NYREI Test Prep(question and answer)correctly answered 2023

NYREI Test Prep(question and answer)correctly answered 2023Where 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