continuing education 22.5 hours of approved courses in the two years prior to

Real Estate License Law Flashcards Responsible for enforcing license lawsNY State Department of State Division of Licensing Services continuing education22.5 hours of approved courses in the two years prior to renewal, at least 3 hours of instruction in fair housing or discrimination if a broker's license is suspendedall affiliated licensees working for him are suspended as well place of businessbrokers must maintain a physical place of business within the state of NY Fee for salesperson license$50 for two years salesperson can only receive commissionfrom his or her sponsoring broker (or former broker if there is a dangling commission) net listing agreementthe seller sets a net amount acceptable for the property and then allows the broker to keep the difference btwn that and the actual selling price as the commission. This is illegal. Only a percentage or set amount is acceptable termination of association noticemust be filed by a broker with the Department of State when a salesperson or association broker ends their association with the broker conversionthis occurs if a broker uses any of the money maintained in an escrow account for personal or brokerage expenses (aka stealing)

• yearsthe length of time after the consummation of the transaction

that all contracts and other documents must be retained NY license law requires that brokersprovide licensees regular, frequent and consistent professional guidance, instruction and oversight unlicensed assistanthandles general office administration, i.e. computing commissions, following up on loans, gathering documents, placing and removing signs, preparing and placing ads, typing contracts escrow accountmust be maintained by brokers in a federally insured bank.Broker is legally required to deposit money from a client or customer (such as an earnest money deposit) in this account dual licensurewhen real estate licensees hold more than one license at a time (2 brokers in diff parts of the state or commercial and residential with two different brokers) continuing education exemptionsattorneys, brokers and assoc brokers with more than 15 years of continuous licensure prior to July 2008 revocationpermanent withdrawal of a real estate license. Licensee eligible to apply to the DOS for reinstatement at the end of

one year

License law violations may be punishable by a fine of up to 1000 and/or imprisonment of up to one year To whom should a licensee appeal a Department of State decision?the NY Secretary of State and if the matter is not resolved to his satisfaction to the NY State Supreme Court other real estate-related licensesapartment information vendor, apartment sharing agent, home inspector, real estate appraiser Signagebrokers place of business must include a permanent sign in a conspicuous location Fee for broker/Assoc broker license$150 for two years blind adwhen a property is advertised for sale without broker disclosing the fact she is a licensed real estate broker or when a broker attempts to mislead the public into believing a property is for sale by owner Salesperson applicants mustbe 18 years old, complete 75 hours of training, pass NY State test, have a sponsoring broker DOS imposes penalties but the Attorney General may filecriminal charges as a result of the investigation. License law violations are considered to be misdemeanors.reciprocityallowing a license in one jurisdiction to be valid in another stigmatized propertyone that people think is undesirable bc of a past event occurring there. NOT required to be revealed in NY.Broker applicants mustbe at least 20, complete 120 hours of prelicensing course work (75 +), provide proof of experience (either 2 years and 3,500 points or three years equivalent and 5,250 points record of associationmust be filed by a new sponsoring broker DOS does not have authority tosend a licensee to jail Purpose of real estate license lawsto protect the health, safety and welfare of the public by ensuring a consistent level of competence, ethics and professionalism by real estate licensees licensing exemptionsproperty owners, attorneys, those acting under court order, public officers, tenants associations, employees of an owner (collecting rents or showing apartments) Members of the Board of Real Estate15 including Secretary of State, Executive Director of Consumer Protection Board, 5 brokers Associate broker applicants mustbe at least 20, complete 120 hours of prelicensing course work (75 +), have an associate sponsoring broker, provide proof of experience (either 2 years and 3,500 points or three years equivalent and 5,250 points suspensiona license is withdrawn for a specified period and calls for the performance of a condition prior to reactivation.comminglingthe illegal mixing of money that is held in trust on behalf of others with the brokerage firm's funds