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NEW YORK REAL ESTATE SALESPERSON EXAM STUDY GUIDE 2024/ACTUAL EXAM WITH 300 QUESTIONS AND CORRECT VERIFIED AND DETAILED ANSWERS/ SOLVED 2024 FALL$18.99
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NEW YORK REAL ESTATE SALESPERSON EXAM
STUDY GUIDE 2024/ACTUAL EXAM WITH 300
QUESTIONS AND CORRECT VERIFIED AND DETAILED
ANSWERS/ SOLVED 2024 FALL
Article 12A: NYS Real Property Law
RIGHT ANS:->>"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
RIGHT ANS:->>profit from sale that is taxed
- single person has first $250,000 tax free
- married couple $500,000 tax free
Property Condition Disclosure Statement
RIGHT ANS:->>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
RIGHT ANS:->>Gases that leak out of air conditioning units and go into air
- regulated by Clean Air Act
,- Freon
- illegal
PCBs Poly-chlorinated Biphenyls
RIGHT ANS:->>Liquids used to cool power plants
- cancer
causing and can seep into soil or ground water
USTs Underground Storage Tanks
RIGHT ANS:->>Regulated by Department of Environmental CONSERVATION
- USTs under 1100 gallons that hold gas or diesel are not regulated
Blind Ad RIGHT ANS:->>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
RIGHT ANS:->>owning is freehold
- fee simple is fullest and most common form of freehold interest
- gives full Bundle of Rights
Bundle of Rights
RIGHT ANS:->>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
RIGHT ANS:->>Deed is paper showing ownership
- Title is idea of ownership
- Conveyance transfers title to new owner by deed
Elements of valid deed
RIGHT ANS:->>competent grantor
- signature of grantor
- identifiable grantee
- consideration
- words of conveyance
- legal description
- delivery and acceptance
Assignment
RIGHT ANS:->>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
RIGHT ANS:->>tenant who sublets is responsible for getting payments from
sublease to landlord (lessor)
Clean Air Act
RIGHT ANS:->>sets limits on pollutants in air
- radon not covered by clean air act
- covers CFCs (air conditioning gas)
, Clean Water Act
RIGHT ANS:->>stops pollutants in rivers, lakes, aquifers
- PCBs which come in liquid form are covered by this law
Safe Drinking Water Act
RIGHT ANS:->>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
RIGHT ANS:->>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
RIGHT ANS:->>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
RIGHT ANS:->>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
RIGHT ANS:->>18 years old
- 75 hour class
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