Nyrei test - Study guides, Class notes & Summaries

Where is license law written? - correct answer Article 12A of NY State Real Property Law Who is responsible for administrative discipline of real estate licensees? - correct answer Department of State (DOS) or Secretary of State Under NYS Real Property Law, when Dept. of State revokes a salesperson license, the salesperson can't be relicensed until how much time has expired? - correct answer 1 year If a broker's license is revoked, what happens to the salespersons who work for h...

NYREI Test Questions with Complete Solutions In his first week on the job, property manager Tim checks the insurance coverage for the building he manages and indicates potential needs for more coverage. This is an example of Tim's obligation to - Answer-a. risk management. What is it called when a lender evaluates a prospective buyer and documents, in writing, that he is willing to loan this buyer up to a certain amount of money? - Answer-b. pre-approval When someone dies without a wi...

NYREI Test Questions with Complete Solutions In his first week on the job, property manager Tim checks the insurance coverage for the building he manages and indicates potential needs for more coverage. This is an example of Tim's obligation to - Answer-a. risk management. What is it called when a lender evaluates a prospective buyer and documents, in writing, that he is willing to loan this buyer up to a certain amount of money? - Answer-b. pre-approval When someone dies without a will ...

NYREI Test Questions with Correct Answers tester - Answer-the only and fair way to police the real estate industry is through ... civil rights act of 1866 - Answer-was the first major effort of the federal government to guarantee equal housing to all US citizens fair housing act - Answer-provided that it is unlawful to discriminate on the basis of race, color, religion, or national origin when selling or leasing residential property familial status - Answer-means a parent or guardian w...

NYREI Exam Review (1-10) Questions and Answers (Graded A) According to IRS code, licensed re agents are: - ANSWER ️️ statutory non- employees who are treated as independent contractors for tax purposes Each licensed broker shall keep and maintain records for: - ANSWER ️️ 3 years Brokers can provide ______, but salespersons are responsible for _____ incurred - ANSWER ️️ office and supplies, expenses Who issues real estate licenses - ANSWER ️️ NY State Dept of State's Divisi...

NYREI School Test 2024 Age of salesperson - ANSWER ️️ 18 Experience for sales person - ANSWER ️️ No Age of broker - ANSWER ️️ 20 Broker experience - ANSWER ️️ 2 years experience and 3500 points How long to reapply for license - ANSWER ️️ One full year Confidentiality - ANSWER ️️ Last forever Commission earned - ANSWER ️️ When bringing a ready, willing and able buyer; meeting of the minds Cooperative transaction - ANSWER ️️ Seller no fiduciary obligations ...

NYREI Test Questions with Complete Solutions In his first week on the job, property manager Tim checks the insurance coverage for the building he manages and indicates potential needs for more coverage. This is an example of Tim's obligation to - Answer-a. risk management. What is it called when a lender evaluates a prospective buyer and documents, in writing, that he is willing to loan this buyer up to a certain amount of money? - Answer-b. pre-approval When someone dies without a wi...