NY REAL ESTATE EXAM Cheat Sheet 2026

The 30 highest-yield NY REAL ESTATE EXAM facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Under New York law, a salesperson who is convicted of a crime must notify the DOS within: → 30 days
2. A New York real estate license that has expired can be reinstated within how many years without retaking the exam? → 2 years
3. Which approach is most effective for problem-solving in Financing and Valuation? → Systematic analysis followed by evidence-based decision making
4. What is the standard license term for a NY real estate salesperson license once it is issued? → 2 years
5. A New York broker license requires how many hours of pre-licensing education? → 150 hours
6. What is vicarious liability in the context of real estate agency? → A broker's legal responsibility for the authorized acts of their agents
7. In a condominium, each unit owner holds title to their individual unit and what type of ownership interest in the common elements? → Tenancy in common
8. How often must New York real estate salespersons complete continuing education (CE) to maintain their license? → Every 2 years
9. After passing the New York salesperson exam, an applicant may NOT receive an active license until: → A sponsoring broker activates the license through DOS
10. A property valued at $450,000 is assessed at 60% of value. If the tax rate is $30 per $1,000 of assessed value, what is the annual property tax? → $8,100
11. In New York, who is responsible for paying the transfer tax on the sale of a one-to-three family residence? → The seller
12. A NY real estate salesperson who wants to become a broker must meet which requirement BEFORE applying? → Have at least 2 years of full-time salesperson experience and complete broker education
13. A New York real estate license application is considered incomplete if it is missing which of the following? → The required application fee
14. In New York, which entity is authorized to administer the real estate salesperson licensing examination? → Pearson VUE on behalf of DOS
15. A salesperson applicant in New York has a criminal conviction on their record. What must they do when submitting their license application? → Disclose the conviction and provide certified court documents
16. What is the standard down payment at contract signing in NY? → Typically 10% of the purchase price, held in the seller's attorney's escrow account
17. What is the minimum age requirement to apply for a New York real estate salesperson license? → 18 years old
18. A New York salesperson license is valid for how many years before renewal is required? → 2 years
19. After passing the NY real estate exam, which document is NOT required as part of the license application? → Proof of errors & omissions insurance
20. What is the primary purpose of standardized procedures in Real Estate Transactions? → To ensure consistency, safety, and quality across all practitioners
21. A NY salesperson applicant who fails the licensing exam may retake it: → After 24 hours, unlimited times within 2 years of course completion
22. Which of the following is NOT a requirement to obtain a New York real estate salesperson license? → Be a U.S. citizen
23. Can a NY real estate salesperson receive commission directly from a client? → No, commissions must always be paid through the sponsoring broker
24. Which of the following disclosures is a New York licensee required to give a prospective buyer at the first substantive contact? → Agency disclosure form
25. What is the significance of documentation in License Law and Ethics? → It provides a record for accountability, quality assurance, and legal compliance
26. What role does continuing education play in License Law and Ethics? → Keeping practitioners current with evolving best practices and new developments
27. What quality metrics are most important in Real Estate Transactions? → Measurable outcomes, process compliance, and stakeholder satisfaction
28. Which of the following does NOT terminate an agency relationship in New York? → The agent taking a vacation
29. A salesperson's NY license expires while they are between brokers. What is the status of their license? → Inactive
30. If a NY real estate license applicant fails the licensing exam, what is the earliest they may retake it? → There is no mandatory waiting period