Nyrei Study guides, Class notes & Summaries

NYREI State Exam (Created after group tutoring session (6/28/23) Graded A+

NYREI Study Guide with complete solutions (Graded A) Article 12A, Licensee - CORRECT ️️ -Real Estate License Law -Licensee is a broker or salesperson who holds a NY state real estate license -Can't work in real estate unless the licensee has a license broker to supervise -If a salesperson or broker's license is revoked, the licensee must wait 1 year to apply to get their license back Licensee - CORRECT ️️ is a broker or salesperson who holds a NY state real estate license Capit...

NYREI quiz questions with correct answers 2023 Greg lists his home with PDQ Realty allowing them to put a sign in the yard, list it in MLS, and advertise it in the local newspaper. During the listing period, Greg sells the home to his brother and is not obligated to pay PDQ any commission. What type of listing did Greg have with PDQ? - CORRECT ️️ Exclusive agency Which statement indicates that the listing agreement is an exclusive right to sell? (the commission expected on the sale pri...

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...

NYREI Important Terms Exam 2023 Questions and Answers Article 12A, Licensee: - ANSWER ️️ Article 12A is part of the NY. State Real Property Law known as "Real Estate License Law." And it is the article that states the things that can and cannot. Be done with our license. Capital Gains Tax Exemption - ANSWER ️️ Capital gains are profits from sale which are taxed. Taxpayer Relief Act, a law that says $250,000 of profit is tax-free (tax-exempt) for a single person and $500,000 for ...

NYREI EXAM REVIEW (1-10)

A leasehold estate that continues for a successive periods of equal length until terminated by proper notice from either party is a CORRECT ANSWER Periodic tenancy Physical land and everything attached to it is called CORRECT ANSWER Real Estate Equipment a tenant installs for use in his or her business is called CORRECT ANSWER Trade fixture The illegal practice of inducing homeowners to sell their homes (Usually at a deflated price) by suggesting the ethinic or racial composition of the...

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NYREI State Exam Guide Questions and CORRECT Answers capital gain - Ans profit from a sale, which is taxed Taxpayer Relief Act - Ans $250,000 of profit is tax-free for a single person and $500,000 for a married couple. (If one of them dies, the other can still use the $500,000 tax break for 2 years.). capital gains formula - Ans $400,000 sell price - $50,000 buy price = $350,000 gain $350,000 gain - $500,000 exemption = $0 cap gains tax