NEW YORK REAL ESTATE
SALESPERSON EXAM 290 ACTUAL
EXAM QUESTIONS AND EXPERT
VERIFIED ANSWERS GRADED A+
Article 12A: NYS Real Property Law - ANSWER- "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 - ANSWER- -profit from sale that is
taxed
- single person has first $250,000 tax free
- married couple $500,000 tax free
,Property Condition Disclosure Statement - ANSWER- - 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 - ANSWER- Gases that leak out of air
conditioning units and go into air
- regulated by Clean Air Act
- Freon
- illegal
PCBs Poly-chlorinated Biphenyls - ANSWER- Liquids used to cool
power plants
- cancer causing and can seep into soil or ground water
USTs Underground Storage Tanks - ANSWER- - Regulated by
Department of Environmental CONSERVATION
- USTs under 1100 gallons that hold gas or diesel are not regulated
Blind Ad - ANSWER- - 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 - ANSWER- - owning is freehold
- fee simple is fullest and most common form of freehold interest
- gives full Bundle of Rights
Bundle of Rights - ANSWER- -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 - ANSWER- Deed is paper showing
ownership
- Title is idea of ownership
- Conveyance transfers title to new owner by deed
Elements of valid deed - ANSWER- - competent grantor
- signature of grantor
- identifiable grantee
- consideration
- words of conveyance
- legal description
- delivery and acceptance
, Assignment - ANSWER- - 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 - ANSWER- - tenant who sublets is responsible for getting
payments from sublease to landlord (lessor)
Clean Air Act - ANSWER- - sets limits on pollutants in air
- radon not covered by clean air act
- covers CFCs (air conditioning gas)
Clean Water Act - ANSWER- - stops pollutants in rivers, lakes, aquifers
- PCBs which come in liquid form are covered by this law
Safe Drinking Water Act - ANSWER- - 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 -
ANSWER- - superfund
- helps pay for clean ups
- when uncontrolled or hazardous spill this fun responds for clean up and
sees who is responsible
SALESPERSON EXAM 290 ACTUAL
EXAM QUESTIONS AND EXPERT
VERIFIED ANSWERS GRADED A+
Article 12A: NYS Real Property Law - ANSWER- "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 - ANSWER- -profit from sale that is
taxed
- single person has first $250,000 tax free
- married couple $500,000 tax free
,Property Condition Disclosure Statement - ANSWER- - 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 - ANSWER- Gases that leak out of air
conditioning units and go into air
- regulated by Clean Air Act
- Freon
- illegal
PCBs Poly-chlorinated Biphenyls - ANSWER- Liquids used to cool
power plants
- cancer causing and can seep into soil or ground water
USTs Underground Storage Tanks - ANSWER- - Regulated by
Department of Environmental CONSERVATION
- USTs under 1100 gallons that hold gas or diesel are not regulated
Blind Ad - ANSWER- - 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 - ANSWER- - owning is freehold
- fee simple is fullest and most common form of freehold interest
- gives full Bundle of Rights
Bundle of Rights - ANSWER- -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 - ANSWER- Deed is paper showing
ownership
- Title is idea of ownership
- Conveyance transfers title to new owner by deed
Elements of valid deed - ANSWER- - competent grantor
- signature of grantor
- identifiable grantee
- consideration
- words of conveyance
- legal description
- delivery and acceptance
, Assignment - ANSWER- - 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 - ANSWER- - tenant who sublets is responsible for getting
payments from sublease to landlord (lessor)
Clean Air Act - ANSWER- - sets limits on pollutants in air
- radon not covered by clean air act
- covers CFCs (air conditioning gas)
Clean Water Act - ANSWER- - stops pollutants in rivers, lakes, aquifers
- PCBs which come in liquid form are covered by this law
Safe Drinking Water Act - ANSWER- - 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 -
ANSWER- - superfund
- helps pay for clean ups
- when uncontrolled or hazardous spill this fun responds for clean up and
sees who is responsible
