NYREI Test Prep UPDATED Exam Questions and CORRECT Answers
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Course
NYREI
Institution
NYREI
NYREI Test Prep UPDATED Exam
Questions and CORRECT Answers
Where is license law written? - CORRECT ANSWER- Article 12A of NY State Real
Property Law
Who is responsible for administrative discipline of real estate licensees? - CORRECT
ANSWER- Department of State (DOS) or Secretary of State
...
NYREI Test Prep UPDATED Exam
Questions and CORRECT Answers
Where is license law written? - CORRECT ANSWER- Article 12A of NY State Real
Property Law
Who is responsible for administrative discipline of real estate licensees? - CORRECT
ANSWER- Department of State (DOS) or Secretary of State
Under NYS Real Property Law, when Dept. of State revokes a salesperson license, the
salesperson can't be relicensed until how much time has expired? - CORRECT ANSWER- 1
year
If a broker's license is revoked, what happens to the salespersons who work for him? -
CORRECT ANSWER- Licenses are suspended until they associate with a different broker
What could happen to somebody who breaks Article 12A? - CORRECT ANSWER- loss of
license, $1,000 fine, or 1 year in jail
Is violation of 12A a misdemeanor or felony? - CORRECT ANSWER- misdemeanor
What dollar amount of capital gains is tax-exempt for a single person? - CORRECT
ANSWER- $250,000
What dollar amount of capital gains is tax-exempt for a married couple? - CORRECT
ANSWER- $500,000
If a married couple sells their house for a profit of $300,000, on what amount of capital gains
do they pay tax? - CORRECT ANSWER- $0 cap gains tax
If a married couple bought their house for ___ and sold it for ___, on what amount do they
pay capital gains tax? - CORRECT ANSWER- profit - exemption = cap gains tax
, If seller fails to deliver property condition disclosure statement before buyer signs contract of
sale, how much credit does buyer receive? - CORRECT ANSWER- $500
Which properties need a property condition disclosure statement? - CORRECT ANSWER-
Houses
When does seller have to deliver property condition disclosure to buyer? - CORRECT
ANSWER- Before the buyer signs the sale contract
What liquid carcinogen can get into water or soil? - CORRECT ANSWER- PCBs (poly-
chlorinated biphenyls)
What substance depletes the ozone layer? - CORRECT ANSWER- CFCs (chloro-fluoro-
carbons)
What federal law curtailed use of CFCs? - CORRECT ANSWER- Clean Air Act
What gas that leaks out of air conditioners is covered by Clean Air Act? - CORRECT
ANSWER- CFCs (chloro-fluoro-carbons)
What is freon? - CORRECT ANSWER- CFC
What type of UST is not regulated? - CORRECT ANSWER- under 1100 gallons that hold
gas or diesel
What NYS dept regulates USTs? - CORRECT ANSWER- NYS Dept. or Environmental
Conservation
What kind of insulation has cancer-causing substance in it? - CORRECT ANSWER- UFFI
(urea formaldehyde foam insulation)
What info must a real estate ad tell? - CORRECT ANSWER- Name of the broker/brokerage
+ full address or telephone # of broker/brokerage
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