New York Real Estate License Law and Regulations

Vocabulary practice flashcards covering real estate license qualifications, administrative discipline, regulatory definitions, and Article 12-A statutory requirements in New York State.

Continuing Education

The post-license education required for real estate salespersons and brokers to maintain their licenses.

Article 78 Proceeding

A legal proceeding through which a licensee can challenge a fine, action, or determination issued by the Department of State.

Change of Association

The official process by which a salesperson's license changes sponsorship from one broker to another.

Sponsor

A licensed real estate broker who holds the license of a salesperson.

Apartment Information Vendor

Any person who engages in the business of claiming, demanding, charging, receiving, collecting, or contracting for the collection of a fee from a customer for furnishing information concerning the location and availability of residential real property or apartment housing.

Administrative Discipline

The Department of State's authority to enforce license laws through reprimand and denial, as well as the suspension and revocation of real estate licenses.

Associate Broker

A licensed real estate broker who works under and/or for another real estate broker.

Escrow

A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition.

Misdemeanor

A crime that, under Article 12-A, is punishable by up to a year in prison and/or a $1,000 fine.

Pocket Card

An official card issued to a real estate salesperson displaying their photo, name, and business address, but not their personal address.

Fair Housing Training

A mandatory 3 hours of coursework required every two years as part of a licensee's 22.5 hours of continuing education.

Summary of Your Submission

The specific document that an applicant must bring with them when appearing for the New York State real estate salespersons exam.

5 Business Days

The period within which the Department of State requires a real estate salesperson to report changes in name, status, or brokerage firm.

Real Estate Attorney

A professional exempt from the requirement to obtain a real estate salespersons or brokers license to practice real estate.

Commission

A financial compensation that an individual is not legally entitled to receive for real estate services without holding a valid real estate license.