NEW YORK STATE REAL ESTATE SALESPERSON
LICENSING EXAM COMPREHENSIVE STUDY
GUIDE 2026 FULL ANSWERS VERIFIED
◉ 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
LICENSING EXAM COMPREHENSIVE STUDY
GUIDE 2026 FULL ANSWERS VERIFIED
◉ 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
