Real Estate Brokerage Regulatory Updates - 5/31/19 NYS Board Of Real Estate Meeting Summary

On 5/31/19 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, Rochester 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 here.

In summary, the following was discussed:

1. Complaints: From 1/1/19 to 4/30/19, the Department of State received 241 complaints about licensees. For perspective, there are 134,964 licensees in New York State.
2. Testing: In 2018, of the 27,209 individuals who sat for the salesperson exam, 14,172 passed, which is roughly a 52% pass rate; of the 2,215 individuals who sat for the brokers exam, 1,447 passed, which is a 55% pass rate.
3. Regulations: The Board is considered updating advertising regulations as to web based advertising where lead generation will be specifically addressed. Additionally, corporate titles was raised as a concern and a committee was assigned to study the issue. The simple solution stated was increased enforcement. 
4. Discrimination: Lawful source of income was discussed and the Department, while working with the Division of Human Rights, is hopefully going to issue guidance. 

Remember, to take Lieb School's online classes to stay ahead of your profession.