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Hoja de Repaso del Examen New York Real Estate Salesperson (2026)
Una hoja de repaso gratis e imprimible del examen New York Real Estate Salesperson: los 104 puntos de mayor rendimiento, agrupados en 5 secciones que siguen las áreas de contenido del examen, cada sección con su peso publicado.
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- 398 preguntas de práctica gratuitas de New York Real Estate Salesperson sobre el mismo material, cada una explicada.
- Última actualización: septiembre de 2026.
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Principles of Real Estate
22% del examen- Real property includes land, improvements, and appurtenances
- Buildings, built-in systems, and rights like easements pass with the land unless excluded in writing.
- Personal property (chattel) is movable
- Furniture, vehicles, and items a tenant brings in remain personal property and pass only by bill of sale.
- Fixture test uses MARIA factors
- Consider Method of attachment, Adaptation, Relationship of parties, Intention, and Agreement; intention and agreement usually control.
- Trade fixtures belong to a business tenant
- Items a commercial tenant installs for business can usually be removed before the lease ends if damage is repaired.
- The bundle includes disposition, use, possession, enjoyment, and exclusion
- An owner may occupy, use, exclude others from, and sell or will the property, and may transfer rights separately.
- No right to use property unlawfully
- All rights are subject to zoning, building codes, environmental law, and other lawful regulation.
- Government powers limit ownership (PETE)
- Police power, Eminent domain, Taxation, and Escheat restrict private rights; only eminent domain requires just compensation.
- Private restrictions can also limit use
- Deed restrictions and covenants may bind an owner beyond public law and run with the land.
- Fee simple absolute is the fullest ownership
- It is of unlimited duration and freely transferable and inheritable, subject to public and private limits.
- A life estate lasts for someone's lifetime
- On the measuring life's death, title passes to a remainderman or reverts to the grantor; the life tenant may not commit waste.
- Joint tenancy carries right of survivorship
- A deceased joint tenant's share passes automatically to survivors, not to heirs; New York requires the four unities.
- Tenancy in common has no survivorship
- Each co-owner's undivided share, which may be unequal, passes by will or inheritance and can be sold separately; it is New York's default.
- Tenancy by the entirety is for married couples
- Presumed for spouses in New York, it adds survivorship and shields the home from one spouse's individual creditors.
- A condominium owner holds real property
- The owner gets a deed to the unit plus an undivided share of common elements, pays taxes directly, and can mortgage the unit.
- A cooperative owner holds personal property
- The buyer owns shares in the co-op corporation and a proprietary lease; financing is a share loan, not a mortgage.
- Co-op boards may screen buyers and subletting
- A co-op board can approve or reject purchasers within fair housing limits; condos usually have only a right of first refusal.
- Offering plans are filed with the Attorney General
- New condos and co-ops may be sold only after the sponsor files an accepted offering plan with the New York Attorney General.
- Liens are money encumbrances
- Mortgages, tax liens, mechanic's liens, and judgments secure a debt; New York real property tax liens have priority.
- Easements grant use rights to another
- An easement appurtenant runs with the land; an easement in gross benefits a person or utility company.
- New York uses metes and bounds and lot-and-block
- Metes and bounds traces courses back to the point of beginning; lot and block references a recorded plat; the rectangular survey is not used in New York.
- The four elements of value are DUST
- Demand, Utility, Scarcity, and Transferability must all be present for a property to have market value.
- Highest and best use maximizes value
- The use must be legally permissible, physically possible, financially feasible, and maximally productive.
New York License Law and Agency
24% del examen- The DOS administers real estate licensing
- The Division of Licensing Services issues licenses, sets standards, and disciplines licensees under Article 12-A of the RPL.
- A salesperson must have a sponsoring broker
- The broker supervises the salesperson, who cannot operate independently or hold escrow in their own name.
- Salespersons are paid only by their broker
- Accepting compensation directly from a buyer, seller, or other agent is prohibited.
- Education, CE, and fees are set by statute and can change
- Confirm current qualifying-hours, continuing-education, renewal, and reciprocity rules with the DOS.
- Obedience to lawful instructions
- The agent must follow the principal's lawful directions and refuse illegal ones, such as requests to discriminate.
- Loyalty places the principal first
- The agent must put the client's interests above the agent's own and avoid undisclosed conflicts or secret profits.
- Disclosure of material facts to the client
- The agent must share all known information relevant to the principal's decisions, including all offers.
- Confidentiality survives the relationship
- The agent must protect the principal's private information, such as bargaining position, even after it ends.
- Accounting plus reasonable care and diligence
- The agent must account for all funds and documents and act with the competence expected of a licensee.
- Provide the RPL 443 disclosure at first substantive contact
- The New York agency disclosure form must be presented before the consumer shares confidential information; a signature only acknowledges receipt.
- Dual agency requires informed written consent
- One brokerage representing both buyer and seller must have both parties' advance written consent and must stay neutral on price and terms.
- Designated sales agents restore advocacy
- With both parties' written consent, the broker may appoint separate salespersons to advocate for buyer and seller.
- Buyer agency is created by written agreement
- A written buyer-broker agreement makes the licensee the buyer's advocate on price and terms.
- Client funds go in a separate escrow account
- Deposits must be kept apart from the broker's own money and released only per the contract or written authorization.
- Commingling and conversion are prohibited
- Mixing client funds with the broker's own violates license law; using them for personal purposes can revoke the license and be a crime.
- Misrepresentation and fraud are forbidden
- Puffing is lawful opinion, but a false statement of material fact or concealment of a known defect is not.
- Unearned referral fees violate RESPA
- Paying or accepting a kickback for referring settlement business is illegal, and affiliated arrangements must be disclosed without required use.
- Federal law protects seven classes
- Race, color, religion, national origin, sex, disability, and familial status are protected under the federal Fair Housing Act.
- The New York Human Rights Law adds classes
- State law adds age, marital status, military status, sexual orientation, gender identity, source of income, and more; NYC adds still more. Verify the current list with the Division of Human Rights.
- Steering, blockbusting, and redlining are illegal
- Directing by protected class, inducing panic sales, and denying loans by area based on protected characteristics are all prohibited.
- Source of income is protected in New York
- Refusing a qualified applicant because they would pay with a Section 8 voucher or other lawful income violates New York law.
Real Estate Contracts and Deeds
20% del examen- Offer and acceptance create mutual assent
- A clear offer must be accepted on its exact terms to form a meeting of the minds.
- Consideration must be exchanged
- Each party gives something of legal value, such as money promised for the property.
- Parties must have legal capacity
- They must be of legal age and sound mind; a minor's contract is generally voidable.
- The purpose must be lawful
- A contract for an illegal purpose is void and unenforceable from the start.
- Real estate contracts must be in writing
- New York's Statute of Frauds requires a signed writing for a sale of land or a lease over one year.
- A counteroffer rejects the original offer
- It terminates the prior offer and creates a new one for the other party to consider.
- Acceptance must mirror the offer
- Any change to terms makes the response a counteroffer rather than an acceptance.
- Executory vs. executed
- An executory contract has duties remaining; an executed contract is fully performed by both sides.
- Void, voidable, and unenforceable differ
- Void has no effect; voidable can be disaffirmed by one party; unenforceable cannot be enforced in court.
- Earnest money shows good faith
- The contract deposit is held in escrow, often by the seller's attorney, and is credited to the buyer at closing.
- Contingencies are conditions to performance
- Mortgage, inspection, board-approval, and title contingencies let a party cancel and recover the deposit if the condition fails.
- Time is of the essence binds deadlines
- When included, missing a stated date is a material breach; otherwise a proper notice is needed to make time of the essence.
- Liquidated damages cap the seller's remedy
- In most New York residential contracts the seller's sole remedy for buyer default is to retain the deposit.
- Exclusive right to sell pays the broker regardless
- The listed broker earns the commission no matter who finds the buyer during the term, including the seller.
- Exclusive agency lets the owner sell commission-free
- The owner owes nothing if they personally find the buyer without any broker's involvement.
- Open listing pays only the procuring broker
- Multiple brokers may compete, and only the one whose efforts produced the buyer is paid; it is a unilateral contract.
- Net listings are restricted in New York
- Paying the broker everything above a set net price creates a conflict of interest and is discouraged or prohibited.
- A valid deed requires delivery and acceptance
- It must be written, name the parties, describe the property, and be signed by the grantor, then delivered and accepted.
- New York commonly uses a bargain and sale deed
- A bargain and sale deed with covenant against grantor's acts is typical; a quitclaim deed conveys only what the grantor has, with no warranties.
- Transfer tax and mansion tax apply in New York
- The state transfer tax is customarily paid by the seller and the mansion tax by the buyer on higher-value homes; verify current rates and thresholds with NY DOS and Taxation and Finance.
- Specific performance can compel the sale
- Because each parcel is unique, a court may order the contract carried out; other remedies include liquidated damages, rescission, and money damages.
Real Estate Finance
16% del examen- The mortgagor is the borrower
- The borrower owns the property and pledges it as security for the loan; the mortgagor gives the mortgage.
- The mortgagee is the lender
- The lender receives the mortgage and holds the security interest until the debt is repaid.
- The note is the promise to repay
- The promissory note is the evidence of the debt; the mortgage is the security instrument that pledges the property.
- New York is a lien-theory state
- The borrower keeps title and possession through hypothecation, and the lender holds only a lien until payoff.
- Fixed-rate loans keep a constant rate
- Level payments of principal and interest fully amortize the loan; ARMs change with an index plus margin within caps.
- Acceleration and alienation clauses protect the lender
- Acceleration calls the full balance due on default; a due-on-sale clause calls it due on transfer, preventing free assumption.
- Conventional loans lack government backing
- They rely on borrower credit and LTV and often require PMI below a set down payment; FHA and VA loans are government-backed.
- New York uses judicial foreclosure
- The lender must sue in court, and a referee conducts the ordered sale; the process is slower and more borrower-protective than power-of-sale states.
- Simple interest equals principal times rate times time
- $300,000 at 6% for one year is 300,000 × 0.06 = $18,000 per year, or $1,500 per month.
- Loan-to-value is loan divided by value
- A $200,000 loan on a $250,000 property is 200,000 ÷ 250,000 = 80% LTV, leaving a $50,000 down payment.
- One discount point equals 1% of the loan
- Two points on a $200,000 loan cost 2 × 0.01 × 200,000 = $4,000, paid at closing to raise the lender's yield.
- Cap rate is net operating income divided by value
- $24,000 of NOI on a $300,000 property is 24,000 ÷ 300,000 = 8%; value = NOI ÷ cap rate.
- The primary market originates loans
- Banks, credit unions, and mortgage companies deal directly with borrowers and fund the closing.
- The secondary market buys existing loans
- Purchasing loans returns cash to lenders so they can originate again, providing liquidity.
- Fannie Mae and Freddie Mac add liquidity
- These government-sponsored enterprises buy conforming conventional loans and issue mortgage-backed securities; Ginnie Mae guarantees securities backed by FHA and VA loans.
- Conforming loans meet agency standards
- Loans within the size limit and quality guidelines are salable; larger ones are jumbo and limits change over time.
- Regulation Z (TILA) requires APR disclosure
- The Truth in Lending Act mandates disclosure of the APR and finance charge and regulates trigger-term advertising.
- APR reflects the true cost of credit
- It folds in certain fees and points beyond the note rate so borrowers can compare offers accurately.
- RESPA bans kickbacks and limits escrow
- It applies to most federally related residential loans, prohibits unearned referral fees, and limits required escrow amounts.
- TRID delivers the Loan Estimate and Closing Disclosure
- The borrower gets a Loan Estimate after applying and the Closing Disclosure at least three business days before closing; verify current timing with the CFPB.
Real Estate Practice: Valuation, Property Management, Closing, and Math
18% del examen- Sales comparison uses comparable sales
- It adjusts recently sold similar properties and is most reliable for single-family homes, co-ops, and condos.
- Cost approach adds land to depreciated improvements
- It fits new construction and special-purpose properties like schools and churches that rarely sell.
- Income approach capitalizes net operating income
- It suits income-producing property; value = net operating income ÷ capitalization rate.
- Reconciliation weighs the approaches
- The appraiser gives most weight to the most reliable approach for the property, never a simple average.
- Adjust the comparable, not the subject
- Comparable Better, Subtract: subtract for features the comparable has that the subject lacks, add for the reverse.
- Superior features are subtracted from the comparable
- If a comparable has an extra bathroom worth $10,000, subtract $10,000: 410,000 − 10,000 = $400,000 indicated value.
- Gross rent multiplier gives a quick estimate
- Value equals gross rent times the GRM; $30,000 annual rent × a GRM of 9 = $270,000.
- Depreciation reduces improvement value
- It can be physical, functional, or external (economic); external obsolescence is usually incurable, and land is not depreciated.
- A property manager is a general agent
- The role covers ongoing duties like leasing, screening, maintenance, rent collection, and reporting; managing for others generally requires a license.
- The manager maximizes return and preserves value
- A sound operating budget balances short-term income against the property's long-term value.
- Estate for years has a definite term
- It ends automatically on the stated date without notice, whatever its length.
- Periodic estate renews until proper notice
- A month-to-month tenancy continues for successive periods until either party gives legal notice; a holdover is a tenancy at sufferance with the least protection.
- New York closings are attorney-conducted
- Buyer's, seller's, and lender's attorneys handle settlement and the deed delivery rather than an escrow company.
- Title is searched and insured
- An abstract of title is examined for marketable title, and title insurance indemnifies against covered undiscovered defects.
- Closing items are prorated
- Taxes, fuel, and maintenance are divided as of the closing date so each party pays only for their ownership period.
- Transfer tax and mansion tax apply
- The state transfer tax is customarily paid by the seller; the mansion tax on higher-value homes is customarily paid by the buyer. Verify current rates and thresholds with NY DOS and Taxation and Finance.
- Area of a rectangle is length times width
- A 200-by-300-foot lot contains 200 × 300 = 60,000 square feet; a triangle is one-half base times height.
- One acre equals 43,560 square feet
- 87,120 ÷ 43,560 = 2 acres; convert any square footage by dividing by 43,560.
- Commission equals price times rate
- A $320,000 sale at 6% is 320,000 × 0.06 = $19,200 total before splits; to net a target, divide by (1 − rate).
- Refer beyond your expertise and disclose defects
- Recommend inspections, never conceal known material defects, follow the pre-1978 lead-paint rule and the ADA, and route legal and tax questions to professionals.
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