New York Real Estate Exam Flashcards

Q: How many questions are on the New York real estate salesperson exam?

Local New York metadata lists 75 multiple-choice questions, a 90-minute time limit, and a 70% passing score.

Q: What New York topics are highest yield?

Prioritize DOS licensing, Article 12-A, agency disclosure, NY Human Rights Law, Property Condition Disclosure, attorney-driven closings, co-op versus condo rules, STAR, transfer taxes, and rent regulation.

Q: Does a New York salesperson need a broker?

Yes. A salesperson cannot operate independently and must be associated with a licensed sponsoring broker to perform licensed real estate activity.

Question 1

Which New York agency regulates real estate licenses?

Accepted Answer

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

Question 2

What does Real Property Law Article 12-A govern?

Accepted Answer

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

Question 3

How many pre-license education hours does a New York salesperson need?

Accepted Answer

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

Question 4

What is the New York salesperson exam format?

Accepted Answer

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

Question 5

What is eAccessNY?

Accepted Answer

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

Question 6

Can a New York real estate salesperson work independently?

Accepted Answer

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

Question 7

How is a New York salesperson paid for licensed work?

Accepted Answer

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

Question 8

What are the local New York broker license requirements?

Accepted Answer

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

Question 9

How often do New York real estate licenses renew?

Accepted Answer

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

Question 10

Does New York have real estate license reciprocity?

Accepted Answer

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

Question 11

Which legal professional is exempt from New York real estate licensing for legal-practice activities?

Accepted Answer

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

Question 12

What must New York real estate advertising identify?

Accepted Answer

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.

Question 13

What is a New York broker trust account used for?

Accepted Answer

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

Question 14

How does DOS discipline usually proceed?

Accepted Answer

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

Question 15

When must New York agency disclosure be presented?

Accepted Answer

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

Question 16

What agency relationships are described on the New York disclosure form?

Accepted Answer

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

Question 17

What does New York dual agency require?

Accepted Answer

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

Question 18

What is the rule for New York real estate commission rates?

Accepted Answer

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

Question 19

What promise should not appear in a New York listing agreement?

Accepted Answer

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.

Question 20

Which protected class is in NY law but not the federal Fair Housing Act?

Accepted Answer

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

Question 21

How is the NYC Human Rights Law broader than state law?

Accepted Answer

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

Question 22

Which state agency investigates NY Human Rights Law housing complaints?

Accepted Answer

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

Question 23

What is steering in real estate fair housing?

Accepted Answer

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

Question 24

What are fair housing testing programs?

Accepted Answer

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

Question 25

What is a reasonable accommodation in housing?

Accepted Answer

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

Question 26

How does New York treat the federal Mrs. Murphy exemption?

Accepted Answer

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

Question 27

What type of closing state is New York?

Accepted Answer

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

Question 28

What is the customary New York attorney review period?

Accepted Answer

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

Question 29

What is a binder in a New York real estate transaction?

Accepted Answer

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

Question 30

What is the New York PCDS credit concept?

Accepted Answer

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.

Question 31

What does time is of the essence mean in a New York contract?

Accepted Answer

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

Question 32

What does the New York Statute of Frauds require for leases over one year?

Accepted Answer

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

Question 33

What is the merger doctrine at closing?

Accepted Answer

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

Question 34

What is specific performance in a real estate dispute?

Accepted Answer

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

Question 35

How does a New York co-op differ from a condominium?

Accepted Answer

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.

Question 36

What is a New York co-op board package?

Accepted Answer

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

Question 37

What is a co-op flip tax?

Accepted Answer

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.

Question 38

What does co-op right of first refusal mean locally?

Accepted Answer

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.

Question 39

What does STAR provide in New York?

Accepted Answer

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

Question 40

How do Basic STAR and Enhanced STAR differ?

Accepted Answer

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

Question 41

What does NYC property tax Class 1 cover?

Accepted Answer

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

Question 42

What is an equalization rate?

Accepted Answer

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

Question 43

What is the standard New York State transfer tax rate in local materials?

Accepted Answer

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

Question 44

Who pays New York mansion tax?

Accepted Answer

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.

Question 45

What is the local New York security deposit limit and return rule?

Accepted Answer

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.

Question 46

How are rent-stabilized increases controlled?

Accepted Answer

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

Question 47

What is required for a valid New York deed transfer?

Accepted Answer

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

Question 48

What does race-notice recording mean in New York?

Accepted Answer

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

Question 49

Which New York co-ownership form has no right of survivorship?

Accepted Answer

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

Question 50

What does New York title insurance primarily protect against?

Accepted Answer

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.

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