New Y ork Real Estate Exam with 100% Verified and Updated 2024 Where is the license law written? - Answer ✔️✔️-Article 12-A Who is responsible for administrativ e discipline of real estate licensees? - Answer ✔️✔️-
Department of State or Secretary of State Under NYS Real Property Law, when Department of State revokes a salesperson's license, how much time must past before the salesperson can be relicensed? - Answer ✔️✔️-One year If a broker's licensed is revoked, what happens to the salesperson's who work under him/her? - Answer ✔️✔️-Their licenses are suspended until they find another broker to supervise them/work under. What could happen to somebody who breaks Art icle 12 -A? - Answer ✔️✔️-Lose their license, fined $1,000, a year in jail. Is a violation of 12 -A a misdemeanor or a felony? - Answer ✔️✔️-A misdemeanor What dollar amount of capital gains is tax -exempt for a single person? - Answer ✔️✔️-$250,000 If a marr ied couple sells their house for a profit of $300,000, on what amount of capital gains do they pay tax? - Answer ✔️✔️-They only pay if the profit is over $500,000 If a married couple bought a house for $50,000 and sold it for $400,000, what amount do they pay in capital gains tax? - Answer ✔️✔️-They don't pay any capital gains. If a seller fails to deliver a property condition disclosure statement before the buyer signs the contract of sale, how much credit does the buyer receive? - Answer ✔️✔️-$500 Which p roperties do not need a property condition disclosure statement? - Answer ✔️✔️-
Residential new constructions, foreclosures, condos and co -ops When does a seller have to deliver a property condition statement to the buyer? - Answer ✔️✔️-
Before the buyer sig ns the sales contract. What liquid carcinogen can get into water or soil? - Answer ✔️✔️-PCBs (poly -chlorinated bhiphenyls) What substance depletes the ozone layer? - Answer ✔️✔️-CFCs (Chlor -fluor -carbons) What federal law curtailed use of CFCs? - Answer ✔️✔️-Clean Air Act What gas that leaks out of air conditioners is covered by Clean Air Act? - Answer ✔️✔️-CFCs What is Freon? - Answer ✔️✔️-A brand that used to contain CFCs but no longer does. It's a coolin g agent in older air conditioners What type of UST (underground storage tank) is not regulated? - Answer ✔️✔️-Any tank under 1100 gallons that holds gas or diesel are not regulated. What NYS Dept. regulates USTs? - Answer ✔️✔️-NYS Dept. of Environmental Co nservation What kind of insulation has cancer -causing substance in it? - Answer ✔️✔️-UFFI, a kind of insulation sprayed into the wall that contains formaldehyde. What info must a real estate ad tell? - Answer ✔️✔️-Must provide the name of the real estate broker or brokerage and either the full address of broker or the phone number, and the specific location of the property. What is a blind ad? - Answer ✔️✔️-Ads that don't have legally required information, such as the name and address or phone number of the broker and the specific location of the property. Unless it is a lesser estate, what kind of freehold is it? - Answer ✔️✔️-Fee Simple What kind of ownership includes the full bundle of rights? - Answer ✔️✔️-Fee Simple What kind of real estate has the full est freehold interest? - Answer ✔️✔️-Fee Simple What rights are included in any deed or lease? - Answer ✔️✔️-Possession, quiet enjoyment and exclusion. Does the landlord have the right to enter a tenant's apartment in a non -emergency situation? - Answer ✔️✔️-No. What do you call a tenant's right to uninterrupted use of a leased premise? - Answer ✔️✔️-
Possession Compared to fee simple owners, tenants have which rights? - Answer ✔️✔️-Possession, Quiet Enjoyment and Exclusion What is it called when title is tr ansferred by deed? - Answer ✔️✔️-Conveyance What are the essential elements of a deed? - Answer ✔️✔️-Competent grantor (sound mind), identifiable grantee, habendum clause (to have and to hold), consideration (payment) and words of conveyance, legal descrip tion, signatures of all grantors, delivery and acceptance. When is title officially transferred? - Answer ✔️✔️-At delivery and acceptance of the deed. Why is the old deed needed at closing? - Answer ✔️✔️-The lawyer needs it to prepare the new deed for the sale. Who must sign a deed? - Answer ✔️✔️-ALL grantors. What do you call a person who acquires title to property through a deed? - Answer ✔️✔️-A grantee What do you call an arrangement where a tenant leases their leasehold interest to someone else? - Answe r ✔️✔️-Sublease Who is responsible for rent in a sublease? - Answer ✔️✔️-The lessee or primary tenant What is the difference between assignment and sublease? - Answer ✔️✔️-An assignment is when the leasehold is assigned to a new tenant under the same terms (rent, time, etc), the new tenant is responsible for the lease. A sublease is when a tenant (lessee) rents their leasehold interest - which has value - to someone else, but remains responsible for the lease terms. What is it called when a new contract sub stitutes one party for another, relieving the original party of their obligations? - Answer ✔️✔️-Novation What law creates requirements for waste sites? - Answer ✔️✔️-CERCLA/Superfund - Comprehensive Response, Compensation & Liability Act What law is also called Superfund? - Answer ✔️✔️-CERCLA - Comprehensive Response, Compensation & Liability Act What law covers PCBs? - Answer ✔️✔️-Clean Water Act What law reduced use of CFCs? - Answer ✔️✔️-Clean Air Act CERCLA imposes liability for hazardous waste sites on individuals who are called what? - Answer ✔️✔️-Potentially responsible parties What panels do they put on a building envelope to keep rain out? - Answer ✔️✔️-Sheathing What is attached to a vertical fra ming member on the outside of a house? - Answer ✔️✔️-
Sheathing What do they use on a roof to cover cracks and prevent leaks? - Answer ✔️✔️-Flashing If one roommate dies and the other automatically inherits, what kind of ownership was it? - Answer ✔️✔️-Owne rship by Entirety and Joint Tenants have survivorship. How many points does it take to be a broker? - Answer ✔️✔️-3500 How old does a broker have to be? - Answer ✔️✔️-20 How many total hours of class does a broker need? - Answer ✔️✔️-75 hours salesperson + 45 hours broker = 120 hours How much do salesperson and broker licenses cost? - Answer ✔️✔️-Salesperson is $55 and Broker is $155 Over how many years is commercial investment property depreciable on a straight -line basis? - Answer ✔️✔️-39 years Over how m any years is an apartment building depreciable on a straight -line basis? - Answer ✔️✔️-27.5 years What kind of real estate can never be depreciated for tax? - Answer ✔️✔️-Land How do you figure out what the depreciation deduction is? - Answer ✔️✔️-Total va lue - land = building total, divided by the number of years of depreciation (39 or 27.5 for apartments) If an apartment property is worth $300,000 and land is worth $50,000, what is the tax deduction amount this year? - Answer ✔️✔️-$250,000 x 3.636% = $9,900 What do you call gradual repayment of a mortgage debt in equal installments over time? - Answer ✔️✔️-Amortization What is the most common mortgage? - Answer ✔️✔️-Fixed -rate What is the most common mortgage in which the interest rate never changes and a borrower pays the same amount of interest each month for 30 years? - Answer ✔️✔️-30 Year Fixed -Rate Mortgage What kind of mortgage has a large principal payment at the end? - Answer ✔️✔️-A non -amortized mortgage aka Balloon What groups do federal laws prot ect? - Answer ✔️✔️-Race, national origin, religion, sex, disability and family status (kids). What groups do state laws protect? - Answer ✔️✔️-Race, national origin, religion, sex, disability, family status (kids), age, marital status, sexual orientation a s well as military status. Do the Feds and NYS protect citizenship, legal source of income and lawful occupation? - Answer ✔️✔️-No. What is the difference between pre -qualification and pre -approval? - Answer ✔️✔️-Pre-
qualification is the first step, the le nder looks at your income and how much you can afford. In pre-approval, the next step, they do research on your financial status and give you a written conditional commitment letter for an exact loan amount. Pre -approval is in writing. What is it called wh en a lender looks at a buyer's finances and says in writing the amount they will loan this buyer? - Answer ✔️✔️-Pre-approval.
