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NEW YORK REAL ESTATE SALESPERSON EXAM
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NEW YORK REAL ESTATE SALESPERSON EXAM
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NEW YORK REAL ESTATE SALESPERSON EXAMArticle 12A: NYS Real Property Law - 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 - Answers --profit from sale that is taxed
- single person has first $250,000 tax free
- married couple $500,000 tax free
Elements of valid deed - Answers -- competent grantor
- signature of grantor
- identifiable grantee
- consideration
- words of conveyance
- legal description
- delivery and acceptance
Assignment - 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 - Answers -- tenant who sublets is responsible for getting payments from
sublease to landlord (lessor)
Clean Air Act - Answers -- sets limits on pollutants in air
- radon not covered by clean air act
- covers CFCs (air conditioning gas)
Clean Water Act - Answers -- stops pollutants in rivers, lakes, aquifers
- PCBs which come in liquid form are covered by this law
Safe Drinking Water Act - 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 - 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 - 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 - 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 - 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 - Answers --120 hours of class
- 2 years experience as salesperson
age 20
- need 3500 points (residential sale is 250)
Depreciation ` - 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
Amortized mortgage - Answers -- slowly kill a loan
- equal monthly payments until the last payment when loan balance is zero
Fixed Rate amortized - Answers -- most common mortgage
- interest rate never changes
Balloon Payment - Answers -- non amortized loan (not equal monthly payments)
- if borrower pays interest at beginning and principal at end in one payment
Property Condition Disclosure Statement - 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 - Answers -Gases that leak out of air conditioning units and
go into air
- regulated by Clean Air Act
- Freon
- illegal
, PCBs Poly-chlorinated Biphenyls - Answers -Liquids used to cool power plants
- cancer causing and can seep into soil or ground water
USTs Underground Storage Tanks - Answers -- Regulated by Department of
Environmental CONSERVATION
- USTs under 1100 gallons that hold gas or diesel are not regulated
Blind Ad - 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 - Answers -- owning is freehold
- fee simple is fullest and most common form of freehold interest
- gives full Bundle of Rights
Bundle of Rights - 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 - Answers -Deed is paper showing ownership
- Title is idea of ownership
- Conveyance transfers title to new owner by deed
New York State Fair Housing Laws - Answers -- federal law protects Race, national
origin, religion, gender (Sex), disability and family status (kids)
- states and cities protect age, marriage, sexual orientation
Pre-Qualification - Answers -- bank lender looks at income, debt, and assets and tells
you how much you can afford (often over the phone)
Pre- Approval - Answers -- banker does research on your financial status and give you
condition commitment in writing for an exact loan amount
Underwriter - Answers --person at bank who makes the final decision on whether a
buyer gets a mortgage loan
Equivalent Experience - Answers -- if you have worked in industry as property manager,
mortgage broker, or other you can become a broker without being a salesperson
because of Equivalent Experience
- need 120 hours of class and pass test to be broker (don't need salesperson license)
- but needs 5250 points instead of 3500
Lawyers - Answers -- automatically brokers- exempt from license requirements
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