What's on the NY Real Estate Salesperson Exam

The rules governing real estate licensees in New York: how to get a license, how to keep it, and what can get it revoked. Expect questions on license terms (2 years), continuing education (22.5 hours per renewal), unlicensed activity, commingling vs. conversion, and the structure of brokerage relationships.

How the agent-client relationship works and the duties owed to each party. Covers disclosed dual agency, buyer's agent vs. seller's agent, sub-agency, and the fiduciary duties of loyalty, confidentiality, obedience, disclosure, accounting, and reasonable care.

What makes a contract valid, how purchase contracts work, and what happens when things go wrong. Covers the Statute of Frauds (real estate contracts must be in writing), contingencies, breach remedies (specific performance vs. liquidated damages), and the difference between void, voidable, and unenforceable contracts.

Ownership types, property rights, and how land is classified. Covers the PETE government powers (police power, eminent domain, taxation, escheat), the MARIA fixture test, freehold vs. leasehold estates, and joint tenancy vs. tenancy in common.

Mortgages, loan types, and the math behind real estate transactions. Expect questions on discount points, LTV ratios, amortization, conventional vs. FHA vs. VA loans, and the difference between a mortgage and a deed of trust.

Federal and NY State anti-discrimination law. The federal Fair Housing Act covers 7 protected classes: race, color, national origin, religion, sex, familial status, and disability. New York's Human Rights Law adds marital status, age, sexual orientation, military status, and more. Blockbusting, steering, and redlining are all tested.

How government controls what can be built and where. Covers zoning (residential, commercial, industrial), variances, non-conforming uses, environmental regulations, subdivision rules, and the general plan. Easements, liens, and deed restrictions also appear here.

The three approaches appraisers use to estimate value: sales comparison (most common for residential), income approach (used for rentals), and cost approach (used for new or special-use properties). Know the difference between market value and market price.

The duties of a property manager acting as an agent for the owner. Covers lease types (gross, net, percentage), security deposit rules, landlord-tenant law, and the obligations a manager owes to both the owner and tenants.

New York's additional anti-discrimination protections beyond the federal Fair Housing Act. The NY Human Rights Law covers more protected classes and applies to nearly all housing transactions. Know which classes are state-only vs. federal.