NYREI Important Terms question and answers 2023 updated

NYREI Important Terms question and answers 2023 updated Article 12A, Licensee: - correct 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 - correct 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 - correct 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 - correct 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" Actual Geographic Location, Blind Ad - correct answer Licensees are not allowed to place "blind ads" which don't have certain info. Location is required and must be specific and the ad must also include the brokers name and contact information. Fee Simple Absolute - correct answer Owning is freehold; leasing is leasehold, fee simple is the fullest and most common form of freehold interest. You have the full bundle of rights, which are the legal rights of real estate ownership Bundle of Rights - correct answer - POSSESION(access and use) - Quiet Enjoyment (no nuisance, danger, smell, noise, etc.) - Exclusion (keep people out) - Control (build, tear down, lease, farm, mine, etc.) - Disposition (sell, give away, etc.) Deed, Title, Conveyance, Grantor/Grantee - correct answer - Deed: A paper which shows ownership - Title: Is the idea of ownership - Conveyance: is the transfer of title by deed - Grantor: Person giving up the real estate (seller) - Grantee: the person getting the real estate Deed is signed by ALL GRANTORS Assignment, Sublease, Novation - correct answer - Assignment: is when a tenant has to break a lease and assigns the lease to a new tenant who will have the same lease terms - Subleases: is when a tenant who leaves town leases the apartment to a new tenant or a sub lessee - Novation: Is when a new contract takes the place of an old one (substituting a new contract for an old one so that a new party assumes an obligation that was incurred by the original party.) Federal Environmental Laws - correct answer - Clean Air Act - Clean Water Act - Safe Drinking Water Act - CERCLA/ Superfund (Comprehensive Response, Compensation & Liability Act) Sheathing and Flashing - correct answer - Sheathing is panels or sheets(often made of plywood or some prefab material ) that they put on the outside to keep rain out. Is nailed to wall studs or roof rafters on outside of house. - Flashing is a flexible material, often aluminum, which covers cracks.