New York Real Estate Salesperson Exam /
Questions & Expertly Verified Answers, 2025 /
2026.
Terms in this set (294)
Article 12A: NYS Real "Real Estate License Law"
Property Law - violation is a misdemeanor punishable by loss oflicense,
$1000 fine, revoking of license - all salespersons have
license suspended
- after 1 year broker can apply to get license back
Capital Gains Tax -profit from sale that is taxed
Exemption - single person has first $250,000 tax free
- married couple $500,000 tax free
Property Condition - 6 page statement seller must fill out on condition
Disclosure Statement ofproperty 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- Gases that leak out of air conditioning units and go into air
fluorocarbons - regulated by Clean Air Act
- Freon
- illegal
PCBs Poly-chlorinated Liquids used to cool power plants
Biphenyls - cancer causing and can seep into soil or ground water
, - Regulated by Department of Environmental
USTs Underground CONSERVATION
Storage Tanks - USTs under 1100 gallons that hold gas or diesel arenot
regulated
Blind Ad - ad that is ambiguous or does not give actualgeographic
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 offreehold interest
- gives full Bundle of Rights
Bundle of Rights -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 Deed is paper showing ownership
- Title is idea of ownership
- Conveyance transfers title to new owner by deed
Elements of valid deed - competent grantor
- signature of grantor
- identifiable grantee
- consideration
- words of conveyance
- legal description
- delivery and acceptance
Assignment - 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 - tenant who sublets is responsible for getting payments from
sublease to landlord (lessor)
- sets limits on pollutants in air
Clean Air Act - radon not covered by clean air act
- covers CFCs (air conditioning gas)
Clean Water Act - stops pollutants in rivers, lakes, aquifers
- PCBs which come in liquid form are covered by thislaw
Safe Drinking Water Act - 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 - superfund
Response, Compensation - helps pay for clean ups
and Liability Act
- when uncontrolled or hazardous spill this funresponds for clean
up and sees who is responsible
Sheathing and Flashing - 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 - if one owner dies the other owners automaticallyinherit
the real estate
- survivorship applies to owner by entirety (marriedcouple)
and joint tenants (2 or more married people with equal
ownership shares)
How to become salesperson - 18 years old
- 75 hour class
- state test and school test
- Department of state approves
- can only be paid by broker
, -120 hours of class
How to become a broker - 2 years experience as salespersonage 20
- need 3500 points (residential sale is 250)
Depreciation ` - decrease in value: economic or tax
- Economic- building losing value
Tax- tax break given by IRS based on the idea that buildings
have lifespan
- apartment buildings 27.5 years
- office buildings 39 years
Amortized mortgage - slowly kill a loan
- equal monthly payments until the last payment whenloan
balance is zero
Fixed Rate amortized - most common mortgage -
interest rate never changes
Balloon Payment - non amortized loan (not equal monthly payments) - if
borrower pays interest at beginning and principal at end in
one payment
New York State Fair - federal law protects Race, national origin, religion,
Housing Laws gender (Sex), disability and family status (kids) - states
and cities protect age, marriage, sexual orientation
Pre-Qualification - bank lender looks at income, debt, and assets and tells you
how much you can afford (often over the phone)
Pre- Approval - banker does research on your financial status and give you
condition commitment in writing for an exact loan amount
Underwriter -person at bank who makes the final decision on whether a
buyer gets a mortgage loan
Questions & Expertly Verified Answers, 2025 /
2026.
Terms in this set (294)
Article 12A: NYS Real "Real Estate License Law"
Property Law - violation is a misdemeanor punishable by loss oflicense,
$1000 fine, revoking of license - all salespersons have
license suspended
- after 1 year broker can apply to get license back
Capital Gains Tax -profit from sale that is taxed
Exemption - single person has first $250,000 tax free
- married couple $500,000 tax free
Property Condition - 6 page statement seller must fill out on condition
Disclosure Statement ofproperty 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- Gases that leak out of air conditioning units and go into air
fluorocarbons - regulated by Clean Air Act
- Freon
- illegal
PCBs Poly-chlorinated Liquids used to cool power plants
Biphenyls - cancer causing and can seep into soil or ground water
, - Regulated by Department of Environmental
USTs Underground CONSERVATION
Storage Tanks - USTs under 1100 gallons that hold gas or diesel arenot
regulated
Blind Ad - ad that is ambiguous or does not give actualgeographic
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 offreehold interest
- gives full Bundle of Rights
Bundle of Rights -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 Deed is paper showing ownership
- Title is idea of ownership
- Conveyance transfers title to new owner by deed
Elements of valid deed - competent grantor
- signature of grantor
- identifiable grantee
- consideration
- words of conveyance
- legal description
- delivery and acceptance
Assignment - 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 - tenant who sublets is responsible for getting payments from
sublease to landlord (lessor)
- sets limits on pollutants in air
Clean Air Act - radon not covered by clean air act
- covers CFCs (air conditioning gas)
Clean Water Act - stops pollutants in rivers, lakes, aquifers
- PCBs which come in liquid form are covered by thislaw
Safe Drinking Water Act - 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 - superfund
Response, Compensation - helps pay for clean ups
and Liability Act
- when uncontrolled or hazardous spill this funresponds for clean
up and sees who is responsible
Sheathing and Flashing - 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 - if one owner dies the other owners automaticallyinherit
the real estate
- survivorship applies to owner by entirety (marriedcouple)
and joint tenants (2 or more married people with equal
ownership shares)
How to become salesperson - 18 years old
- 75 hour class
- state test and school test
- Department of state approves
- can only be paid by broker
, -120 hours of class
How to become a broker - 2 years experience as salespersonage 20
- need 3500 points (residential sale is 250)
Depreciation ` - decrease in value: economic or tax
- Economic- building losing value
Tax- tax break given by IRS based on the idea that buildings
have lifespan
- apartment buildings 27.5 years
- office buildings 39 years
Amortized mortgage - slowly kill a loan
- equal monthly payments until the last payment whenloan
balance is zero
Fixed Rate amortized - most common mortgage -
interest rate never changes
Balloon Payment - non amortized loan (not equal monthly payments) - if
borrower pays interest at beginning and principal at end in
one payment
New York State Fair - federal law protects Race, national origin, religion,
Housing Laws gender (Sex), disability and family status (kids) - states
and cities protect age, marriage, sexual orientation
Pre-Qualification - bank lender looks at income, debt, and assets and tells you
how much you can afford (often over the phone)
Pre- Approval - banker does research on your financial status and give you
condition commitment in writing for an exact loan amount
Underwriter -person at bank who makes the final decision on whether a
buyer gets a mortgage loan
