NYS Real Estate Licensing and Regulation Chapter 1

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Questions and Answers

Which entity is primarily responsible for issuing real estate licenses and pocket cards?

The New York Court of Appeals

The NYS Real Property Law

The Attorney General

The Department of State (correct)

What is the maximum fine that can be imposed by the Department of State for violations of the Real Property Law?

$5,000

$10,000

$500

$1,000 (correct)

What is the minimum age requirement for obtaining a real estate salesperson's license?

18 years old (correct)

21 years old

16 years old

17 years old

What is the duration of a real estate salesperson's license?

2 years Signup and view all the answers

How many hours of Continuing Education must a real estate salesperson complete before renewing their license?

22.5 hours Signup and view all the answers

What happens if a real estate salesperson fails to renew their license within 2 years?

Their license is considered expired Signup and view all the answers

Which entity is responsible for prosecuting criminal actions for violations of the Real Property Law?

The Attorney General Signup and view all the answers

What is the highest court in New York State?

The New York Court of Appeals Signup and view all the answers

What is the consequence of violating any provision of Article 12-A of the NYS Real Property Law?

A misdemeanor Signup and view all the answers

Through which platform can a real estate salesperson renew their license online?

eAccessNY Signup and view all the answers

What is the consequence if a broker's license is suspended or revoked?

The salesperson's license is also suspended Signup and view all the answers

What is the minimum age requirement to obtain a broker's license?

20 years of age Signup and view all the answers

What is the total number of hours of coursework required to obtain a broker's license?

120 hours Signup and view all the answers

What is the purpose of a pocket card?

To show the salesperson's affiliation with a broker Signup and view all the answers

Who is exempt from obtaining a real estate license in New York State?

Public officers performing official duties Signup and view all the answers

What is the requirement for advertising in New York State?

Ads must indicate the broker's name and telephone number Signup and view all the answers

What is the consequence of a blind ad in New York State?

It is illegal Signup and view all the answers

What is the requirement for record keeping by brokers?

Brokers must maintain records for at least 3 years Signup and view all the answers

What is the status of an associate broker in a firm?

Same as a salesperson Signup and view all the answers

What is the duration of a broker's license renewal?

Every 2 years Signup and view all the answers

According to Article ______ of the NY Real Property Law, sellers and seller agents do not have to disclose certain facts when selling or leasing residential property.

443-a Signup and view all the answers

Sellers and seller agents do not have to disclose the fact that occupants have ______ or other illnesses not transmitted through occupancy.

AIDS Signup and view all the answers

Properties that were a site of death due to ______ causes, accidents, suicide, homicide, crime, and other reasons do not have to be disclosed.

natural Signup and view all the answers

Sellers and seller agents are not required to disclose ______ facts when selling or leasing residential property.

certain Signup and view all the answers

Sellers and seller agents do not have to disclose the fact that a property was a site of death due to ______, homicide, crime, and other reasons.

suicide Signup and view all the answers

Study Notes

Department of State

Responsible for issuing real estate licenses and pocket cards
Handles disciplinary actions

Attorney General

Prosecutes criminal actions for violations of the Real Property Law

New York Court of Appeals

Highest court in New York State

Misdemeanor

Violations of the Real Property Law are punishable as misdemeanors

Real Estate License Requirements

Salesperson

Must be at least 18 years old
License is valid for 2 years
Requires 22.5 hours of Continuing Education for renewal
Can perform acts authorized for brokers, but on behalf of a sponsoring broker

Broker

Requires at least 2 years of experience as a salesperson
Must be at least 20 years old
Requires completion of 45-hour NYS real estate broker’s course (120 hours total coursework)
Must pass the State real estate broker’s exam
License must be renewed every 2 years

Associate Broker

Must fulfill same requirements as a broker
Status in the firm is the same as a salesperson

Pocket Card

Issued by the Department of State
Salesperson must carry it at all times and show on demand
Held with the sponsoring broker

License Exemptions

Attorneys admitted to the NY State Bar are exempt, but must obtain a broker’s license if they employ salespersons
Public officers are exempt when performing official duties
Persons under the judgment or order of a court

Advertising

All advertisements must indicate the broker’s name and telephone number
Must indicate the actual location of the property being advertised
Blind ads are illegal in New York State

Stigmatized Property Disclosure

Sellers and seller agents do not have to disclose:
- Occupants with AIDS or other illnesses not transmitted through occupancy
- Properties that were a site of death due to natural causes, accidents, suicide, homicide, crime, and other reasons

Record Keeping

Brokers must maintain records of all transactions for at least 3 years

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Description

Test your knowledge of the New York State Department of State's role in issuing real estate licenses, pocket cards, and disciplinary actions. Learn about the Attorney General's responsibilities and the New York Court of Appeals' jurisdiction.