NYREI School Exam Questions and Answers (100%Correct Solutions).

NYREI School Exam Questions and Answers (100%Correct Solutions). 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. A homeowner facing foreclosure has a number of liens: The original mortgage, a mechanic's lien from six months ago, a judgment lien from two years ago, and a property tax lien that was just filed. When the property is sold, which lien will be paid first from the proceeds? - ANSWER property tax lien What is another word for principal? - ANSWER Client. The principal in any fiduciary relationship is the client. The tenant signs a two-month lease on an apartment ending September 1. What type of leasehold estate does this represent? - ANSWER estate for years What are the age and experience requirements to apply for a salesperson license? - ANSWER 18 years old and no experience necessary Craig owns a warehouse and his property taxes were recently raised. In turn, Craig charged the tenant currently occupying the building additional operating expenses. This is an example of - ANSWER a pass-through. Which federal environmental law, known as the Superfund, creates requirements for closed and abandoned waste sites? - ANSWER Comprehensive Environmental Response, Compensation, and Liability Act Who is responsible for approving septic and other sanitation systems in New York State? - ANSWER NYS Department of Health.