NY Real Estate Exam Cheat Sheet — Key Formulas, Terms & Topics (2026)

NY Real Estate Exam Cheat Sheet (2026)

Exam basics

Item	Detail
Questions	75 multiple-choice
Time	90 minutes
Passing score	70% — 53 of 75 correct
Provider	PSI Exams
Pre-licensing	77-hour course required first

Top topic areas (approximate weighting)

Topic	~% of exam
License law & regulations	17%
Law of agency	12%
Legal issues / contracts	8%
Finance	10%
Valuation & appraisal	7%
Land use	5%
Construction	5%
Environmental issues	5%
Condominiums / coops	4%
Income property / leases	7%
Math calculations	10%

Key math formulas

Formula	Calculation
Commission	Sale price × commission rate
Loan-to-Value (LTV)	Loan amount ÷ appraised value
Cap Rate	NOI ÷ property value
Gross Rent Multiplier	Sale price ÷ gross annual rent
Proration (daily rate)	Annual amount ÷ 365
Transfer tax (NYS)	$2 per $500 of sale price (0.4%)

Agency relationships — quick reference

Type	Who agent represents
Seller’s agent	Seller only
Buyer’s agent	Buyer only
Dual agent	Both — requires written consent
Subagent	Works for seller through another broker
Designated agent	One agent per party within same firm

Fair housing — 7 protected classes (federal)

Race · Color · Religion · National origin · Sex · Familial status · Disability
NY adds: Age, marital status, sexual orientation, gender identity, and others.

Key terms to know

Term	Meaning
Encumbrance	Claim, lien, or liability attached to property
Easement	Right to use another’s land for a specific purpose
Lien	Financial claim against a property
Fee simple	Greatest ownership interest — absolute ownership
Tenancy in common	Co-ownership, unequal shares allowed, no survivorship
Joint tenancy	Co-ownership, equal shares, right of survivorship
Escrow	Funds held by neutral third party until conditions met
Amortization	Paying off a loan in regular installments
Subordination	Lender agrees its lien ranks below another lender
Steering	Directing buyers toward or away from neighborhoods based on protected class — illegal