NYREI Exam Review (1-10)
According to IRS code, licensed re agents are: - correct answer-statutory non-employees
who are treated as independent contractors for tax purposes
Each licensed broker shall keep and maintain records for: - correct answer-3 years
Brokers can provide ______, but salespersons are responsible for _____ incurred - correct
answer-office and supplies, expenses
Who issues real estate licenses - correct answer-NY State Dept of State's Division of
Licensing Services
associate real estate brokers - correct answer-became brokers but didn't open up their own
shop
Real estate salesperson may never ______ - correct answer-work independently of his or
her broker
Qualifications for licensed real estate SP - correct answer--min age 18
-educ req: 75 hrs
-pass school test
-pass state test
-need sponsoring broker
-then apply online for your license
Qualifications for licensed real estate broker - correct answer--min age 20
-min experience 2 years
-min pts: 3500
-or 3 yrs alternative business experience or 5250 points
-additional 45 hour broker course
-pass school and state test
license and pocket card are mailed to: - correct answer-your sponsoring broker ($20 fee to
changing your sponsoring broker)
must show your pocket card: - correct answer-on demand to someone in the real estate
transaction
real estate license expire: - correct answer-every 2 years, renewals can be done online
Continuing education: - correct answer-licensee must complete 22.5 hours of education in 2
years prior to renewal. Must have at least 3 hours of teaching on fair housing or
discrimination in the sale or rental of real property
from street location: - correct answer-sign must be legible from the street
, blind ads - correct answer-ads that don't give the name of the broker and his telephone
number
Property Condition Disclosure Form - correct answer--all sellers have to give all buyers a
form
-if not, seller must give buyer $500 credit at the closing
commingling funds - correct answer-broker mixes deposit money in their operating account
-instead, the money must go into a separate account (escrow)
kickbacks - correct answer-paying part of the proceeds of a sale to another party that helped
secure the sale, but is unlicensed
net listing agreement - correct answer-in which the seller sets a net amount acceptable for
the property; if the actual selling price exceeds that amount, the broker is entitled to keep the
excess as commission (illegal in NY)
What is another word for personal property? - correct answer-Chattel
Why would a SP fill out schedule C on income tax? - correct answer-Business expenses
OLD CAR - correct answer-Obedience- a landlord tells you not to show apts to minorities.
What should you do? Refuse the listing
Loyalty- when is loyalty impossible? Dual Agency
Disclosure- agents must pass along all info
Confidentiality- Owner is in $ trouble and tells you he would take a low price. You don't use
this info against him due to Confidentiality (Duty of Confidentiality lasts forever)
Accountability- commingling violates this
Reasonable- agent must not be careless
A broker must give: - correct answer-all offers to the seller, sound advice on mortgages,
accurate appraisals, and explanation of contracts
Pam is a real estate broker for seller and mortgage broker for the buyer, what kind of agent is
she? - correct answer-Dual Special Agent
Co-Broke - correct answer-two RE firms do a deal together and share commission
-all co-brokers work for the seller
Happy Realty sells a house for $178,000 and gets $11,570 commission. Happy must pay 3%
to cobroker and then pay off the remainder to their SP. How much does happy keep? -
correct answer-$178,000 * 3% = 11570-5340 = = 3115
A coworker works for everyone except? - correct answer-Client, Seller, BUYER, Broker
How is commission determined? - correct answer-Negotiation by broker and client
According to IRS code, licensed re agents are: - correct answer-statutory non-employees
who are treated as independent contractors for tax purposes
Each licensed broker shall keep and maintain records for: - correct answer-3 years
Brokers can provide ______, but salespersons are responsible for _____ incurred - correct
answer-office and supplies, expenses
Who issues real estate licenses - correct answer-NY State Dept of State's Division of
Licensing Services
associate real estate brokers - correct answer-became brokers but didn't open up their own
shop
Real estate salesperson may never ______ - correct answer-work independently of his or
her broker
Qualifications for licensed real estate SP - correct answer--min age 18
-educ req: 75 hrs
-pass school test
-pass state test
-need sponsoring broker
-then apply online for your license
Qualifications for licensed real estate broker - correct answer--min age 20
-min experience 2 years
-min pts: 3500
-or 3 yrs alternative business experience or 5250 points
-additional 45 hour broker course
-pass school and state test
license and pocket card are mailed to: - correct answer-your sponsoring broker ($20 fee to
changing your sponsoring broker)
must show your pocket card: - correct answer-on demand to someone in the real estate
transaction
real estate license expire: - correct answer-every 2 years, renewals can be done online
Continuing education: - correct answer-licensee must complete 22.5 hours of education in 2
years prior to renewal. Must have at least 3 hours of teaching on fair housing or
discrimination in the sale or rental of real property
from street location: - correct answer-sign must be legible from the street
, blind ads - correct answer-ads that don't give the name of the broker and his telephone
number
Property Condition Disclosure Form - correct answer--all sellers have to give all buyers a
form
-if not, seller must give buyer $500 credit at the closing
commingling funds - correct answer-broker mixes deposit money in their operating account
-instead, the money must go into a separate account (escrow)
kickbacks - correct answer-paying part of the proceeds of a sale to another party that helped
secure the sale, but is unlicensed
net listing agreement - correct answer-in which the seller sets a net amount acceptable for
the property; if the actual selling price exceeds that amount, the broker is entitled to keep the
excess as commission (illegal in NY)
What is another word for personal property? - correct answer-Chattel
Why would a SP fill out schedule C on income tax? - correct answer-Business expenses
OLD CAR - correct answer-Obedience- a landlord tells you not to show apts to minorities.
What should you do? Refuse the listing
Loyalty- when is loyalty impossible? Dual Agency
Disclosure- agents must pass along all info
Confidentiality- Owner is in $ trouble and tells you he would take a low price. You don't use
this info against him due to Confidentiality (Duty of Confidentiality lasts forever)
Accountability- commingling violates this
Reasonable- agent must not be careless
A broker must give: - correct answer-all offers to the seller, sound advice on mortgages,
accurate appraisals, and explanation of contracts
Pam is a real estate broker for seller and mortgage broker for the buyer, what kind of agent is
she? - correct answer-Dual Special Agent
Co-Broke - correct answer-two RE firms do a deal together and share commission
-all co-brokers work for the seller
Happy Realty sells a house for $178,000 and gets $11,570 commission. Happy must pay 3%
to cobroker and then pay off the remainder to their SP. How much does happy keep? -
correct answer-$178,000 * 3% = 11570-5340 = = 3115
A coworker works for everyone except? - correct answer-Client, Seller, BUYER, Broker
How is commission determined? - correct answer-Negotiation by broker and client
