSWER-The California Bureau of Real Estate (CalBRE) protects the public through the enforcement of laws and requirements for salespersons' and brokers' real estate licenses. The California Real Estate Commissioner - ANSWER-The California Real Estate Commissioner has the authority to investigate the actions of any person engaged in the business of a licensee in California, and has the power to deny, suspend or revo...

NY Real Estate Practice Exam Questions with Correct Answers 100% Pass 1. To be licensed as a real estate broker, an individual must be at least how old? a. 16 b. 18 c. 20 d. 21 - ANSWER-c. 20 2. Which of the following individuals is exempt from licensure? a. attorneys admitted to practice in the New York courts b. property managers who manage property for more than one individual or company c. individuals who only list property for sale d. auctioneers who only auction commercial real ...

Real Estate U Pass the NY State Exam Study Guide Solutions The Department of State - ANSWER-- Primarily responsible for issuing real estate licenses, pocket cards, and handing down disciplinary action - Provides advertising guidelines for brokers Article 12-A of the NYS Real Property Law - ANSWER-Outlines the roles/duties of the Department of State Commissions - ANSWER-- Commissions are paid by the client (buyer or seller depending on the transaction) to the brokers involved in the trans...

When preparing the sales contract, when is it acceptable for a licensee who is not an attorney to offer legal advice to the client? Never A set of guidelines for the ethical conduct of real estate licensees is called a Code of ethics Which of the following is the best definition of a covenant between a lessor and lessee? An agreement or promise made between the parties Which party's closing costs might include mortgage insurance? Buyer The Real Estate Settlement Procedures Act i...

NY Real Estate State Exam (Mult Choice) Practice Questions and Answers 100% Pass An agency relationship is determined by: a) the source of compensation b) how well the parties know each other c) agreement between the principal and the agent d) first substantive contract - ANSWER-c) agreement between the principal and the agent Heat from outside air is utilized through a: se conditioner ve solar system pump air return - ANSWER-c) heat pump An automatic renewal clause in a lease is. ...

Real Estate U Final Exam Study Guide with Complete Solutions 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 Sponsor - ANSWER-A licensed real estate broker that holds the license of a salesperson. "Summary of Your Submission" -...