New York Real Estate Salesperson Exam / Questions
& Expertly Verified 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 grantor
- signature of grantor
- identifiable grantee
- consideration
- words of conveyance
- legal description
- delivery and acceptance
Assignment - (ANSWER)- 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 - (ANSWER)- tenant who sublets is responsible for getting payments
from sublease to landlord (lessor)
Clean Air Act - (ANSWER)- sets limits on pollutants in air
- radon not covered by clean air act
- covers CFCs (air conditioning gas)
, Clean Water Act - (ANSWER)- stops pollutants in rivers, lakes, aquifers
- PCBs which come in liquid form are covered by this law
Safe Drinking Water Act - (ANSWER)- 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 Response, Compensation and Liability Act - (ANSWER)-
superfund
- helps pay for clean ups
- when uncontrolled or hazardous spill this fun responds for clean up and sees
who is responsible
Sheathing and Flashing - (ANSWER)- 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 - (ANSWER)- if one owner dies the other owners automatically
inherit the real estate
- survivorship applies to owner by entirety (married couple) and joint tenants (2
or more married people with equal ownership shares)
& Expertly Verified 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 grantor
- signature of grantor
- identifiable grantee
- consideration
- words of conveyance
- legal description
- delivery and acceptance
Assignment - (ANSWER)- 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 - (ANSWER)- tenant who sublets is responsible for getting payments
from sublease to landlord (lessor)
Clean Air Act - (ANSWER)- sets limits on pollutants in air
- radon not covered by clean air act
- covers CFCs (air conditioning gas)
, Clean Water Act - (ANSWER)- stops pollutants in rivers, lakes, aquifers
- PCBs which come in liquid form are covered by this law
Safe Drinking Water Act - (ANSWER)- 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 Response, Compensation and Liability Act - (ANSWER)-
superfund
- helps pay for clean ups
- when uncontrolled or hazardous spill this fun responds for clean up and sees
who is responsible
Sheathing and Flashing - (ANSWER)- 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 - (ANSWER)- if one owner dies the other owners automatically
inherit the real estate
- survivorship applies to owner by entirety (married couple) and joint tenants (2
or more married people with equal ownership shares)
