New York Real Estate Exam Topics: What's Actually Tested

The New York real estate salesperson exam has 75 questions. Here is exactly what's tested.

National Real Estate Content (~45-50 questions estimated)

Property Ownership - Fee simple absolute, fee simple defeasible, life estate - Leasehold estates: estate for years, periodic tenancy, tenancy at will - Concurrent ownership: joint tenancy (right of survivorship), tenancy in common, tenancy by the entirety (NY recognizes this for married couples)

Land Use and Government Powers - Zoning, variances, spot zoning, non-conforming uses - Eminent domain — condemnation proceedings, just compensation - Police power, taxation, escheat

Valuation and Appraisal - Three approaches: sales comparison, cost, income (cap rate) - USPAP guidelines (Uniform Standards of Professional Appraisal Practice) - Appraisal is an opinion of value; BPO/CMA is a broker's estimate

Financing - Mortgage basics: mortgagor/mortgagee, note, lien theory vs. title theory - Loan types: conventional, FHA, VA - Predatory lending and Dodd-Frank protections - NY is a lien theory state (mortgagor retains title)

Agency - Types: seller's agent, buyer's agent, dual agent, designated agent, broker's agent - Fiduciary duties: OLDCAR - Creation and termination of agency

Contracts - Valid, voidable, void, unenforceable - Statute of Frauds requires real estate contracts in writing - Option contracts, right of first refusal

Fair Housing - 7 federal protected classes - New York State Human Rights Law — adds: age, marital status, sexual orientation, military status, disability (broadly defined) - New York City also adds: source of income, citizenship status, partnership status, and others

New York-Specific Content (~25-30 questions estimated)

Article 12-A — Real Property Law (10-12 questions) - Who must be licensed (brokers, salespersons, and applicable exemptions) - Exemptions: attorneys, court-appointed parties, property owners managing their own property - License requirements: broker must have 2+ years as salesperson + 45-hour broker course - Salesperson: 75-hour prelicense course - Continuing education: 22.5 hours per 2-year renewal cycle - DOS (Department of State) regulates — not a commission - Penalties: license revocation, suspension, fines up to $1,000

Agency Disclosure Requirements (5-7 questions) - Must provide Agency Disclosure Form at first substantive contact - Applies to buyers, sellers, landlords, and tenants - Parties may refuse to sign — licensee must note the refusal in writing - Dual agency requires informed written consent from both parties - Designated agency: assigning different salespersons within same brokerage to represent each party

New York Disclosure Laws (4-6 questions) - Property Condition Disclosure Statement: Required for residential 1-4 unit sales; seller may choose to pay $500 credit instead of completing the form - Lead-based paint disclosure: Required for pre-1978 housing - Stigmatized property: Death, haunting, HIV — NOT required to be disclosed under NY RPL 443-a - Flood zone disclosure: Required in certain circumstances

New York-Specific Property Law (4-6 questions) - Co-ops vs. condos in NYC (heavily tested for NYC market) - Transfer taxes: NY State imposes a real estate transfer tax of $2 per $500 of consideration - Mansion Tax: Additional 1% on residential transfers of $1 million or more - Tenants' rights in NYC (stabilization, rent control)

[Practice all topics at CARealestate.com/states/new-york](https://carealestate.com/states/new-york)