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Questions and Answers
Which entity is primarily responsible for issuing real estate licenses and pocket cards?
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?
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?
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?
What is the duration of a real estate salesperson's license?
How many hours of Continuing Education must a real estate salesperson complete before renewing their license?
How many hours of Continuing Education must a real estate salesperson complete before renewing their license?
What happens if a real estate salesperson fails to renew their license within 2 years?
What happens if a real estate salesperson fails to renew their license within 2 years?
Which entity is responsible for prosecuting criminal actions for violations of the Real Property Law?
Which entity is responsible for prosecuting criminal actions for violations of the Real Property Law?
What is the highest court in New York State?
What is the highest court in New York State?
What is the consequence of violating any provision of Article 12-A of the NYS Real Property Law?
What is the consequence of violating any provision of Article 12-A of the NYS Real Property Law?
Through which platform can a real estate salesperson renew their license online?
Through which platform can a real estate salesperson renew their license online?
What is the consequence if a broker's license is suspended or revoked?
What is the consequence if a broker's license is suspended or revoked?
What is the minimum age requirement to obtain a broker's license?
What is the minimum age requirement to obtain a broker's license?
What is the total number of hours of coursework required to obtain a broker's license?
What is the total number of hours of coursework required to obtain a broker's license?
What is the purpose of a pocket card?
What is the purpose of a pocket card?
Who is exempt from obtaining a real estate license in New York State?
Who is exempt from obtaining a real estate license in New York State?
What is the requirement for advertising in New York State?
What is the requirement for advertising in New York State?
What is the consequence of a blind ad in New York State?
What is the consequence of a blind ad in New York State?
What is the requirement for record keeping by brokers?
What is the requirement for record keeping by brokers?
What is the status of an associate broker in a firm?
What is the status of an associate broker in a firm?
What is the duration of a broker's license renewal?
What is the duration of a broker's license renewal?
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.
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.
Sellers and seller agents do not have to disclose the fact that occupants have ______ or other illnesses not transmitted through occupancy.
Sellers and seller agents do not have to disclose the fact that occupants have ______ or other illnesses not transmitted through occupancy.
Properties that were a site of death due to ______ causes, accidents, suicide, homicide, crime, and other reasons do not have to be disclosed.
Properties that were a site of death due to ______ causes, accidents, suicide, homicide, crime, and other reasons do not have to be disclosed.
Sellers and seller agents are not required to disclose ______ facts when selling or leasing residential property.
Sellers and seller agents are not required to disclose ______ facts when selling or leasing residential property.
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.
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.
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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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