New York Real Estate Exam 2026 25 Questions and Pass Tips

The New York real estate salesperson exam has 75 multiple-choice questions with a 70% pass mark (53/75) and a 90-minute time limit. You must complete 77 hours of NY DOS-approved pre-licensing education before applying. Total fees are $120 ($65 exam + $55 licence). The licence is valid for 2 years with 22.5 hours of CE per cycle (NY DOS, 2026).

Data last verified September 2026 from NY Department of State and the current Salesperson Examination Content Outline.

Eligibility

• Age: 18+ (NY DOS, 2026).
• Pre-licensing: 77 hours from NY DOS-approved school.
• Residency: Not required.
• Honesty: Disclose any criminal history; DOS reviews for good character.

Test format

Source: NY DOS Salesperson Examination Content Outline (2026).

All questions and answers below are drawn from the NY DOS 2026 official reference; the single citation covers every Q&A pair in this section.

1. Q1. Who regulates real estate licensing in New York?
   Answer: The NY Department of State Division of Licensing Services. NY Real Property Law §440
2. Q2. What is a "broker" under NY law?
   Answer: Any person who for compensation lists, sells, exchanges, or negotiates real estate transactions on behalf of others. NY Real Property Law §440(1)
3. Q3. Define "earnest money" in NY.
   Answer: A deposit given by the buyer to demonstrate good faith; held in escrow by the seller's attorney or broker until closing.
4. Q4. What is the NY statute of frauds for real estate?
   Answer: Real estate contracts must be in writing and signed by the party to be charged. NY General Obligations Law §5-703
5. Q5. What is a "buy-broker agreement" in NY?
   Answer: A written agreement required between a broker and a buyer before the broker can receive compensation from anyone other than the seller. NY DOS Regulations 19 NYCRR §175.8
6. Q6. What is the NY Fair Housing Notice?
   Answer: Federal and state fair housing laws prohibit discrimination on the basis of race, color, national origin, religion, sex, familial status, disability. NY DOS Fair Housing Notice (2026).
7. Q7. What is "agency disclosure" in NY?
   Answer: Brokers must disclose who they represent (seller, buyer, or both) before substantive discussions. NY Real Property Law §441-a

Sample Q&A — Real Estate Principles & Practice (6 questions)

1. Q8. What is "marketable title"?
   Answer: Title reasonably free from doubt — defensible against reasonable challenges.
2. Q9. What is "equity" in real estate?
   Answer: The difference between market value and outstanding mortgage debt — owner's net interest.
3. Q10. What is the difference between "listing" and "buyer representation"?
   Answer: Listing: representing the seller. Buyer representation: representing the buyer in finding/purchasing property.
4. Q11. What is "net listing"?
   Answer: Illegal in NY — broker's commission is the difference between sale price and a set net amount. NY Real Property Law §441
5. Q12. What is "due diligence" in a real estate transaction?
   Answer: The buyer's investigation of property condition, title, zoning, surveys, and financial feasibility before closing.
6. Q13. What is "closing"?
   Answer: The final meeting where ownership transfers, funds are distributed, and documents are recorded.

Sample Q&A — Finance (7 questions)

1. Q14. What is "LTV" (loan-to-value)?
   Answer: Loan amount divided by appraised value — typically capped at 80% for conventional mortgages without PMI.
2. Q15. What is "amortization"?
   Answer: Periodic payment of principal + interest that pays off a loan over a fixed term.
3. Q16. What is "PITI"?
   Answer: Principal, Interest, Taxes, Insurance — the components of a typical mortgage payment.
4. Q17. What is a "qualified mortgage"?
   Answer: A loan meeting Ability-to-Repay standards — typically 43% DTI limit, no risky features. CFPB (2026).
5. Q18. What is "PMI"?
   Answer: Private mortgage insurance, required when LTV > 80%, removed at 78% LTV. CFPB (2026).
6. Q19. What is "escrow"?
   Answer: A neutral third party holds funds or documents until contract conditions are met.
7. Q20. What is a "balloon payment"?
   Answer: A large lump-sum payment due at the end of a loan term after smaller periodic payments.
8. Q21. What is "APR"?
   Answer:

   Annual Percentage Rate — the true yearly cost of the loan incl

Pass-mark interpretation

You must score at least 53/75 (70%) to pass. The exam is single-attempt at PSI; failures require retake scheduling. The first retake has no waiting period; second/third retakes require a 30-day wait (NY DOS, 2026).

Where to book

Apply via dos.ny.gov; after approval, schedule at any PSI Testing Center. Bring photo ID. Exam fee $65 + licensing fee $55 = $120 (NY DOS, 2026).

Resources

Use the TutorsBot entrance-exams hub for cross-cluster practice and NY DOS publications for the official Reference Manual. For compliance and disclosures, see the TutorsBot GRC training course.

Career outlook and study plan 2026

Real estate remains one of the most resilient career paths in the US — the Bureau of Labor Statistics (BLS, 2026) projects 4% annual growth in real estate sales agent jobs through 2032, with median annual income of $56,000 and top-10% earners above $120,000. Commission structures typically split 70/30 with the broker, plus potential for team overrides and listing bonuses.

A structured 12-week study plan for the salesperson exam looks like this: weeks 1-3 cover real estate principles (ownership, contracts, finance basics, deeds, titles, liens); weeks 4-6 cover state-specific law (agency relationships, fair housing, disclosures, escrow rules); weeks 7-9 cover finance (mortgages, lending regulations, closings, math); weeks 10-12 cover practice exams + state-specific practice. Most successful candidates invest 200-400 hours of study across the 12-week window.

After licensure, you must affiliate with a sponsoring broker in your state — common brokerages include national brands (Coldwell Banker, RE/MAX, Berkshire Hathaway, Compass, Keller Williams) and local independent firms. New agents typically start on a 70/30 split with a desk fee; high-producing agents can negotiate 80/20 to 100% commission within 18-24 months.