NEW YORK STATE REAL ESTATE SALESPERSON
LICENSING EXAM 2026 REAL ESTATE
PRINCIPLES ASSESSMENT STUDY GUIDE
COMPLETE QUESTIONS AND ANSWERS
◉ 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
◉ I want to make application to become a 'mortgage broker'. I can
use my experience as a real estate licensee on my application to the
NYS Department of Banking. How many years of experience do I
need? Answer: Two years
◉ Violation of license law is a ___. Answer: Misdemeanor
, ◉ Referring to the question just above, what is the possible penalty?
___ and /or ___. Answer: Up to a fine of $1,000 and /or up to a jail
term of one year.
◉ What is the very first document you should fill out with a new
client or customer? Answer: Agency Disclosure Form
◉ At what moment should you take out the agency disclosure form?
Answer: At first substantive contact
◉ Regarding the question above, define what [agency disclosure
form] means. Answer: In other words, when something of substance
happens, such as when the customer starts to ask questions about
the property.
◉ What should you do if that client or customer refuses to sign the
agency disclosure form? Answer: Fill out an affidavit or a declaration
stating the terms of the refusal to sign. Then sign the affidavit and
have the signature notarized.
◉ As a real estate salesperson, I am practicing ___ agency. Answer:
Special
◉ As a property manager, I am practicing ___ agency. Answer:
General
LICENSING EXAM 2026 REAL ESTATE
PRINCIPLES ASSESSMENT STUDY GUIDE
COMPLETE QUESTIONS AND ANSWERS
◉ 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
◉ I want to make application to become a 'mortgage broker'. I can
use my experience as a real estate licensee on my application to the
NYS Department of Banking. How many years of experience do I
need? Answer: Two years
◉ Violation of license law is a ___. Answer: Misdemeanor
, ◉ Referring to the question just above, what is the possible penalty?
___ and /or ___. Answer: Up to a fine of $1,000 and /or up to a jail
term of one year.
◉ What is the very first document you should fill out with a new
client or customer? Answer: Agency Disclosure Form
◉ At what moment should you take out the agency disclosure form?
Answer: At first substantive contact
◉ Regarding the question above, define what [agency disclosure
form] means. Answer: In other words, when something of substance
happens, such as when the customer starts to ask questions about
the property.
◉ What should you do if that client or customer refuses to sign the
agency disclosure form? Answer: Fill out an affidavit or a declaration
stating the terms of the refusal to sign. Then sign the affidavit and
have the signature notarized.
◉ As a real estate salesperson, I am practicing ___ agency. Answer:
Special
◉ As a property manager, I am practicing ___ agency. Answer:
General
