NY Real Estate study guide
NY Real Estate · Work through your exam, one topic at a time.
The New York Real Estate Salesperson license is the entry-level credential that lets a person transact real estate business in New York under the supervision of a licensed real estate broker. Candidates typically pursue it to work with buyers, sellers, landlords, and tenants in residential or commercial brokerage, and it is generally the first step for anyone building a career in New York real estate. The NY Real Estate study guide has 5 sections and about 1,589 words.
01Real Estate Principles and Practices
Begin with the bundle of rights: possession, control, enjoyment, exclusion, and disposition. A fee simple absolute is the largest estate.
313 words, about 2 min02New York Real Estate Law and Regulations
The Department of State licenses salespersons and brokers under Article 12-A of the Real Property Law. A salesperson must work under a licensed broker and may never accept compensation directly from a client; a broker may operate independently, and an associate broker works under another broker.
325 words, about 2 min03Agency, Fiduciary Duties, and Brokerage Relationships
Agency arises by express agreement, implication, estoppel, or ratification. In New York the default assumption is that the listing broker represents the seller ; a buyer's agent represents the buyer only after an express agreement.
311 words, about 2 min04Contracts, Financing, and Closings
The statute of frauds requires a writing signed by the party to be charged, containing the essential terms: parties, property description, price, and signature. New York is an attorney state - brokers may negotiate, but attorneys draft and review the contract of sale, and there is no automatic statutory attorney-review period.
330 words, about 2 min05Fair Housing, Ethics, and Consumer Protection
The federal Fair Housing Act (Title VIII of the Civil Rights Act of 1968) , enforced by HUD, prohibits discrimination based on race, color, religion, sex, national origin, familial status, and disability . New York's Human Rights Law goes further, adding age, marital status, sexual orientation, gender identity or expression, military status, source of income, creed, and arrest or conviction record .
310 words, about 2 min