New York Real Estate Salesperson
Exam With Actual Questions & Verified
Answers,Plus Rationales/Expert
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A+/2026 /Latest Update/Instant
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1. What is the main purpose of the New York Real Estate License Law?
A. To regulate property taxes
B. To protect the public from dishonest practices
C. To control housing prices
D. To establish building codes
B. To protect the public from dishonest practices
Rationale: The law exists primarily to protect consumers and ensure
ethical conduct by licensees.
2. A real estate salesperson must be supervised by:
A. Any licensed broker
B. A licensed attorney
C. A licensed real estate broker
D. A mortgage lender
C. A licensed real estate broker
Rationale: Salespersons cannot operate independently; they must work
under a broker.
3. Which of the following is considered a fiduciary duty?
A. Advertising a property
B. Loyalty to the client
C. Inspecting the property
, D. Charging a fee
B. Loyalty to the client
Rationale: Fiduciary duties include loyalty, obedience, disclosure,
confidentiality, accounting, and reasonable care.
4. What is required for a valid listing agreement?
A. Verbal consent
B. Written contract signed by the seller
C. Handshake agreement
D. Notarized signature
B. Written contract signed by the seller
Rationale: In New York, listing agreements must be in writing to be
enforceable.
5. A dual agent represents:
A. Only the buyer
B. Only the seller
C. Both buyer and seller
D. The mortgage lender
C. Both buyer and seller
Rationale: Dual agency occurs when one broker represents both parties
in a transaction, with informed consent.
6. What is the maximum security deposit a landlord may require for an
apartment in New York?
A. One month’s rent
B. Two month’s rent
C. Three month’s rent
D. Four month’s rent
A. One month’s rent
Rationale: Under New York law, landlords cannot charge more than
one month’s rent as a security deposit.
7. How long must a broker keep records of real estate transactions?
A. 1 year
B. 2 years
C. 3 years
, D. 5 years
C. 3 years
Rationale: Brokers must maintain transaction records for at least three
years for auditing and legal purposes.
8. What type of ownership allows two or more people to have equal shares
with right of survivorship?
A. Tenancy in common
B. Joint tenancy
C. Cooperative
D. Fee simple absolute
B. Joint tenancy
Rationale: Joint tenancy includes the right of survivorship, meaning a
deceased owner’s share passes to surviving owners.
9. Which of the following is an example of a latent defect?
A. Cracked window
B. Leaking roof
C. Foundation issue hidden from view
D. Worn carpet
C. Foundation issue hidden from view
Rationale: Latent defects are hidden problems that are not easily
discovered upon ordinary inspection.
10.A “net listing” is illegal in New York because:
A. It undercuts the market
B. It allows the broker to keep all excess proceeds
C. It requires dual agency
D. It violates zoning laws
B. It allows the broker to keep all excess proceeds
Rationale: Net listings can create conflicts of interest and are therefore
prohibited in New York.
11.Which document transfers title of real property?
A. Lease
B. Deed
C. Mortgage
Exam With Actual Questions & Verified
Answers,Plus Rationales/Expert
Verified For Guaranteed Pass Graded
A+/2026 /Latest Update/Instant
Download Pdf
1. What is the main purpose of the New York Real Estate License Law?
A. To regulate property taxes
B. To protect the public from dishonest practices
C. To control housing prices
D. To establish building codes
B. To protect the public from dishonest practices
Rationale: The law exists primarily to protect consumers and ensure
ethical conduct by licensees.
2. A real estate salesperson must be supervised by:
A. Any licensed broker
B. A licensed attorney
C. A licensed real estate broker
D. A mortgage lender
C. A licensed real estate broker
Rationale: Salespersons cannot operate independently; they must work
under a broker.
3. Which of the following is considered a fiduciary duty?
A. Advertising a property
B. Loyalty to the client
C. Inspecting the property
, D. Charging a fee
B. Loyalty to the client
Rationale: Fiduciary duties include loyalty, obedience, disclosure,
confidentiality, accounting, and reasonable care.
4. What is required for a valid listing agreement?
A. Verbal consent
B. Written contract signed by the seller
C. Handshake agreement
D. Notarized signature
B. Written contract signed by the seller
Rationale: In New York, listing agreements must be in writing to be
enforceable.
5. A dual agent represents:
A. Only the buyer
B. Only the seller
C. Both buyer and seller
D. The mortgage lender
C. Both buyer and seller
Rationale: Dual agency occurs when one broker represents both parties
in a transaction, with informed consent.
6. What is the maximum security deposit a landlord may require for an
apartment in New York?
A. One month’s rent
B. Two month’s rent
C. Three month’s rent
D. Four month’s rent
A. One month’s rent
Rationale: Under New York law, landlords cannot charge more than
one month’s rent as a security deposit.
7. How long must a broker keep records of real estate transactions?
A. 1 year
B. 2 years
C. 3 years
, D. 5 years
C. 3 years
Rationale: Brokers must maintain transaction records for at least three
years for auditing and legal purposes.
8. What type of ownership allows two or more people to have equal shares
with right of survivorship?
A. Tenancy in common
B. Joint tenancy
C. Cooperative
D. Fee simple absolute
B. Joint tenancy
Rationale: Joint tenancy includes the right of survivorship, meaning a
deceased owner’s share passes to surviving owners.
9. Which of the following is an example of a latent defect?
A. Cracked window
B. Leaking roof
C. Foundation issue hidden from view
D. Worn carpet
C. Foundation issue hidden from view
Rationale: Latent defects are hidden problems that are not easily
discovered upon ordinary inspection.
10.A “net listing” is illegal in New York because:
A. It undercuts the market
B. It allows the broker to keep all excess proceeds
C. It requires dual agency
D. It violates zoning laws
B. It allows the broker to keep all excess proceeds
Rationale: Net listings can create conflicts of interest and are therefore
prohibited in New York.
11.Which document transfers title of real property?
A. Lease
B. Deed
C. Mortgage
