Nyrei test Study guides, Class notes & Summaries

NYREI Test 2023 Questions and Answers Chapter 1 - CORRECT ️️ According to IRS, salespersons are independent contractors (earnings for 1099) Statutory Non-employees Keep records for 3 years Salesperson - 18 +, Broker - 20+ Receive commissions from supervising broker ONLY Broker cannot schedule them or require meetings - only regular supervision Chapter 2, 3, 4 - CORRECT ️️ Principal/ Client - hires agent While customer can see multiple brokers, clients cannot. Licensees are spec...

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 him? CORRECT ...

NYREI TEST PREP Q&A

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 Exam With 100% Correct Answers 2023 Chapter 1 - Correct Answer-According to IRS, salespersons are independent contractors (earnings for 1099) Statutory Non-employees Keep records for 3 years Salesperson - 18 +, Broker - 20+ Receive commissions from supervising broker ONLY Broker cannot schedule them or require meetings - only regular supervision Chapter 2, 3, 4 - Correct Answer-Principal/ Client - hires agent While customer can see multiple brokers, clients can...

NYREI Test Prep UPDATED Exam Questions and CORRECT Answers 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 yea

block and lot CORRECT ANSWER Which type of legal description uses a survey map of a subdivision? exclusive right to sell CORRECT ANSWER Which type of listing agreement provides the greatest opportunity for a listing broker to earn a commission age CORRECT ANSWER Which protected class is NOT covered by New York State law but may be covered by a specific municipality? 42,000 CORRECT ANSWER Wilma sells her house for $600,000 two months after her husband passed away. They had purchased the ...

NYREI Test 2023 / 2024Questions and Answers

NYREI TEST 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 - CORRECT ️️ 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? - CORRECT ️️ b. pre-approval When someone dies without a...

NYREI Test Prep Questions and Answers