NEW YORK STATE REAL ESTATE SALESPERSON
LICENSING EXAM 2026 PROPERTY PRACTICE
TEST PAPER QUESTIONS AND SOLUTIONS
GRADED A+
◉ At what age can you become a real estate salesperson? Answer:
18
◉ Do you need experience in the field to become a salesperson?
Answer: No
◉ What is the minimum age to become a real estate broker? Answer:
20
◉ Do you need a experience in the field to become a broker?
Answer: Yes, evidenced by two years in the business and the buildup
of 3,500 points.
◉ If your license is revoked, how long do you have to wait to re-
apply for it? Answer: One full year
◉ As a licensed salesperson, I can receive compensation from ___.
Answer: Only from my sponsoring broker.
,◉ As a real estate licensee, you will more often than not be an ___,
will receive a ___ from your broker, and will file a ___ on your tax
return to detail your earnings vs. your expenses. Answer:
Independent contractor, 1099, schedule C
◉ Attorneys admitted to the bar in NYS are ___ from the licensure
law, unless they take on salespeople. Answer: Exempt
◉ If you mix your client's money with the office operating funds, it's
called ___ and you have violated which of the fiduciary obligations?
___ Answer: Commingling, Accountability
◉ For how long does a broker need to keep all of his/her paperwork
and records? Answer: Three years
◉ If my license has expired, for how long can I continue to practice
real estate sales? In other words, what is the grace period? Answer:
No grace period
◉ Your real estate license with the pocket card will be sent to your
sponsoring broker. Who holds the license? Who holds the pocket
card? Answer: The broker, Me
, ◉ As a real estate salesperson, you have to take continuing
education every ___ years. Answer: Two years
◉ How many hours of CE are required? Answer: 22.5 hours
◉ There is also a three hour CE component of ___ required every two
years. Answer: Fair housing
◉ Are real estate brokers also required to fulfill the CE requirement?
Answer: Yes
◉ If a seller decides not to provide the purchaser with the 'Property
Condition Disclosure Form', how much of a reduction in price does
he have to give? Answer: $500
◉ If you are truly an independent contractor, what is it that your
broker can provide for you? Answer: Telephone
◉ As an independent contractor, are you paid for the number of
hours you put into a deal or for your 'production'? Answer:
Production
◉ What is the term of real estate licensure? Answer: Two years
LICENSING EXAM 2026 PROPERTY PRACTICE
TEST PAPER QUESTIONS AND SOLUTIONS
GRADED A+
◉ At what age can you become a real estate salesperson? Answer:
18
◉ Do you need experience in the field to become a salesperson?
Answer: No
◉ What is the minimum age to become a real estate broker? Answer:
20
◉ Do you need a experience in the field to become a broker?
Answer: Yes, evidenced by two years in the business and the buildup
of 3,500 points.
◉ If your license is revoked, how long do you have to wait to re-
apply for it? Answer: One full year
◉ As a licensed salesperson, I can receive compensation from ___.
Answer: Only from my sponsoring broker.
,◉ As a real estate licensee, you will more often than not be an ___,
will receive a ___ from your broker, and will file a ___ on your tax
return to detail your earnings vs. your expenses. Answer:
Independent contractor, 1099, schedule C
◉ Attorneys admitted to the bar in NYS are ___ from the licensure
law, unless they take on salespeople. Answer: Exempt
◉ If you mix your client's money with the office operating funds, it's
called ___ and you have violated which of the fiduciary obligations?
___ Answer: Commingling, Accountability
◉ For how long does a broker need to keep all of his/her paperwork
and records? Answer: Three years
◉ If my license has expired, for how long can I continue to practice
real estate sales? In other words, what is the grace period? Answer:
No grace period
◉ Your real estate license with the pocket card will be sent to your
sponsoring broker. Who holds the license? Who holds the pocket
card? Answer: The broker, Me
, ◉ As a real estate salesperson, you have to take continuing
education every ___ years. Answer: Two years
◉ How many hours of CE are required? Answer: 22.5 hours
◉ There is also a three hour CE component of ___ required every two
years. Answer: Fair housing
◉ Are real estate brokers also required to fulfill the CE requirement?
Answer: Yes
◉ If a seller decides not to provide the purchaser with the 'Property
Condition Disclosure Form', how much of a reduction in price does
he have to give? Answer: $500
◉ If you are truly an independent contractor, what is it that your
broker can provide for you? Answer: Telephone
◉ As an independent contractor, are you paid for the number of
hours you put into a deal or for your 'production'? Answer:
Production
◉ What is the term of real estate licensure? Answer: Two years
