Real Estate Chapter 1 Review

NYS Department of State

The Department of State is primarily responsible for issuing real estate licenses, pocket cards, and handing down disciplinary action.

Attorney General

According to Article 12-A (NYS Real Property Law), the Attorney General shall prosecute criminal actions for violations of the Real Property Law.

New York Court of Appeals

The New York Court of Appeals is the highest court in New York State

Misdemeanor

Any person who violates any provision of this article shall be guilty of a misdemeanor.

Violations of the Real Property Law

The Department of State may suspend or revoke a real estate salesperson or broker’s license for violations of the Real Property Law. may impose a fine not to exceed $1,000

Real Estate salesperson license

• must be at least 18 years old

• only vaild for 2 years

• must renew their license by doing a 22.5 hour continuing education course

• if failed to renew then license is expired

Real Estate Brokers License

• have at least 2 years of experience as real estate salesperson

• 20 years old

• complete 45-hour NYS real estate broker course

• renew every 2 years

Associate Broker

Same requirements as a broker, their status in the firm is the same as the salesperson

Pocket Card

• the DOS issues a real estate licnese and a pocket card

• salesperson’s license is held with their sponsoring broker

• salesperson must carry their pocket card at all times

Suspension or Revocation of Sponsor’s License

• if a brokers license is suspended the salesperson working under them shall also have their license suspended

License Exemptions

• attorneys are exempt from obtaining a license if they represent a client

• if an attorney wants to employ salespersons they must obtain a brokers license

• public officers are exxempt when performing offical duties

• person under the judgement or order of a court

Advertising

• must indicate that the advertiser is a broker or give the name of the broker and his telephone number

• must indicate the name of the geographical area or in which such property is actually located

Blind Advertising

Ads that do not contain the broker and give the name and telephone number of the broker is considered illegal in NYS

Stigmatized Property Disclosure

do not have to disclose info when selling or leasing residential property

• occupants who have 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