New York Real Estate Salesperson Exam (Newest
Update) Questions and Detailed
Answers | 100% Verified Correct | Grade A+ |
Already Passed
Terms in this set (294)
Article 12A: NYS Real Property Law "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 -profit from sale that is taxed
- single person has first $250,000 tax free
- married couple $500,000 tax free
Property Condition Disclosure - 6 page statement seller must fill out on condition
Statement 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 Gases that leak out of air conditioning units and go
into air
- regulated by Clean Air Act
- Freon
- illegal
PCBs Poly-chlorinated Biphenyls Liquids used to cool power plants
- cancer causing and can seep into soil or ground
water
USTs Underground Storage Tanks - Regulated by Department of Environmental
CONSERVATION
- USTs under 1100 gallons that hold gas or diesel
are not regulated
Blind Ad - 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 - owning is freehold
- fee simple is fullest and most common form of
freehold interest
- gives full Bundle of Rights
Update) Questions and Detailed
Answers | 100% Verified Correct | Grade A+ |
Already Passed
Terms in this set (294)
Article 12A: NYS Real Property Law "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 -profit from sale that is taxed
- single person has first $250,000 tax free
- married couple $500,000 tax free
Property Condition Disclosure - 6 page statement seller must fill out on condition
Statement 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 Gases that leak out of air conditioning units and go
into air
- regulated by Clean Air Act
- Freon
- illegal
PCBs Poly-chlorinated Biphenyls Liquids used to cool power plants
- cancer causing and can seep into soil or ground
water
USTs Underground Storage Tanks - Regulated by Department of Environmental
CONSERVATION
- USTs under 1100 gallons that hold gas or diesel
are not regulated
Blind Ad - 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 - owning is freehold
- fee simple is fullest and most common form of
freehold interest
- gives full Bundle of Rights
