Blog Becoming a Real Estate Agent Free New York Real Estate Practice Exam Questions 2024

Free New York Real Estate Practice Exam Questions 2024

New York will always be a hot real estate market. There will always be demand for properties in the city that never sleeps. You can choose from upscale downtown NYC lofts or stately Long Island homes to find the ideal unit. 

Individuals seeking a new career may get in on the excitement New York real estate has to offer. It’s ideal for people who love a fast-paced work environment. And the potential to make money is unreal. 

But before you enter the market, you must obtain a real estate license. And before you get your license, you must pass the real estate exam. 

New York practice exam

The real estate exam is challenging. But if you are familiar you are with the material, you will increase your odds of passing. This article will review various aspects of the real estate exam to prepare you for the road ahead. 

New York real estate laws and regulations

The New York State Attorney General oversees the state’s real estate operations and enforces laws and regulations. These laws and regulations are included in the real estate exam. They also guide an agent’s career as they move forward in the industry. 

The state enforces several laws and regulations. This section will discuss some of the most important ones. 

• Homestead Laws: Homestead laws concern the properties New Yorkers can claim as a homestead and the tax exemptions they are entitled to. The homestead is the primary living residence and its surrounding land. Tax exemptions can range from $75,000 to $150,000 depending on where you live. The money can be used to purchase burial plots and homes. You can also file bankruptcy if you have lived in your property for more than 180 days and are a New York resident. 
• Property Line and Fence Laws: These laws define property lines and can help settle disputes between neighbors. They determine where and how fences can be built and where livestock can roam. They also limit the extent to which a tree’s branches can grow into a neighbor’s property. 
• Adverse Possession: Adverse possession allows a person who has lived in or tended to a property for a certain amount of time to become its rightful owner. It also controls hostile trespassing and prevents people from entering a property illegally. 
• Concealed Handgun Laws: Handgun laws can relate to property. Premise licenses allow the license holder to possess a firearm at the home or business.  They differ from carry licenses that allow licensees to carry a gun on their person. 
• Lease and Rental Agreements: Lease and rental agreements regulate landlord-tenant relationships. They control how much a landlord can charge for a security deposit and rent increases. They also regulate evictions and health and safety within a rental unit. They prohibit landlords from discriminating against potential tenants based on gender, ethnicity, disability, or other factors. 
• Disclosure: Disclosure laws state that a seller or agent must disclose information concerning the home’s defects before making an offer. If they do not disclose the information, they must pay a $500 fine to the buyer at closing. Failure to disclose certain facts can also cause the deal to fall through. 

What’s on the New York real estate exam?

• State License Law and Regulations: State license law and regulations cover topics like license eligibility and renewals. It covers the code of ethics you must follow to maintain your license. It pertains to what your license allows you to do and the prohibited activities. 
• Law of Agency: Law of agency refers to the relationship between the agent and the client. It covers how the agent represents the client and their duties and responsibilities. 
• Legal Issues: Several legal issues can arise in a real estate transaction. They include contract disputes, false advertising, misrepresentation, discrimination, and zoning issues. Applicants must be aware of legal issues and understand how to stay on the right side of the law. 
• Contracts: The most common types of real estate contracts are purchase agreements, real estate assignment contracts, and lease agreements. However, other contracts may be necessary in a real estate transaction. Applicants must be familiar with these contracts, their content, and how to read them. 
• Finance: Finance refers to how people purchase real estate. In most instances, the buyer puts down a cash payment and pays off the rest of the loan. But cash purchases can also occur. 
• Land Use: Land use refers to how buyers use their land. It pertains to the types of properties you build on your land and their design. 
• Construction and Environmental Issues: The main environmental issues include lead paint, asbestos, mold, radon, and other types of contamination. Construction refers to how and where buildings are built. Applicants must understand the implications of both issues to pass the exam. 
• Valuation: Valuation covers how much a property is worth. Agents must be aware of the factors that affect appraisals, including the market, the condition and location of the home, and other elements. 
• Fair Housing: Fair Housing laws prohibit sellers and landlords from discriminating against buyers and renters in real estate transactions. 
• Insurance and Taxes: There are several types of insurance properties homebuyers may need or want to purchase. For example, most lenders will require buyers to have homeowners insurance. Private mortgage insurance is necessary if buyers make down payments of less than 20%. Flood insurance will protect homeowners in high-risk areas. Homeowners must also pay property taxes and may be eligible for deductions on yearly taxes. 
• Condominiums and Cooperatives: Condominiums and cooperatives operate differently than homes and rental units. They are typically run by an HOA. Applicants must understand what’s involved in coop and condo purchases. 
• Commercial Investment Properties: Commercial investment properties typically refer to multi-family and vacation homes. Applicants must understand the nuances of these types of transactions. 
• Property Management: Property management refers to rent collection, maintenance, repairs, and other tenant interactions. 

New York real estate exam FAQs?

Now you know the basics, such as exam topics and the laws and regulations that may be on the test. But you may still have questions regarding how to take the exam and how much the exam costs. This section will cover real estate exam FAQs to ensure you’re prepared to take the exam. 

1. How many hours of coursework do I need before I can take the exam?

You must complete 77 hours of coursework before you can take the exam. 

2. How do I schedule my exam?

Applicants must schedule their exams on the eAccessNY website. You must sign up for an account before scheduling your exam.

3. What if I require testing modifications?

Differently-abled people who require testing modifications should call the test center directly instead of signing up online. The phone number is 518-474-4429. 

4. What should I bring to the test?

You must bring one current form of government-issued, photo-bearing identification to the exam. You must also bring the “Summary of Your Submission”, the page you were requested to print when you scheduled your exam on the eAccess NY. 

You may also bring a silent, nonprinting, battery or solar-powered calculator that does not have an alphabetic keyboard. PDAs are not permitted. 

5. What is not permitted at the exam?

You may not bring:

• Dictionaries or other reference items
• Large bags and briefcases
• Food or drinks (you are not permitted to eat on the test site)
• Visitors, guests, and children
• Firearms

6. When will I receive my score?

Exam scores will be on the eAccessNY website as soon as they are received by the Exam Unit. They are not available over the phone. 

You will find your score under the “view exam results” tab. If you see the message “waiting for results” it means your score has not been processed yet. 

You will not receive a numerical score. You will only know if you passed or failed. Exam results are valid for two years. 

7. What if I need to change my exam date?

You can reschedule your exam with no penalty up to six days before your exam date. You can reschedule as late as 6 AM on the morning of your test, although you will have to pay a $15 rescheduling fee to do so. 

8. How long is the New York real estate exam?

The exam has 75 multiple-choice questions. You will have 90 minutes to complete it. 

9. How much does it cost to take the real estate exam?

It costs $15 to take the real estate. You must pay $15 each time you take the test. 

10. What is the passing score? 

Students must score at least 70% to pass the real estate exam. 

11. When should I get to the exam?

You must arrive at the test center 30 minutes before the exam to check in with the administrator. 

12. How many people pass the NY real estate exam?

Approximately 60% of people pass the New York real estate exam on their first attempt. 

13. What format is the real estate exam?

The exam is administered on a computer. It is a multiple-choice test with four options for each question. 

14. What if I fail? 

You may take the NY real estate exam unlimited times until you pass the test. You must pay $15 for each retake. You must retake the course if you don’t pass the exam within two years, 

15. I passed the exam. Now what?

After you pass the exam, you must choose a sponsoring broker. The broker will serve as your mentor when you start your new career. You must also submit your fingerprints for a background check. 

Then you must apply for a license with the New York Department of State (DOS). You must mail in your application along with your payment. 

16. What are the qualifications to get a NY real estate license?

You should learn the requirements for obtaining a real estate license before beginning your coursework. The prerequisites are as follows:

• You must be at least 18 years old
• You must have no prior felonies or sex offenses
• You must have a current NY state driver’s license or a non-driver ID
• Unlike most states, you do not need a GED or high school diploma to get a NY real estate license

17. How do I prepare for the test?

The real estate exam is not easy. But with the proper preparation methods, you may pass on your first attempt. Here are some recommended practices:

• Switch Your Study Environments: Research shows that changing your study environment can increase your memory and concentration. If you have been studying at home, try moving to the coffee shop one day. 
• Listen to Calming Music: Calming music will lower stress levels. You can listen to any type of music you like, but generally, classical or instrumental music and music with lo-fi beats work best. Music with lyrics can be distracting. 
• Eat Healthy Snacks: Healthy snacks, like fruit and nuts, will help you concentrate. Avoid sugary foods that give you a temporary boost but cause you to crash later. 

18. How do I choose the right real estate school?

The real estate school you choose can make all the difference in whether you pass or fail the test. Choose a school with an engaging format and a relevant curriculum to increase your chances of passing. If the school has a poor curriculum, you may fail. 

So what should you look for when choosing a real estate school? Characteristics include: 

• Positive reviews: Choose a school with good online and student reviews. If past clients were happy with the curriculum, you will probably benefit from the course. 
• Curriculum offered: The curriculum should cover the test topics. You may also choose a school that offers extras like exam prep and continuing education courses. 
• Cost: Cost is always a consideration. But don’t just choose the cheapest school. Pick the one that offers the best value for your money. 

Conclusion

There will always be a market for New York real estate. Anyone can get started in the industry, but first, you must pass the real estate exam. 

The tips in this article will familiarize you with the exam and increase your chances of passing. The rest is up to you. Good luck in your endeavors.