Page 1 of 227
NY REAL ESTATE SALESPERSON EXAM 2025/2026
BANK COMPLETE CURRENT TESTING QUESTION
AND DETAILED CORRECT ANSWER (VERIFIED)
GUARANTEED PASS/ TOP-RATED A+.
REAL ESTATE SALESPERSON
Ace your New York Real Estate Salesperson exam with this state-
specific guide, designed to master NY property law, agency
relationships, and contract procedures. This resource delivers
scenario-based practice questions and clear explanations
covering licensing requirements, fair housing, and real estate
mathematics.
What is your status under the Internal Revenue code ......
ANSWER ....... A statutory non-employee
What is your status under NY Law, and where you are
supervised by a Broker ...... ANSWER ....... Independent
Contractor
How long are records to be maintained for ...... ANSWER
....... 3 years
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Where do we get our license from ...... ANSWER ....... NY
State Department of State Division of Licensing
Services
How many hours of classes does a salesperson need?
Broker? ...... ANSWER ....... Salesperson = 75 / Broker =
120
What are the age requirements for Salesperson? Broker?
...... ANSWER ....... Salesperson = 18 / Broker = 20
When renewing your license, how many hours of Fair
Housing is required? How many hours of Agency? ......
ANSWER ....... Fair Housing = 3 hours / Agency = 2
hours
Who gives their opinion of value ...... ANSWER .......
Appraiser
Illegal advertisement that does not disclose brokers name,
number, etc. ...... ANSWER ....... Blind Ads
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As a salesperson, you are unauthorized to practice what?
...... ANSWER ....... Law
Gross Potential Income ...... ANSWER ....... total income,
both cash and non cash, before any expenses are
accounted for
Effective Gross Income ...... ANSWER ....... The
estimated rental income the owner anticipates collecting
and that will be available to pay the expenses of owning
the property
How is commercial commission calculated? ...... ANSWER
....... Fixed % method (sale price x commission % =
commission), Graduated % (lg parcels split up using a
scale 7% on 1st $500,000, 6% on the next etc), Fixed Fee
(fixed $ amount), Retainer or hourly fee
What type of expense remains the same for a year ......
ANSWER ....... Fixed Expense
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What type of expense changes weekly ...... ANSWER .......
Variable Expense
Who is in charge of enforcing building codes? ......
ANSWER ....... Building Department
What does a tax assessor do? ...... ANSWER ....... Assess
property value for real estate tax purposes
The difference between an independent contractor and an
employee is? ...... ANSWER ....... Independent
Contractor pays their own taxes
What kind of agent is a salesperson? ...... ANSWER .......
Special Agent
What kind of agent is a property manager ...... ANSWER
....... General Agent
NY REAL ESTATE SALESPERSON EXAM 2025/2026
BANK COMPLETE CURRENT TESTING QUESTION
AND DETAILED CORRECT ANSWER (VERIFIED)
GUARANTEED PASS/ TOP-RATED A+.
REAL ESTATE SALESPERSON
Ace your New York Real Estate Salesperson exam with this state-
specific guide, designed to master NY property law, agency
relationships, and contract procedures. This resource delivers
scenario-based practice questions and clear explanations
covering licensing requirements, fair housing, and real estate
mathematics.
What is your status under the Internal Revenue code ......
ANSWER ....... A statutory non-employee
What is your status under NY Law, and where you are
supervised by a Broker ...... ANSWER ....... Independent
Contractor
How long are records to be maintained for ...... ANSWER
....... 3 years
, Page 2 of 227
Where do we get our license from ...... ANSWER ....... NY
State Department of State Division of Licensing
Services
How many hours of classes does a salesperson need?
Broker? ...... ANSWER ....... Salesperson = 75 / Broker =
120
What are the age requirements for Salesperson? Broker?
...... ANSWER ....... Salesperson = 18 / Broker = 20
When renewing your license, how many hours of Fair
Housing is required? How many hours of Agency? ......
ANSWER ....... Fair Housing = 3 hours / Agency = 2
hours
Who gives their opinion of value ...... ANSWER .......
Appraiser
Illegal advertisement that does not disclose brokers name,
number, etc. ...... ANSWER ....... Blind Ads
, Page 3 of 227
As a salesperson, you are unauthorized to practice what?
...... ANSWER ....... Law
Gross Potential Income ...... ANSWER ....... total income,
both cash and non cash, before any expenses are
accounted for
Effective Gross Income ...... ANSWER ....... The
estimated rental income the owner anticipates collecting
and that will be available to pay the expenses of owning
the property
How is commercial commission calculated? ...... ANSWER
....... Fixed % method (sale price x commission % =
commission), Graduated % (lg parcels split up using a
scale 7% on 1st $500,000, 6% on the next etc), Fixed Fee
(fixed $ amount), Retainer or hourly fee
What type of expense remains the same for a year ......
ANSWER ....... Fixed Expense
, Page 4 of 227
What type of expense changes weekly ...... ANSWER .......
Variable Expense
Who is in charge of enforcing building codes? ......
ANSWER ....... Building Department
What does a tax assessor do? ...... ANSWER ....... Assess
property value for real estate tax purposes
The difference between an independent contractor and an
employee is? ...... ANSWER ....... Independent
Contractor pays their own taxes
What kind of agent is a salesperson? ...... ANSWER .......
Special Agent
What kind of agent is a property manager ...... ANSWER
....... General Agent
