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Questions and Answers
What is the minimum age requirement to become a broker or associate broker in New York?
What is the minimum age requirement to become a broker or associate broker in New York?
- 20 years old (correct)
- 21 years old
- 18 years old
- 25 years old
How many hours of qualifying courses must a salesperson complete in New York?
How many hours of qualifying courses must a salesperson complete in New York?
- 152 hours
- 100 hours
- 120 hours
- 77 hours (correct)
What is the renewal fee for a salesperson license in New York?
What is the renewal fee for a salesperson license in New York?
- $75 every year
- $150 every year
- $105 every 2 years (correct)
- $100 every 2 years
Is there a citizenship requirement to obtain a real estate license in New York?
Is there a citizenship requirement to obtain a real estate license in New York?
What is the total number of qualifying course hours required for a broker or associate broker in New York?
What is the total number of qualifying course hours required for a broker or associate broker in New York?
What is the fee for a Broker or Associate Broker license over the two-year period?
What is the fee for a Broker or Associate Broker license over the two-year period?
Which statement correctly describes the role of an Associate Real Estate Broker?
Which statement correctly describes the role of an Associate Real Estate Broker?
What is the primary function of a Real Estate Broker?
What is the primary function of a Real Estate Broker?
How many continuing education hours are required for license renewal every two years?
How many continuing education hours are required for license renewal every two years?
What distinguishes a Salesperson from a Real Estate Broker?
What distinguishes a Salesperson from a Real Estate Broker?
Which of the following activities requires a real estate license?
Which of the following activities requires a real estate license?
What is a requirement for obtaining a real estate license?
What is a requirement for obtaining a real estate license?
What is the renewal period for a real estate license?
What is the renewal period for a real estate license?
Which of the following entities is responsible for overseeing licensure in real estate?
Which of the following entities is responsible for overseeing licensure in real estate?
Which of the following is NOT a duty that requires a real estate license?
Which of the following is NOT a duty that requires a real estate license?
Who is exempt from licensure requirements in New York?
Who is exempt from licensure requirements in New York?
What must attorneys do to work as brokers in New York?
What must attorneys do to work as brokers in New York?
Which of the following statements about building superintendents and maintenance workers is true?
Which of the following statements about building superintendents and maintenance workers is true?
What is required of a broker regarding their license once it is approved?
What is required of a broker regarding their license once it is approved?
If a broker changes their principal or branch office address, what is required?
If a broker changes their principal or branch office address, what is required?
What is the maximum number of days a broker has to notify the Department of State regarding the termination of a licensee after leaving employment?
What is the maximum number of days a broker has to notify the Department of State regarding the termination of a licensee after leaving employment?
Which of the following is NOT required for dual licensure to take place?
Which of the following is NOT required for dual licensure to take place?
What is the fee required to become a home inspector, and for how long is the license valid?
What is the fee required to become a home inspector, and for how long is the license valid?
Which statement best describes the primary function of a home inspector?
Which statement best describes the primary function of a home inspector?
When a broker changes their association, how must the change and termination be completed?
When a broker changes their association, how must the change and termination be completed?
What is the maximum imprisonment term for a misdemeanor in real estate transactions?
What is the maximum imprisonment term for a misdemeanor in real estate transactions?
What is the consequence of a broker receiving a revocation?
What is the consequence of a broker receiving a revocation?
Why is it important for brokers to maintain records of transactions?
Why is it important for brokers to maintain records of transactions?
For how many years must records be maintained for transactions involving one-to-four-unit properties?
For how many years must records be maintained for transactions involving one-to-four-unit properties?
What happens to an associate broker or salesperson if their brokerage gets suspended?
What happens to an associate broker or salesperson if their brokerage gets suspended?
Which activity is explicitly prohibited for real estate agents?
Which activity is explicitly prohibited for real estate agents?
What constitutes a violation regarding exclusive listing contracts?
What constitutes a violation regarding exclusive listing contracts?
Which action is associated with legal counsel in real estate practices?
Which action is associated with legal counsel in real estate practices?
What is the primary purpose of the Multiple Listing Service (MLS)?
What is the primary purpose of the Multiple Listing Service (MLS)?
Which of these actions requires a real estate agent to seek legal counsel?
Which of these actions requires a real estate agent to seek legal counsel?
What is the purpose of a sign that brokers must put outside their business?
What is the purpose of a sign that brokers must put outside their business?
What constitutes a kickback in the real estate industry?
What constitutes a kickback in the real estate industry?
Why are blind ads considered illegal in real estate?
Why are blind ads considered illegal in real estate?
Which of the following actions would be classified as a substantial and willful misrepresentation under real estate license law?
Which of the following actions would be classified as a substantial and willful misrepresentation under real estate license law?
What is a crucial requirement regarding payment distribution in real estate transactions?
What is a crucial requirement regarding payment distribution in real estate transactions?
What is the primary purpose of maintaining an escrow account in real estate transactions?
What is the primary purpose of maintaining an escrow account in real estate transactions?
Which statement regarding net listings is accurate?
Which statement regarding net listings is accurate?
What is the legal standing on discrimination in real estate activities?
What is the legal standing on discrimination in real estate activities?
What constitutes commingling in the context of real estate finance?
What constitutes commingling in the context of real estate finance?
What requirement must Duncan & Hill Realty Inc now fulfill before a contract is signed?
What requirement must Duncan & Hill Realty Inc now fulfill before a contract is signed?
What is the mandatory requirement when selling a property with uncapped gas wells?
What is the mandatory requirement when selling a property with uncapped gas wells?
Which of the following is NOT a duty performed by licensed assistants?
Which of the following is NOT a duty performed by licensed assistants?
Which statement about stigmatized property disclosure is accurate?
Which statement about stigmatized property disclosure is accurate?
What legal recourse does a revoked or suspended broker have to challenge their status?
What legal recourse does a revoked or suspended broker have to challenge their status?
Where can more information about stigmatized property disclosure be found?
Where can more information about stigmatized property disclosure be found?
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Study Notes
Real Estate Licensing in New York
- The Department of State (DoS) regulates real estate licenses in New York.
- Real Estate Broker: A licensed professional who negotiates real estate transactions for compensation on behalf of others.
- Associate Real Estate Broker: A licensed broker who works under the supervision of another broker.
- Salesperson: A licensed individual who performs real estate tasks under the supervision of a broker.
License Requirements
- Citizenship: No citizenship requirement.
- Age: Salesperson - 18 years old, Broker/Associate Broker - 20 years old
- Education: Salesperson - 77 hours, Broker/Associate Broker - 152 hours
- Fees and Term: Salesperson - $105 every 2 years, Broker/Associate Broker - $185 every 2 years.
Continuing Education
- Real estate licensees in New York are required to complete 22.5 continuing education hours every 2 years.
Exemptions from Licensure
- Attorneys: Attorneys admitted to practice in New York courts are exempt from licensure but must pay a fee to become a broker.
- Tenant Associations and Nonprofit Corporations: These entities are exempt from licensure.
- Building Superintendents/Maintenance Workers: Individuals performing maintenance work for a single property owner are exempt from licensure.
License Display and Other Information
- Brokers must display their licenses on a wall in their office.
- Licensees must retain their photo ID cards.
- Brokers must notify the DoS within 5 days of changing their principal or branch office address.
Association Changes and Home Inspectors
- Changes and terminations of association must be completed online through the DoS.
- Brokers must terminate a licensee from their employment within 5 days of the licensee leaving.
- Brokers must notify the DoS within 5 days of any association changes.
- Dual licensure requires consent from both brokers.
- Home inspectors must pay a fee of $250 for a 2-year license.
Real Estate Broker Requirements and Practices
- Brokers must display a sign outside their business, including in commercial building directories.
- Brokers provide compensation and fee splitting to their licensees.
- Kickbacks (improper payments to unlicensed individuals) are illegal. All payments must go through the broker.
- Blind ads (advertisements without brokerage information) are illegal.
Common Violations of License Law
- Making substantial and willful misrepresentations.
Prohibited Activities
- Offering property for sale or lease without owner permission.
- Placing signs on property without owner consent.
- Withholding information from a listing agreement upon termination of association.
- Continuing exclusive listing contracts beyond termination without written renewal.
- Providing legal services without legal counsel.
MLS (Multiple Listing Service)
- MLS is a system where listings are pooled and shared among member firms.
Escrow Accounts and Related Practices
- An escrow account is a separated, insured bank account that prevents commingling of funds.
- Commingling is mixing owner funds with business or personal funds.
- Net listings (where the seller sets a net amount and the broker keeps the excess) are illegal.
Anti-Discrimination Laws
- Discrimination in housing or commercial space sales, rentals, or advertising is prohibited.
Record Keeping
- Brokers must maintain records of transactions for 3 years.
- Misrepresentations constitute a misdemeanor, punishable by a fine of up to $1000 or imprisonment for up to one year.
- Broker license revocation results in a one-year suspension.
- Associate broker or salesperson suspension is until another broker is found or the period ends.
Property Disclosure
- Licensed assistants can handle tasks like meetings, bookkeeping, and calls, but not licensure duties.
- Property disclosure requires revealing the condition of the property to the buyer or buyer's agent before the seller accepts the purchase.
- Disclosure of uncapped gas wells is mandatory.
- Disclosure of stigmatized property is not mandatory.
Article 443 of the New York Real Property Law
- Provides information on stigmatized property disclosure.
Duncan & Hill Realty Inc. vs Department
- Duncan & Hill Realty Inc. was required to consult an attorney before sellers and buyers sign contracts due to their past practice of not providing advice.
Other Key Information
- Brokers must keep records for at least 3 years.
- Brokers must comply with the Fair Housing Act, which prevents housing discrimination.
- Brokers must be aware of the laws regarding lead-based paint in properties built before 1978.
- Brokers must understand the laws regarding environmental issues and the disclosure of such information to prospective buyers, such as radon gas, asbestos, and mold.
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