Session Quizzes

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Session Quizzes
2013-08-15 21:38:05
Session Quizzes NYREI

NYREI Session Quizzes
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    • An independent contractor (taxes)
    • Is not subjected to withholding requirements.
  1. An important part of the relationship between a broker and salesperson is that the salesperson
    Is paid commission based on sales results
  2. With respect to all independent contractors, one key determinant is
    Financial control
  3. According to section 3508 of the Internal Revenue Service Codes, salespersons are classified as
    Statuary non employees
  4. Which is not a control granted by New York law to brokers over agents.
  5. If a broker is engaged in soliciting and granting mortgage loans, she must keep the information regarding the loans for a period of
    3 years
  6. A(n)____ is a person whose results are mandated by the employer and whose employer controls how the results are accomplished.
  7. For real estate salespersons, which is NOT a characteristic that indicates they are independent contractor?
    The salesperson must be paid for hours spent in the brokers office.
  8. Which IRS classification would NOT apply to a real estate agent?
    Statuary employee
  9. Which agency issues real estate licenses in the state of New York?
    The Department of State
  10. What is the age and experience level required to apply for a brokers license?
    20 years old and 2 years of experience.
  11. At which point must you affiliate with a broker?
    Before you submit your license application.
  12. A broker who deposits escrow funds into his brokerage business account is guilty of
  13. Revocation of a license means a license is withdrawn and can or cannot be reinstated. If it can, how long must one wait?
    Can only be reinstated after one year.
  14. If a brokers license is suspended, the agents working for him______ have their license suspended.
  15. A broker must maintain copies of all contracts and other documents for____ after a one to four family residential transaction closes.
    3 years.
  16. Which situation defines a kickback?
    Sharing commission with an unlicensed person.