Real Estate Salesperson Exam Questions and Correct Answers & Latest Updated
8 views 0 purchase
Course
PSI REAL ESTATE
Institution
PSI REAL ESTATE
Where is license law written?
o :## Article 12A
Under NYS Real Property Law, when Dept. of State revokes a salesperson's license, the
salesperson can't be relicensed until how much time has expired?
o :## 1 year
If a broker's license is taken away, what happens to the salespersons who work fo...
Real Estate Salesperson Exam Questions and
Correct Answers & Latest Updated
Where is license law written?
o :## Article 12A
Under NYS Real Property Law, when Dept. of State revokes a salesperson's license, the
salesperson can't be relicensed until how much time has expired?
o :## 1 year
If a broker's license is taken away, what happens to the salespersons who work for him?
o :## Their licenses are suspended until they associate with a new broker.
What could happen to somebody who breaks Article 12A?
o :## Loss of license, $1000 fine, and year in jail.
Is violation of 12A a felony or misdemeanor?
o :## Misdemeanor
If a married couple sells their house for a profit of $300,000, on what amount of capital
gains do they pay tax?
o :## For married couple there is no cap gains for up to $500k profit.
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
,2|Page: 2024/2025 Grade A+
If a married couple bought a house for $_________ and sold it for $_________, on what
amount do they pay capital gains tax?
o :## (sell price) - (buy price) = $ gain ; ($ gain) - ($500k exemption) = cap gains tax
What is the penalty if seller doesn't deliver condition disclosure statement?
o :## $500 penalty
Which properties do no need a property condition disclosure statement?
o :## Not needed for residential new constructions, foreclosure sales, co-ops and condos, or
commercial sales.
When does seller have to give property condition disclosure to buyer?
o :## When there are known defects in the property.
What liquid carcinogen can get into water or soil?
o :## PCBs can seep into soil or groundwater.
What federal law curtailed use of CFCs?
o :## Clean Air Act curtailed CFCs.
What gas that leaks out of air conditioners is covered by Clean Air Act?
o :## CFCs
What is Freon?
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
,3|Page: 2024/2025 Grade A+
o :## It's a brand that used to contain CFCs
What type of UST is not regulated?
o :## USTs under 1100 gallons for gas & diesel are not regulated.
What NYS Dept. regulates USTs?
o :## Federal Environment Protection Agency regulates USTs.
What kind of insulation has cancer-causing substance in it?
o :## UFFI is spray insulation w/ formaldehyde.
What info must a real estate ad tell?
o :## Real estate ad must tell: specific location; broker or brokerage name; and (full address of
broker or brokerage) or (phone # of broker or brokerage).
What is a blind ad?
o :## A blind ad lacks specific location, broker or brokerage name, and contact info.
Unless it is a lesser estate, what kind of freehold is it?
o :## Fee Simple is fullest and most common form of freehold.
What kind of ownership includes the full bundle of rights?
o :## Fee Simple freehold.
What kind of estate has the fullest Freehold interest?
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
, 4|Page: 2024/2025 Grade A+
o :## Fee Simple.
What right is included in any deed or lease?
o :## Possession, Quiet Enjoyment, and Exclusion are included in any deed or lease.
Does the landlord have the right to enter a tenant's apartment in a non-emergency
situation?
o :## No, landlord can't enter in non-emergency situation.
What do you call a tenant's right to uninterrupted use of a leased premise?
o :## Quiet enjoyment is uninterrupted use.
What rights does a tenant have compared to a fee simple owner?
o :## Tenant has PQE (possession, quiet enjoyment, and exclusion), Fee Simple owner has
those and Control and Disposition (full bundle).
What is it called when title is transferred by deed?
o :## Conveyance is transfer of title by deed.
What are the essential elements of a deed?
o :## 1. Competent Grantor (sound mind), 2. identifiable grantee, 3. habenbum clause (to have
& hold), 4. consideration (payment), 5. words of conveyance, 6. legal description, 7.
signatures of all grantors, 8. delivery & acceptance.
When is title officially transferred?
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamArsenal. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.19. You're not tied to anything after your purchase.
