New York Real Estate Institute

Which of the following is NOT exempt from obtaining a license? Correct Answer: A licensed attorney acting as a sponsor to a real estate salesperson A real estate salespersons license must be renewed every .........years. Correct Answer: 2 A real estate salesperson operates as what type of agent to their client? Correct Answer: Special Agent According to this, a broker may be held responsible for the unlawful actions of his/her salespersons? Correct Answer: Vicarious Liability Thi...

Article 12A: NYS Real Property Law Correct Answer: "Real Estate License Law" - violation is a misdemeanor punishable by loss of license, $1000 fine, revoking of license - all salespersons have license suspended - after 1 year broker can apply to get license back Capital Gains Tax Exemption Correct Answer: -profit from sale that is taxed - single person has first $250,000 tax free - married couple $500,000 tax free Property Condition Disclosure Statement Correct Answer: - 6 page...

In NYS, how old must one be to enter into contracts? Correct Answer: 18 What other capability should they possess? Correct Answer: Mental and emotional capability What happens if one of the parties to the contract is a minor? Correct Answer: The contract is voidable by the minor What does the zoning board of appeals do? Correct Answer: Grants variances What regulates construction standards in NYS? Correct Answer: Building codes What does municipal engineer's office do? Corre...

An agency relationship is determined by: a) the source of compensation b) how well the parties know each other c) agreement between the principal and the agent d) first substantive contract - c) agreement between the principal and the agent Heat from outside air is utilized through a: se conditioner ve solar system pump air return - c) heat pump An automatic renewal clause in a lease is. not allowed on rent-stabilized apartments granted every tenant in a building with four or mor...

In NYS, how old must one be to enter into contracts? - 18 What other capability should they possess? - Mental and emotional capability What happens if one of the parties to the contract is a minor? - The contract is voidable by the minor What does the zoning board of appeals do? - Grants variances What regulates construction standards in NYS? - Building codes What does municipal engineer's office do? - Oversees planning and construction of major highways, sweet systems and water connecti...

This document contains all the information you need to pass the NY Real Estate Licensing Course. This document includes practice TRUE/FALSE, includes definitions, and a condensed summary of the 75 hours required licensing course.