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New York Real Estate for Salespersons, 5 th e

New York Real Estate for Salespersons, 5 th e. By Marcia Darvin Spada Cengage Learning. Chapter 1. License Law and Regulations. Chapter 1 Key Terms. Administrative discipline Apartment information vendor Apartment sharing agent Appraiser Article 12-A Article 78 proceeding

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New York Real Estate for Salespersons, 5 th e

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  1. Chapter 1 License Law and Regulations New York Real Estate for Salespersons, 5the By Marcia Darvin Spada Cengage Learning

  2. Chapter 1 License Law and Regulations Chapter 1 License Law and Regulations

  3. Chapter 1 Key Terms Administrative discipline Apartment information vendor Apartment sharing agent Appraiser Article 12-A Article 78 proceeding Associated real estate broker Continuing Education Commingling Escrow Exemptions Home inspector Listing agreement Kickback Misdemeanor

  4. Chapter 1 Key Terms (continued) Multiple listing service Net listing Pocket card Real estate broker/salesperson Reciprocity Revocation Sponsor Suspension Terminate Termination of association Violation

  5. Chapter 1 License Law and Regulations Categories of Licensure

  6. Requirements for Salesperson Licensure Chapter 1 License Law and Regulations

  7. Chapter 1 License Law and Regulations Broker Licensure Requirements Two year’s experience as a salesperson or three year’s equivalent experience 20 years old or older Pass the NYS exam 120 hours of qualifying education

  8. Registering for the LicensureExam eAccessNY:http://www.dos.ny.gov/licensing/eaccessny.html Chapter 1 License Law and Regulations

  9. Chapter 1 License Law and Regulations What to Bring to the NYS Exam Driver’s license or other government ID-must be photo bearing $15 exam fee Two #2 pencils Calculator (silent and non printing if desired) You will be thumb printed

  10. Registering for the LicensureExam http://www.dos.ny.gov/licensing/eaccessny.html • Schedule exam on the DOS Occupational Licensing Management System, eAccessNY. • OneAccessNY, view your scheduled exam details or exam results • User-friendly access with a personal ID and password • Exam results are reported as passed or failed and available online as soon as possible after they are received by the Exam Unit and scored. Chapter 1 License Law and Regulations

  11. LicensureExam • You should bring the page you were requested to print when you scheduled your exam on eAccessNY • You must have a grade of at least 70% to pass. Exam time 1.5 hours; all questions: multiple choice • If you fail the exam, you can schedule another exam by utilizing your account in eAccessNY. • You can apply for your license online-broker sponsorship will be accessed online Chapter 1 License Law and Regulations

  12. Chapter 1 License Law and Regulations Duties that Require Licensure Real estate transactions for others and for compensation, such as: Listing Selling Purchasing Negotiating Leasing and renting Auctioning Exchanging

  13. Chapter 1 License Law and Regulations SALESPERSON AND BROKER APPLICATION Salesperson Application: First, pass exam Most applications submitted online Application fee: $50 Broker application: First, pass exam Submit hard copy application Include business organization Experience points Application fee: $150

  14. Chapter 1 License Law and Regulations The Broker Point System 14

  15. The Broker Point System Explained • Point system to clarify real estate experience • Required for the broker license • A certain number of points allotted for • various types of experience • For example, 250 points for the sale of a single • family house, a condo, co-op unit, multifamily or a farm (with • residence under 100 acres) • You must multiply the allotted points in each category • by the number of transactions per category and total the points from each category Chapter 1 License Law and Regulations

  16. Point System Experience • Experience for a broker license may be obtained through: • one type of experience such as residential sales • a variety of experiences such as residential and commercial sales, property management, and leasing • Three types of experience are: • two years as a salesperson and the accumulation of 3,500 points: • three years’ equivalent experience in general real estate and 5,250 points • combined experience including work as a salesperson and general real estate and 5,250 points • . Chapter 1 License Law and Regulations

  17. Chapter 1 License Law and Regulations Licensure Requirements

  18. Chapter 1 License Law and Regulations Maintaining the License All broker’s licenses must be displayed and salesperson’s licenses must be kept by the broker Branch offices must be supervised by the broker and managed by a broker or associate broker Professional liability insurance - called errors and omissions

  19. Chapter 1 License Law and Regulations Office Requirements

  20. Chapter 1 License Law and Regulations Responsibilities of Sponsoring Brokers

  21. Chapter 1 License Law and Regulations Licensure Fees LICENSURE FEE Salesperson license $ 50 Associate broker/broker license $150 Each broker branch office $150 Exam fee $ 15 Change of salesperson name $ 50 Change of broker name or status $150 Change of address $ 10 Termination of association $ 10 New association $ 10 Duplicate license/pocket card $ 10

  22. Chapter 1 License Law and Regulations Reciprocity New York has reciprocity with the following states: Arkansas Colorado Connecticut Georgia Massachusetts Mississippi Oklahoma Pennsylvania West Virginia

  23. Chapter 1 License Law and Regulations Licenses related to Real Estate Apartment information vendor Apartment sharing agent Real estate appraiser Home inspector Mortgage broker Mortgage banker Mortgage loan originator

  24. NY State Real Estate Appraiser Licensure/Certification • State Licensed Appraiser Assistant • State Licensed Real Estate Appraiser • State Certified Residential Appraiser • State Certified General Appraiser • The appraiser assistant license requires no experience Chapter 1 License Law and Regulations

  25. Home InspectionLicensure Requirements • Complete 100-hours of NYS prescribed coursework • Complete 40-hours of supervised fieldwork • Pass the NYS licensure exam • License fee $250-2 year term Chapter 1 License Law and Regulations

  26. Chapter 1 License Law and Regulations Violations of the License Law Conduct that demonstrates untrustworthiness, incompetence Failure to provide clients with copies of listing agreement or contract of sale Making false promises or misrepresentations Commingling the money or property of others Engaging in net listing agreements Publishing blind ads

  27. Chapter 1 License Law and Regulations Accounting Practices for the Brokerage Firm Company dollar Portion of revenue that ends up belonging to the brokerage firm Commingling Mixing the funds of others with the business of personal account Trust or escrow account For all monies received from clients such as deposits and down payments

  28. Chapter 1 License Law and Regulations What is wrong with these ads?

  29. Chapter 1 License Law and Regulations Penalties for Violation of License Law

  30. Chapter 1 License Law and Regulations Seller Property Condition Disclosure Presented before buyer signs contract of sale May help protect licensees from liability

  31. Chapter 1 License Law and Regulations What is a natural gas well? A natural gas wellis a type of well that is dug or drilled that yields or has yielded natural gas. Three types: Oil wells Natural gas wells Condensate wells

  32. Chapter 1 License Law and Regulations Dangers of Uncapped Wells Falling in Leakage of gas Combustion/Explosion

  33. Chapter 1 License Law and Regulations Disclosure Requirements for uncapped natural gas wells Disclosure is made before buyer and seller enter into a contract of sale. Seller must disclose to buyer the existence of any uncapped natural gas wells on the property of which the seller has actual knowledge. Cost of capping should not be passed to new property owner

  34. Chapter 1 License Law and Regulations The Well Head Mounted at the opening of the well to regulate and monitor the extraction of hydrocarbons from underground. Prevents leaking of oil or natural gas out of the well. Prevents blowouts due to high pressure formations.

  35. Stigmatized Property Disclosure • 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 Chapter 1 License Law and Regulations

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