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jaemann
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- author "me"
- tags "NYREI session quizzes "
- description "NYREI session quizzes "
- fileName "Session Quizzes "
- freezingBlueDBID -1.0
- An independent contractor (taxes)
- Is not subjected to withholding requirements.
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An important part of the relationship between a broker and salesperson is that the salesperson
Is paid commission based on sales results
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With respect to all independent contractors, one key determinant is
Financial control
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According to section 3508 of the Internal Revenue Service Codes, salespersons are classified as
Statuary non employees
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Which is not a control granted by New York law to brokers over agents.
Scheduling
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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
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A(n)____ is a person whose results are mandated by the employer and whose employer controls how the results are accomplished.
Employee
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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.
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Which IRS classification would NOT apply to a real estate agent?
Statuary employee
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Which agency issues real estate licenses in the state of New York?
The Department of State
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What is the age and experience level required to apply for a brokers license?
20 years old and 2 years of experience.
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At which point must you affiliate with a broker?
Before you submit your license application.
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A broker who deposits escrow funds into his brokerage business account is guilty of
Commingling
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Revocation of a license means a license is withdrawn and can or cannot be reinstated.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.
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If a brokers license is suspended, the agents working for him______ have their license suspended.
Always
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A broker must maintain copies of all contracts and other documents for____ after a one to four family residential transaction closes.
3 years.
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Which situation defines a kickback?
Sharing commission with an unlicensed person.
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