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NYS Real Estate Broker License EXAM QUESTIONS AND
CORRECT VERIFIED SOLUTIONS LATEST UPDATE THIS YEAR –
JUST RELEASED
NYS Real Estate Broker License Exam Prep
10-Line Exam Coverage in Points Form
1. Broker Qualification Requirements - Age 20+, 2+ years salesperson experience (or 3
years general real estate field), 152 hours approved qualifying education, pass written
broker exam, and submit application with fees to NYS Department of State
2. License Law & Regulations (Article 12-A) - License required for all brokers/salespersons,
age requirements (broker 20+, salesperson 18+), criminal conviction review provisions,
and exemption for tenant associations managing city-owned residential property
3. Law of Agency & Fiduciary Duties - Broker/salesperson relationships with clients,
fiduciary duties (care, loyalty, obedience, disclosure, accounting, confidentiality),
disclosure requirements, and agency agreements
4. Property Ownership & Estates - Fee simple, life estates, leasehold estates,
condominiums, cooperatives, and common interest ownership; types of estates in land
and their characteristics
5. Liens & Encumbrances - Property liens (mortgage, tax, judgment, mechanic's),
easements (appurtenant, easement in gross), restrictive covenants, and how
encumbrances affect property transfer
6. Real Estate Finance & Mortgages - Mortgage fundamentals, types of loans, lending and
underwriting processes, mortgage broker regulations, and foreclosure procedures
7. Contracts & Conveyances - Sales contracts, lease agreements, listing agreements, deeds
(warranty, quitclaim, bargain and sale), title closing procedures, and costs associated
with property transfer
8. Broker Supervision & Office Management - Responsibilities for supervising salesperson
activities, compliance with license law and agency law, office operations, and associate
broker provisions
9. Land Use Regulations & Environmental Issues - Zoning, building codes, subdivision
regulations, environmental protection laws, and municipal agency oversight in New York
10. Valuation, Appraisal & Real Estate Math - Property valuation approaches, appraisal
methods, tax assessments, and practical math calculations (commission, proration, area,
loan-to-value, mortgage payments)
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MCQs with Rationales
Section 1: Licensing Requirements & Qualifications (Questions 1-25)
1. According to NY Real Property Law § 440-a, what is the minimum age requirement to
obtain a real estate broker license in New York?
A) 18 years old
B) 19 years old
C) 20 years old
D) 21 years old
Correct Answer: C
Rationale: Under NY Real Property Law § 440-a, an applicant must be at least 20 years of age to
be entitled to a real estate broker license, either as an individual, member of a partnership,
member/manager of an LLC, or officer of a corporation . In contrast, a real estate salesperson
applicant only needs to be over 18 years of age .
2. What is the minimum number of years of experience required for a broker license applicant
in New York?
A) One year as a licensed salesperson
B) Two years as a licensed salesperson
C) Three years in general real estate field
D) Either B or C
Correct Answer: D
Rationale: Applicants may qualify through two years of experience as a licensed real estate
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salesperson, or three years of experience in the general real estate field, or a combination of
both. The experience must meet minimum points requirements for the specific experience type,
such as buying/selling personal property or managing property owned by an employer .
3. How many hours of approved qualifying education must a broker applicant complete?
A) 77 hours
B) 120 hours
C) 152 hours
D) 200 hours
Correct Answer: C
Rationale: A real estate broker applicant must satisfactorily complete 152 hours of approved
qualifying education . This is significantly more than the 77 hours required for a salesperson
license . The broker curriculum covers specialized topics like broker supervision, office
management, real estate investments, and property management.
4. Under Article 12-A of the NY Real Property Law, which entity requires a license to engage in
real estate brokerage activities?
A) Only individuals
B) Only corporations
C) Persons, co-partnerships, LLCs, and corporations
D) Only licensed salespersons
Correct Answer: C
Rationale: NY Real Property Law § 440-a requires that no person, co-partnership, limited
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liability company, or corporation shall engage in, follow the business of, or hold themselves out
as a real estate broker or salesperson without first procuring a license . This covers all business
entities and individuals.
5. What is the fee for the initial real estate broker license application?
A) $100
B) $150
C) $185
D) $200
Correct Answer: C
Rationale: The initial broker license application fee is $185 . Additional fees include $185 for a
branch office application, $15 for the written exam, and $185 for license renewal .
6. What type of identification is required on exam day for the NY broker exam?
A) Any government-issued ID
B) A current, government-issued photo-bearing signature identification
C) Only a driver's license
D) Only a passport
Correct Answer: B
Rationale: Candidates must bring a current, government-issued signature identification that is
photo-bearing . Accepted IDs include driver's license, state-issued non-driver ID, IDNYC Card,
military ID, US passport, Employment Authorization Card, and various consular IDs .
NYS Real Estate Broker License EXAM QUESTIONS AND
CORRECT VERIFIED SOLUTIONS LATEST UPDATE THIS YEAR –
JUST RELEASED
NYS Real Estate Broker License Exam Prep
10-Line Exam Coverage in Points Form
1. Broker Qualification Requirements - Age 20+, 2+ years salesperson experience (or 3
years general real estate field), 152 hours approved qualifying education, pass written
broker exam, and submit application with fees to NYS Department of State
2. License Law & Regulations (Article 12-A) - License required for all brokers/salespersons,
age requirements (broker 20+, salesperson 18+), criminal conviction review provisions,
and exemption for tenant associations managing city-owned residential property
3. Law of Agency & Fiduciary Duties - Broker/salesperson relationships with clients,
fiduciary duties (care, loyalty, obedience, disclosure, accounting, confidentiality),
disclosure requirements, and agency agreements
4. Property Ownership & Estates - Fee simple, life estates, leasehold estates,
condominiums, cooperatives, and common interest ownership; types of estates in land
and their characteristics
5. Liens & Encumbrances - Property liens (mortgage, tax, judgment, mechanic's),
easements (appurtenant, easement in gross), restrictive covenants, and how
encumbrances affect property transfer
6. Real Estate Finance & Mortgages - Mortgage fundamentals, types of loans, lending and
underwriting processes, mortgage broker regulations, and foreclosure procedures
7. Contracts & Conveyances - Sales contracts, lease agreements, listing agreements, deeds
(warranty, quitclaim, bargain and sale), title closing procedures, and costs associated
with property transfer
8. Broker Supervision & Office Management - Responsibilities for supervising salesperson
activities, compliance with license law and agency law, office operations, and associate
broker provisions
9. Land Use Regulations & Environmental Issues - Zoning, building codes, subdivision
regulations, environmental protection laws, and municipal agency oversight in New York
10. Valuation, Appraisal & Real Estate Math - Property valuation approaches, appraisal
methods, tax assessments, and practical math calculations (commission, proration, area,
loan-to-value, mortgage payments)
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MCQs with Rationales
Section 1: Licensing Requirements & Qualifications (Questions 1-25)
1. According to NY Real Property Law § 440-a, what is the minimum age requirement to
obtain a real estate broker license in New York?
A) 18 years old
B) 19 years old
C) 20 years old
D) 21 years old
Correct Answer: C
Rationale: Under NY Real Property Law § 440-a, an applicant must be at least 20 years of age to
be entitled to a real estate broker license, either as an individual, member of a partnership,
member/manager of an LLC, or officer of a corporation . In contrast, a real estate salesperson
applicant only needs to be over 18 years of age .
2. What is the minimum number of years of experience required for a broker license applicant
in New York?
A) One year as a licensed salesperson
B) Two years as a licensed salesperson
C) Three years in general real estate field
D) Either B or C
Correct Answer: D
Rationale: Applicants may qualify through two years of experience as a licensed real estate
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salesperson, or three years of experience in the general real estate field, or a combination of
both. The experience must meet minimum points requirements for the specific experience type,
such as buying/selling personal property or managing property owned by an employer .
3. How many hours of approved qualifying education must a broker applicant complete?
A) 77 hours
B) 120 hours
C) 152 hours
D) 200 hours
Correct Answer: C
Rationale: A real estate broker applicant must satisfactorily complete 152 hours of approved
qualifying education . This is significantly more than the 77 hours required for a salesperson
license . The broker curriculum covers specialized topics like broker supervision, office
management, real estate investments, and property management.
4. Under Article 12-A of the NY Real Property Law, which entity requires a license to engage in
real estate brokerage activities?
A) Only individuals
B) Only corporations
C) Persons, co-partnerships, LLCs, and corporations
D) Only licensed salespersons
Correct Answer: C
Rationale: NY Real Property Law § 440-a requires that no person, co-partnership, limited
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liability company, or corporation shall engage in, follow the business of, or hold themselves out
as a real estate broker or salesperson without first procuring a license . This covers all business
entities and individuals.
5. What is the fee for the initial real estate broker license application?
A) $100
B) $150
C) $185
D) $200
Correct Answer: C
Rationale: The initial broker license application fee is $185 . Additional fees include $185 for a
branch office application, $15 for the written exam, and $185 for license renewal .
6. What type of identification is required on exam day for the NY broker exam?
A) Any government-issued ID
B) A current, government-issued photo-bearing signature identification
C) Only a driver's license
D) Only a passport
Correct Answer: B
Rationale: Candidates must bring a current, government-issued signature identification that is
photo-bearing . Accepted IDs include driver's license, state-issued non-driver ID, IDNYC Card,
military ID, US passport, Employment Authorization Card, and various consular IDs .
