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Exam (elaborations)
New York Real Estate Salesperson Exam with Verified Solutions
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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 Statement - 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
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