Real Estate Salesperson Exam Questions and Correct Answers & Latest Updated
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Course
PSI REAL ESTATE
Institution
PSI REAL ESTATE
Where is license law written?
o :## Article 12A
Under NYS Real Property Law, when Dept. of State revokes a salesperson's license, the
salesperson can't be relicensed until how much time has expired?
o :## 1 year
If a broker's license is taken away, what happens to the salespersons who work fo...
Real Estate Salesperson Exam Questions and
Correct Answers & Latest Updated
Where is license law written?
o :## Article 12A
Under NYS Real Property Law, when Dept. of State revokes a salesperson's license, the
salesperson can't be relicensed until how much time has expired?
o :## 1 year
If a broker's license is taken away, what happens to the salespersons who work for him?
o :## Their licenses are suspended until they associate with a new broker.
What could happen to somebody who breaks Article 12A?
o :## Loss of license, $1000 fine, and year in jail.
Is violation of 12A a felony or misdemeanor?
o :## Misdemeanor
If a married couple sells their house for a profit of $300,000, on what amount of capital
gains do they pay tax?
o :## For married couple there is no cap gains for up to $500k profit.
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
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If a married couple bought a house for $_________ and sold it for $_________, on what
amount do they pay capital gains tax?
o :## (sell price) - (buy price) = $ gain ; ($ gain) - ($500k exemption) = cap gains tax
What is the penalty if seller doesn't deliver condition disclosure statement?
o :## $500 penalty
Which properties do no need a property condition disclosure statement?
o :## Not needed for residential new constructions, foreclosure sales, co-ops and condos, or
commercial sales.
When does seller have to give property condition disclosure to buyer?
o :## When there are known defects in the property.
What liquid carcinogen can get into water or soil?
o :## PCBs can seep into soil or groundwater.
What federal law curtailed use of CFCs?
o :## Clean Air Act curtailed CFCs.
What gas that leaks out of air conditioners is covered by Clean Air Act?
o :## CFCs
What is Freon?
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
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o :## It's a brand that used to contain CFCs
What type of UST is not regulated?
o :## USTs under 1100 gallons for gas & diesel are not regulated.
What NYS Dept. regulates USTs?
o :## Federal Environment Protection Agency regulates USTs.
What kind of insulation has cancer-causing substance in it?
o :## UFFI is spray insulation w/ formaldehyde.
What info must a real estate ad tell?
o :## Real estate ad must tell: specific location; broker or brokerage name; and (full address of
broker or brokerage) or (phone # of broker or brokerage).
What is a blind ad?
o :## A blind ad lacks specific location, broker or brokerage name, and contact info.
Unless it is a lesser estate, what kind of freehold is it?
o :## Fee Simple is fullest and most common form of freehold.
What kind of ownership includes the full bundle of rights?
o :## Fee Simple freehold.
What kind of estate has the fullest Freehold interest?
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
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o :## Fee Simple.
What right is included in any deed or lease?
o :## Possession, Quiet Enjoyment, and Exclusion are included in any deed or lease.
Does the landlord have the right to enter a tenant's apartment in a non-emergency
situation?
o :## No, landlord can't enter in non-emergency situation.
What do you call a tenant's right to uninterrupted use of a leased premise?
o :## Quiet enjoyment is uninterrupted use.
What rights does a tenant have compared to a fee simple owner?
o :## Tenant has PQE (possession, quiet enjoyment, and exclusion), Fee Simple owner has
those and Control and Disposition (full bundle).
What is it called when title is transferred by deed?
o :## Conveyance is transfer of title by deed.
What are the essential elements of a deed?
o :## 1. Competent Grantor (sound mind), 2. identifiable grantee, 3. habenbum clause (to have
& hold), 4. consideration (payment), 5. words of conveyance, 6. legal description, 7.
signatures of all grantors, 8. delivery & acceptance.
When is title officially transferred?
Master01: DO NOT COPY AND PASTE!! August 25, 2024 Latest Update
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