NYREI Important Terms Exam 2023 Questions and Answers

NYREI Important Terms Exam 2023 Questions and Answers Article 12A, Licensee: - ANSWER ️️ Article 12A is part of the NY. State Real Property Law known as "Real Estate License Law." And it is the article that states the things that can and cannot. Be done with our license. Capital Gains Tax Exemption - ANSWER ️️ Capital gains are profits from sale which are taxed. Taxpayer Relief Act, a law that says $250,000 of profit is tax-free (tax-exempt) for a single person and $500,000 for a married couple. Property Condition Disclosure Statement - ANSWER ️️ This is a 6 page form the owner must fill out to tell the condition of the house. For example, does the roof leak, is there lead paint, etc. If a seller fails to deliver it to a buyer before buyer signs the sale contract, the seller must pay a credit of $500 at closing. CFC, PCB, UST, and UFFI - ANSWER ️️ - Chloro-Fluoro-Carbons (CFC's): are gases that leak out of air conditioners or refrigerators and go up in the air. - Poly-Chlorinated Biphenyls (PBC's): are liquids. Used to cool power plants. They can seep into. Soil or groundwater. - Underground Storage Tanks (UST's): are filled with. Gas, chemicals. Propane and things like that. NYS Dept of Environmental Conservation regulates UTS. - UFFI: is a kind of insulation sprayed into the wall, the key word is "urea formaldehyde foam insulation"