On 11/7/15 the NYS Board of
Real Estate continued its mission of optimizing the regulation of real
estate brokers in our state by holding its meeting in NYC, Buffalo and Albany.
To remind real estate brokers and salespersons, the public is welcome at these
meetings where the public can bring comments from the floor. It’s encouraged
that Lieb School students
attend these meetings to have your voices heard.
"[T]he Board has general authority to promulgate rules
and regulations affecting real estate brokers and salespersons in order to
administer and effectuate the purposes of Article 12-A of the Real Property
Law."
A complete video of the meeting is available on YouTube.
In summary, the following was discussed:
A complete video of the meeting is available on YouTube.
In summary, the following was discussed:
1.
New Rules: A rule making package for new
regulations in the field is going through the regulatory process concerning the
following topics:
a.
Setting a specific timeframe to deposit escrow
monies rather than a reasonable time as the rule currently requires;
b.
Rules concerning brokers who accept money from
their client as opposed to the existing rule concerning a broker accepts money
from all clients;
c.
Including a 1 hour safety training course in the
curriculum;
d.
Modifying continuing education from a required
minimum of 3 hours to 1 hour;
e.
Changing 1 credit of continuing education from constituting
1 hour of study to only constituting 50 minutes of study; and
f.
Revising the advertising regulations to require business
cards to include the actual title of the cardholder on the card.
2.
Clarification of School Regulations: It was
clarified that online schools and brick and mortar schools are regulated
equally with regard to having a brokerage NOT control or own the school.
3.
Continuing Education Credits: In the distant
horizon the Department of State is implementing an online continuing education
credit system so agents will not need to keep their original certificates at
such time.
4.
Brokerage Curriculum:
a.
Changes to the broker’s curriculum were voted
and approved as published. Such changes are not effective yet as there is a
long regulatory process.
b.
The Board discussed updating the salesperson’s
curriculum next and possibly updating the test to make it more difficult.
However, it was pointed out that only approximately 60% pass the salesperson’s
exam, as currently written, so making it harder may be too large of a barrier
to entry into the field.
c.
The Board clarified that the legislature would
have to make a high school diploma or GED a requirement of licensing because
the statute, as written, does not give the Department of State the power to implement
such regulations.
