New York Real Estate Salesperson Exam |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
with correct answers |||\\\ |||\\\
Article 12A: NYS Real Property Law - correct answers"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 - correct answers-profit from sale that is taxed
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- single person has first $250,000 tax free
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- married couple $500,000 tax free
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Property Condition Disclosure Statement - correct answers- 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 - correct answersGases that leak out of air conditioning units and
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
go into air
|||\\\ |||\\\
- regulated by Clean Air Act
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- Freon
|||\\\
- illegal
|||\\\
PCBs Poly-chlorinated Biphenyls - correct answersLiquids used to cool power plants
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- cancer causing and can seep into soil or ground water
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
,USTs Underground Storage Tanks - correct answers- Regulated by Department of
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Environmental CONSERVATION |||\\\
- USTs under 1100 gallons that hold gas or diesel are not regulated
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Blind Ad - correct answers- 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 - correct answers- owning is freehold
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- fee simple is fullest and most common form of freehold interest
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- gives full Bundle of Rights
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Bundle of Rights - correct answers-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 - correct answersDeed is paper showing ownership
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- Title is idea of ownership
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- Conveyance transfers title to new owner by deed
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Elements of valid deed - correct answers- competent grantor |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- signature of grantor
|||\\\ |||\\\ |||\\\
- identifiable grantee
|||\\\ |||\\\
,- consideration
|||\\\
- words of conveyance
|||\\\ |||\\\ |||\\\
- legal description
|||\\\ |||\\\
- delivery and acceptance
|||\\\ |||\\\ |||\\\
Assignment - correct answers- 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 - correct answers- tenant who sublets is responsible for getting payments from
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
sublease to landlord (lessor) |||\\\ |||\\\ |||\\\
Clean Air Act - correct answers- sets limits on pollutants in air
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- radon not covered by clean air act
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- covers CFCs (air conditioning gas)
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Clean Water Act - correct answers- stops pollutants in rivers, lakes, aquifers
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- PCBs which come in liquid form are covered by this law
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Safe Drinking Water Act - correct answers- 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 - correct answers-
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
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 - correct answers- 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 - correct answers- 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) |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
How to become salesperson - correct answers- 18 years old
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- 75 hour class
|||\\\ |||\\\ |||\\\
- state test and school test
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- Department of state approves
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- can only be paid by broker
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
How to become a broker - correct answers-120 hours of class
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- 2 years experience as salesperson
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
age 20 |||\\\
- need 3500 points (residential sale is 250)
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Depreciation ` - correct answers- 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
|||\\\ |||\\\ |||\\\ |||\\\
with correct answers |||\\\ |||\\\
Article 12A: NYS Real Property Law - correct answers"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 - correct answers-profit from sale that is taxed
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- single person has first $250,000 tax free
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- married couple $500,000 tax free
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Property Condition Disclosure Statement - correct answers- 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 - correct answersGases that leak out of air conditioning units and
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
go into air
|||\\\ |||\\\
- regulated by Clean Air Act
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- Freon
|||\\\
- illegal
|||\\\
PCBs Poly-chlorinated Biphenyls - correct answersLiquids used to cool power plants
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- cancer causing and can seep into soil or ground water
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
,USTs Underground Storage Tanks - correct answers- Regulated by Department of
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Environmental CONSERVATION |||\\\
- USTs under 1100 gallons that hold gas or diesel are not regulated
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Blind Ad - correct answers- 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 - correct answers- owning is freehold
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- fee simple is fullest and most common form of freehold interest
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- gives full Bundle of Rights
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Bundle of Rights - correct answers-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 - correct answersDeed is paper showing ownership
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- Title is idea of ownership
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- Conveyance transfers title to new owner by deed
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Elements of valid deed - correct answers- competent grantor |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- signature of grantor
|||\\\ |||\\\ |||\\\
- identifiable grantee
|||\\\ |||\\\
,- consideration
|||\\\
- words of conveyance
|||\\\ |||\\\ |||\\\
- legal description
|||\\\ |||\\\
- delivery and acceptance
|||\\\ |||\\\ |||\\\
Assignment - correct answers- 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 - correct answers- tenant who sublets is responsible for getting payments from
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
sublease to landlord (lessor) |||\\\ |||\\\ |||\\\
Clean Air Act - correct answers- sets limits on pollutants in air
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- radon not covered by clean air act
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- covers CFCs (air conditioning gas)
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Clean Water Act - correct answers- stops pollutants in rivers, lakes, aquifers
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- PCBs which come in liquid form are covered by this law
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Safe Drinking Water Act - correct answers- 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 - correct answers-
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
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 - correct answers- 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 - correct answers- 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) |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
How to become salesperson - correct answers- 18 years old
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- 75 hour class
|||\\\ |||\\\ |||\\\
- state test and school test
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- Department of state approves
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- can only be paid by broker
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
How to become a broker - correct answers-120 hours of class
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
- 2 years experience as salesperson
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
age 20 |||\\\
- need 3500 points (residential sale is 250)
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Depreciation ` - correct answers- 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
|||\\\ |||\\\ |||\\\ |||\\\
