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NYS Real Estate Licensing and Regulation Chapter 1

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25 Questions

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

The Department of State

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

$1,000

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

18 years old

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

2 years

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

22.5 hours

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

Their license is considered expired

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

The Attorney General

What is the highest court in New York State?

The New York Court of Appeals

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

A misdemeanor

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

eAccessNY

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

The salesperson's license is also suspended

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

20 years of age

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

120 hours

What is the purpose of a pocket card?

To show the salesperson's affiliation with a broker

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

Public officers performing official duties

What is the requirement for advertising in New York State?

Ads must indicate the broker's name and telephone number

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

It is illegal

What is the requirement for record keeping by brokers?

Brokers must maintain records for at least 3 years

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

Same as a salesperson

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

Every 2 years

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

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

AIDS

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

natural

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

certain

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

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

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.

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