Fees for licensing have increased by $5 as of April 20, 2017. For real estate brokers the fee is now $155 and for real estate salesman (a/k/a, real estate salespersons) the fee is now $55.
Real Property Law 441-b(1) now reads (words in brackets are the former statute and capitalized words represent the now current statute):
The fee for a license issued or reissued under the provisions of
this article entitling a person, co-partnership, limited liability
company or corporation to act as a real estate broker shall be [one
hundred fifty] ONE HUNDRED FIFTY-FIVE dollars. The fee for a license
issued or reissued under the provisions of this article entitling a
person to act as a real estate salesman shall be [fifty] FIFTY-FIVE
dollars. Notwithstanding the provisions of subdivision seven of section
four hundred forty-one-a of this article, after January first, nineteen
hundred eighty-six, the secretary of state shall assign staggered expi-
ration dates for outstanding licenses that have been previously renewed
on October thirty-first of each year from the assigned date unless
renewed. If the assigned date results in a term that exceeds twenty-four
months, the applicant shall pay an additional prorated adjustment
together with the regular renewal fee. The secretary of state shall
assign dates to existing licenses in a manner which shall result in a
term of not less than two years.
Monday, May 29, 2017
Tuesday, May 23, 2017
Many homeowners on the East End rent out their property for various parts of the summer season in order to recoup their carrying costs on the property and to have an additional source of income. Some even rationalize their initial purchase of their vacation home by calling it an investment property, where they plan to designate a set period of time that the property will be used for investment purposes and another limited time where it’s designated for pleasure. So when a friend asks to rent this vacation property, knowing of its availability, it may sound like a godsend: you can have an easy experience, avoid using a real estate broker, and save on brokerage fees while also helping out a friend who will love your property as you do. However, before letting your friend lease your property, you need to ask yourself: do I want to lose my friendship with this prospective tenant if the rental doesn’t work out?
If your answer to this question is that it’s completely inapplicable to you because your plan is to simply allow your friend to live at your expense and you have no problem with the financial burden resulting from the lost income stream, you should nonetheless consider possible liabilities that your friend can cause you. Beyond the liabilities of town/village code violations for noise violations, parking violations, rental permit violations, and so on, there is property damage and don’t forget feeling unappreciated when you are doing a good deed.
Regardless, all landlords should ask themselves the following questions before just jumping to the conclusion that renting to a friend is a good idea:
Friday, May 19, 2017
Available here are all opinions, statutes, cases and other supporting materials for the CLE, Real Estate Business Ethics in 2017, sponsored by eRealty Title Agency Corp. and Fidelity National Title Group, presented on Wednesday, May 17, 2017 at The Viscardi Center.