Free New York Real Estate Exam Flashcards

The New York Department of State (DOS), through the Division of Licensing Services, issues and regulates real estate licenses.

Article 12-A is New York's real estate license law. It covers who must be licensed, license requirements, exemptions, prohibited conduct, and discipline.

Local materials list 77 hours of approved pre-license education before sitting for the salesperson exam.

The local study guide lists 75 multiple-choice questions, 90 minutes, and a 70% passing score. Results are reported pass/fail.

eAccessNY is the DOS online licensing portal used for applications, renewals, exam scheduling, and license management.

No. A salesperson must be associated with a licensed sponsoring broker to conduct licensed real estate activity.

A salesperson may receive compensation only through the sponsoring broker, not directly from a buyer, seller, landlord, or tenant.

Local materials list 2 years as a licensed salesperson or equivalent experience, plus 152 hours of broker education and a separate broker exam.

Licenses renew every 2 years. Local materials list 22.5 hours of approved continuing education per renewal cycle.

Local question-bank materials state that New York does not have interstate real estate license reciprocity agreements.

An attorney admitted to the New York bar is exempt when performing real estate activities as part of legal practice.

Advertising must prominently identify the licensed broker, and blind ads are prohibited. A salesperson's name cannot be more prominent than the broker's name.

It holds client funds such as earnest money, rental security deposits, and other escrow funds separately from the broker's operating funds.

A complaint leads to investigation and an administrative hearing. The Secretary of State makes the final determination, which may include fines, suspension, or revocation.

At first substantive contact, when specific property information, pricing, motivation, or representation issues begin to be discussed.

Seller's agent, buyer's agent, broker's agent, dual agent, and dual agent with designated sales agents.

Informed written consent from both buyer and seller, because the agent cannot advocate exclusively for either side.

Commission rates are negotiable. A fixed standard rate would raise antitrust and price-fixing concerns.

A broker should not guarantee that the property will sell within a specific time. A listing agreement may state the term, property, and compensation, but not a guaranteed sale.

Lawful source of income. New York housing providers may not discriminate based on how an applicant lawfully pays, including vouchers or public assistance.

Local materials note additional NYC protections such as arrest or conviction record, immigration or citizenship status, and gender identity or expression.

The New York Division of Human Rights investigates and adjudicates housing discrimination complaints under state law.

Steering is directing buyers or renters toward or away from areas or buildings because of protected characteristics. It is illegal.

Testing uses trained people posing as housing seekers to compare treatment across protected characteristics. Results can support discrimination enforcement.

A change in rules, policies, practices, or services needed to give a person with a disability equal opportunity to use and enjoy housing.

New York narrows it significantly. Local materials describe a much more limited owner-occupied dwelling exemption than the federal rule.

New York is an attorney-closing state. Buyer and seller attorneys commonly prepare or review contracts, examine title issues, and attend closing.

Local materials identify a customary 3-business-day attorney review period after the contract is signed.

A binder or commitment deposit shows the buyer's serious intent before the formal contract is executed. It is not the final purchase contract.

Local materials describe the Property Condition Disclosure Statement option where a seller may give the buyer a $500 credit at closing instead of completing the disclosure.

The deadline becomes strict. Missing the date can be a material breach, rather than merely requiring a reasonable adjournment.

A lease for more than one year must be in writing and signed by the parties to be enforceable.

When the buyer accepts the deed, the purchase contract generally merges into the deed unless specific provisions survive closing.

A court order requiring a party to perform the contract, often sought when a seller refuses to close because real property is considered unique.

A co-op buyer owns shares in a corporation plus a proprietary lease. A condo buyer owns real property title to the unit plus common-element rights.

It is the buyer's application package to the co-op board, commonly including financial statements, tax returns, references, employment information, and personal details.

A private transfer fee imposed by a co-op's governing documents when shares are sold. It is usually paid by the seller and is not a government tax.

Local materials describe the board's power to approve or reject a prospective buyer after reviewing the package and interview, subject to fair housing limits.

STAR, or School Tax Relief, reduces the school-tax burden on eligible owner-occupied primary residences.

Basic STAR is for eligible primary-residence owners generally. Enhanced STAR gives a larger benefit to qualifying older homeowners who meet income requirements.

Local materials identify Class 1 as one-, two-, and three-family residential homes, plus certain small condominiums.

A state-determined ratio comparing a municipality's assessed value to full market value, used to distribute tax levies fairly across municipalities.

The local guide lists the standard state transfer tax as $2 per $500 of consideration, which equals 0.4% for most transfers.

The buyer pays it. Local materials describe a 1% tax at $1 million or more, with higher supplemental NYC rates for higher-priced residential property.

Local materials list a maximum of one month's rent for most residential tenancies and return within 14 days after the tenant vacates, with an itemized statement for deductions.

Rent-stabilized apartments have renewal increases limited by the applicable Rent Guidelines Board, rather than unlimited landlord discretion.

Core elements include a competent grantor, identifiable grantee, property description, words of conveyance, grantor signature, delivery, and acceptance.

A later bona fide purchaser who takes without notice and records first can have priority over a prior unrecorded conveyance.

Tenancy in common. A deceased co-owner's share passes through the estate, not automatically to the other owners.

It protects against covered title defects that already existed before the policy date, such as forgery, recording mistakes, undisclosed heirs, liens, or other hidden defects.