How current events impact your business and real estate holdings

Thursday, May 10, 2018

4-3-18 NYS Board of Real Estate meeting summary

On 4-3-18 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."

The meeting was relatively brief, but did include some interesting comment, including:
- From January through March, there were 221 real estate complaints.
- New real estate brokerage course curriculum has been released to schools and is anticipated to be in place by 9-1-18. This curriculum includes 5 hours on office operations.
- Suggestions for changes to the industry included: (a) a requirement to place license numbers on marketing materials; (b) creating a system so that deceased broker's licenses are terminated and cannot be continued wrongfully by others; and (c) expanding eaccessNY to indicate when a salesperson / associate real estate broker / broker is inactive or suspended. 

The next meeting was referenced to be June 1, 2018, but was not confirmed.