New York Real Estate Salesperson Exam Questions and Answers

New York Real Estate Salesperson Exam Questions and Answers Article 12A: NYS Real Property Law - Answer ️️ -"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 - Answer ️️ --profit from sale that is taxed - single person has first $250,000 tax free - married couple $500,000 tax free Property Condition Disclosure Statement - Answer ️️ -- 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 - Answer ️️ -Gases that leak out of air conditioning units and go into air - regulated by Clean Air Act - Freon - illegal PCBs Poly-chlorinated Biphenyls - Answer ️️ -Liquids used to cool power plants - cancer causing and can seep into soil or ground water USTs Underground Storage Tanks - Answer ️️ -- Regulated by Department of Environmental CONSERVATION - USTs under 1100 gallons that hold gas or diesel are not regulated Blind Ad - Answer ️️ -- 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 - Answer ️️ -- owning is freehold - fee simple is fullest and most common form of freehold interest - gives full Bundle of Rights Bundle of Rights - Answer ️️ --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 - Answer ️️ -Deed is paper showing ownership - Title is idea of ownership - Conveyance transfers title to new owner by deed Elements of valid deed - Answer ️️ -- competent gra