RESIDENTIAL BUILDERS SALESPERSON
PRACTICE EXAM QUESTIONS WITH
COMPLETE SOLUTIONS 2026 GRADED A+
⩥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.
PRACTICE EXAM QUESTIONS WITH
COMPLETE SOLUTIONS 2026 GRADED A+
⩥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.
