Exam (elaborations)
NEW YORK REAL ESTATE SALESPERSON EXAM
- Course
- Institution
NEW YORK REAL ESTATE SALESPERSON EXAM
[Show more]
Content preview
NEW YORK REAL ESTATE SALESPERSON EXAMArticle 12A: NYS Real Property Law - Answers -"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 - Answers --profit from sale that is taxed
- single person has first $250,000 tax free
- married couple $500,000 tax free
Elements of valid deed - Answers -- competent grantor
- signature of grantor
- identifiable grantee
- consideration
- words of conveyance
- legal description
- delivery and acceptance
Assignment - Answers -- tenant who has to break a lease can assign lease to new
tenant who has same lease teams (money, rent, time, etc) old tenant leaves and new is
responsible for lease
Sublease - Answers -- tenant who sublets is responsible for getting payments from
sublease to landlord (lessor)
Clean Air Act - Answers -- sets limits on pollutants in air
- radon not covered by clean air act
- covers CFCs (air conditioning gas)
Clean Water Act - Answers -- stops pollutants in rivers, lakes, aquifers
- PCBs which come in liquid form are covered by this law
Safe Drinking Water Act - Answers -- nationwide standards for drinking water quality
- Feds supervise the states and private water suppliers
- NYS Dept of Health follows law and is in charge for NY
CERCLA (Comprehensive Response, Compensation and Liability Act - Answers --
superfund
- helps pay for clean ups
- when uncontrolled or hazardous spill this fun responds for clean up and sees who is
responsible
,Sheathing and Flashing - Answers -- Sheathing is panels that they put outside to keep
the rain out- nailed to the wall studs or roof rafters
- flashing is a flexible material (aluminum) which covers cracks
Survivorship - Answers -- if one owner dies the other owners automatically inherit the
real estate
- survivorship applies to owner by entirety (married couple) and joint tenants (2 or more
married people with equal ownership shares)
How to become salesperson - Answers -- 18 years old
- 75 hour class
- state test and school test
- Department of state approves
- can only be paid by broker
How to become a broker - Answers --120 hours of class
- 2 years experience as salesperson
age 20
- need 3500 points (residential sale is 250)
Depreciation ` - Answers -- decrease in value: economic or tax
- Economic- building losing value
Tax- tax break given by IRS based on the idea that buildings have lifespan
- apartment buildings 27.5 years
- office buildings 39 years
Amortized mortgage - Answers -- slowly kill a loan
- equal monthly payments until the last payment when loan balance is zero
Fixed Rate amortized - Answers -- most common mortgage
- interest rate never changes
Balloon Payment - Answers -- non amortized loan (not equal monthly payments)
- if borrower pays interest at beginning and principal at end in one payment
Property Condition Disclosure Statement - Answers -- 6 page statement seller must fill
out on condition of property BEFORE buyer signs contract
- if seller does not provide, has to pay $500 at closing
- NOT needed for new construction residential, foreclosure sales, condos and co-ops, or
commercial
CFC Chloro-fluoro-carbons - Answers -Gases that leak out of air conditioning units and
go into air
- regulated by Clean Air Act
- Freon
- illegal
, PCBs Poly-chlorinated Biphenyls - Answers -Liquids used to cool power plants
- cancer causing and can seep into soil or ground water
USTs Underground Storage Tanks - Answers -- Regulated by Department of
Environmental CONSERVATION
- USTs under 1100 gallons that hold gas or diesel are not regulated
Blind Ad - Answers -- ad that is ambiguous or does not give actual geographic location
- location is required and must be specific
- also must put you have a real estate license
Fee Simple Absolute - Answers -- owning is freehold
- fee simple is fullest and most common form of freehold interest
- gives full Bundle of Rights
Bundle of Rights - Answers --Possession (access and use)
- Quiet Enjoyment (no nuisance, danger)
- Disposition (right to sell, give away)
- Exclusion (keep people out)
- Control (build, tear down)
Deed, Title, Conveyance - Answers -Deed is paper showing ownership
- Title is idea of ownership
- Conveyance transfers title to new owner by deed
New York State Fair Housing Laws - Answers -- federal law protects Race, national
origin, religion, gender (Sex), disability and family status (kids)
- states and cities protect age, marriage, sexual orientation
Pre-Qualification - Answers -- bank lender looks at income, debt, and assets and tells
you how much you can afford (often over the phone)
Pre- Approval - Answers -- banker does research on your financial status and give you
condition commitment in writing for an exact loan amount
Underwriter - Answers --person at bank who makes the final decision on whether a
buyer gets a mortgage loan
Equivalent Experience - Answers -- if you have worked in industry as property manager,
mortgage broker, or other you can become a broker without being a salesperson
because of Equivalent Experience
- need 120 hours of class and pass test to be broker (don't need salesperson license)
- but needs 5250 points instead of 3500
Lawyers - Answers -- automatically brokers- exempt from license requirements
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 SUMMER2022. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now