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Showing posts with label NY Real Estate License. Show all posts
Showing posts with label NY Real Estate License. Show all posts

Thursday, January 20, 2022

New York Real Estate License Renewal Questions and Answers for NY Licensed Salespersons, Brokers, and Associate Brokers

What are the Continuing Education requirements for real estate agents in NY?

As of 7/1/2021. All licensees must receive 22.5 hours of continuing education every 2 years to stay licensed. NY Real Estate Brokers and Salespersons that were previously exempt from Continuing Education will no longer be exempt and will need to have completed the full CE requirements, including the new subjects prior to submitting a renewal on or after 7/1/2021. The 22.5 hours must include:

  • 3 hours on fair housing &/or discrimination
  • 2.5 hours on ethical business practices
  • 1 hour on recent legal matters governing the practice of real estate brokers and salespersons in New York, which may include statutes, laws, regulations, rules, codes, Department of State Opinions and Decisions, and Court Decisions
  • 1 hour on the law of agency (2 hours in the initial 2-year cycle)

As of 4/20/2022: All licensees must receive 22.5 hours of continuing education every 2 years to stay licensed. The 22.5 hours must include the following topics:

  • 3 hours on fair housing &/or discrimination
  • 2.5 hours on ethical business practices
  • 1 hour on recent legal matters governing the practice of real estate brokers and salespersons in New York, which may include statutes, laws, regulations, rules, codes, Department of State Opinions and Decisions, and Court Decisions
  • 1 hour on the law of agency (2 hours in the initial 2-year cycle)
  • 2 hours on Cultural Competency

As of 6/19/2022: All licensees must receive 22.5 hours of continuing education every 2 years to stay licensed. The 22.5 hours must include the following topics:

  • 3 hours on fair housing &/or discrimination
  • 2.5 hours on ethical business practices
  • 1 hour on recent legal matters governing the practice of real estate brokers and salespersons in New York, which may include statutes, laws, regulations, rules, codes, Department of State Opinions and Decisions, and Court Decisions
  • 1 hour on the law of agency (2 hours in the initial 2-year cycle)
  • 2 hours on Implicit Bias Awareness and Understanding
  • 2 hours on Cultural Competency

Who regulates my New York State Real Estate License?

The New York, Department of State (DOS) - Note Real Estate Boards / Schools / Trade Organizations are memberships not licensed. 

Are there any exemptions for Continuing Education requirements for real estate agents in NY?

NY Real Estate Brokers and Salespersons that were previously exempt from Continuing Education will no longer be exempt and will need to have completed the full CE requirements, including the new subjects prior to submitting a renewal on or after 7/1/2021.

How do I renew my New York State Real Estate License?
License renewals must be completed online through the Department of State eACCESSny website. Please note that the renewal process requires licensees to validate education completion by answering “Yes” to the Continuing Education question that confirms all CE requirements have been satisfied. If you mistakenly answer “No”, the DOS will not renew your license until they see all original course completion certificates. You also have to hold onto the original course completion certificates in the event of a license audit by the DOS.

Where can I take my Real Estate Continuing Education courses?
Lieb School offers in-person and online real estate CE courses. Lieb School's online real estate courses are on-demand videos and you can take them at your own convenience. All courses are instructed by Attorney Andrew Lieb and satisfy the NY Department of State license renewal requirements. 

Does Lieb School report my completed credits to the NY Department of State (DOS)? Am I responsible for sending my course certificates to the DOS?
Credits received from Lieb School count towards the 22.5 required from the DOS for license renewal. Certificates provided at each class serve as proof of credit hours. After each in-person class, Lieb School provides paper certificates. After each online class, Lieb School provides immediate access to download a certificate. After you complete a Lieb School class, Lieb School will submit to the Department of State, Bureau of Educational Standards, all licensee information for successful completion of each course. Upon license renewal, the DOS will require the original signed certificate if you are selected for an audit. 

How do I download a course certificate after I complete a Lieb School online class? 
  • Login Here (if you forgot your password reset it here)
  • Click on Dashboard
  • Click on "Completed Courses"
  • Click on the class you need the certificate for
  • Scroll to the bottom of the page. You will see "Cert


    ificate". To the right click on "Download Certificate". The certificate will open as a PDF.

Can I take Continuing Education after my NY Real Estate License Expires?

A licensee (salesperson or broker) can renew their license anytime within two years of the expiration date. Of course they cannot use the license once it is expired, but they do have two years to renew it before any penalties are imposed.

If the license is expired and has not been expired for over two years, they can renew the license online as long as there is a broker of record in place and they have completed the required continuing education. If they were terminated/cancelled by their previous broker, a broker must pick them up using the brokers eAccess account before they can submit an online renewal.  You can still take Continuing Education within the 2 years if your license expired. Lieb School offers on-demand 22.5 CE Credit Packages here. 

If the license has been expired for over two years, the record becomes null and void. At this point the licensee must retake and pass the NY licensing examination and can then reapply for a license. No continuing education is required to reapply as they are starting over. No qualifying education is required as long as they have a record in the Department of State system or can prove that they were previously issued a license.



Friday, December 10, 2021

Increased Discrimination Training For Real Estate Brokers & Salespersons

Starting on July 1, 2022, Bill (S2132B) will add increased fair housing and discrimination training for Real Estate Brokers and Salespersons. 


Summary:

  • Requires course content to include:
    1. Legacy of segregation, unequal treatment, and historic lack of access to opportunity in housing;
    2. Unequal access to amenities and resources on the basis of race, disability and other protected characteristics;
    3. Federal, state, and local fair housing laws;
    4. Anti-Bias training.
  • Requires 152 hours of training to obtain a Real Estate Broker license
  • Requires 77 hours of training to become a licensed Real Estate Salesperson
  • Requires approval of faculty to sign a document, under oath, approved by and submitted to the Department of State, attesting to compliance with all applicable statutory and regulatory requirements pertaining to the instruction of the established curriculum. There will be penalties for faculty that fail to meet their obligations including suspension and revocation of their instructor certificate.





Tuesday, January 14, 2020

Real Estate Brokers - Guess How Many License Complaints DOS Received from 9/17/19 to 12/16/19

248 in 3 months

According to the Board of Real Estate Meeting

Of which DOS:

  • 121 closed
  • 2 withdrawan
  • 2 duplicates
  • 19 civil matter
  • 9 resolved
  • 8 no violation
  • 24 no jurisdiction
  • 11 insufficient evidence
  • 43 were holds placed on licensee's record to address brefore renew
  • 6 were referred to counsel for a hearing
Lieb School - where the law is followed

Friday, August 18, 2017

NY Real Estate License Renewal FAQs

What are the Continuing Education requirements for real estate agents in NY?

Every 2 years, licensed real estate brokers and salespersons in the State of New York are required to take 22.5 continuing education credits
As of 01/01/2017, Licensed NY Real Estate Salespersons and Brokers must take the following Continuing Education courses in their renewal cycle:
  • 3 Hours of instruction pertaining to Fair Housing and/or Discrimination in the sale or rental of real property or an interest of real property
  • 2 Hours of Agency Disclosure for the initial two-year licensing term and at least 1 hour of Agency Disclosure in subsequent renewal cycles.
If you are grandfathered in, the new continuing education requirements do not apply.

Are there any exemptions for Continuing Education requirements for real estate agents in New York?

Licensed real estate brokers who are engaged full time in the real estate business and who have been licensed for at least 15 consecutive years immediately preceding license renewal. This exemption must have been met prior to July 1, 2008. An attorney admitted to the New York State bar is also exempt from the Continuing Education Requirement.

Does Lieb School report my completed credits to the Department of State (DOS)? Am I responsible for sending my course certificates to the DOS?

Credits received from Lieb School count towards the 22.5 required from the DOS for license renewal. Certificates provided at each class serve as proof of credit hours (think of them as a receipt). After each class, Lieb School submits to the Department of State, Bureau of Educational Standards, all licensee information for successful completion of each course. Upon license renewal, the DOS will require the original signed certificates if you are selected for an audit. Make sure that you keep your certificates in a safe place. In the event of an audit, the DOS will cross reference the certificates with the student completion records received by each school. You are responsible for completing all 22.5 credits by your license renewal deadline date.

How do I renew my New York State Real Estate License?

License renewals must be completed online through the Department of State eACCESSny website. Please note that the renewal process requires licensees to validate education completion by answering “Yes” to the Continuing Education question that confirms all CE requirements have been satisfied. If you mistakenly answer “No”, the DOS will not renew your license until they see all original course completion certificates. You also have to hold onto the original course completion certificates in the event of a license audit by the DOS.

If I did not complete my continuing education requirements before my license expiration date can I get an extension?


Please refer to §177.6 in the Real Estate License Law. The Department of State will only grant extensions in bona fide hardship cases. Prior to your license expiration: you must submit to the Department of State, a written request for the extension, completed renewal form, fee, and original documentation demonstrating your hardship; i.e., medical documentation.

Monday, May 29, 2017

Fees for Brokerage License Increased on April 20, 2017

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, April 17, 2017

NY Department of State Update for License Renewal (Applications and Fees)

This is a direct note from the New York, Department of State.

This notification is to inform you of an increase in Real Estate original and renewal application fees, effective immediately.

The new application fees are as follows: Real Estate Broker Application $155, Real Estate Branch Office Application $155, Real Estate Salesperson Application $55.   

Please stop using the old applications immediately.  The new applications are available on the Department of State website, here are the links:





http://www.dos.ny.gov/forms/licensing/0022-a-HT.pdf  (Sales Application Haitian Creole)





Also, as a result of an ongoing Real Estate Licensee Qualifying Audit, we are finding that many licensees are noncompliant. The majority of noncompliant licensees state they did not know, and were not told, that prior to applying for a license education, requirements include completion of the 75 hour course, passing the final school exam and receiving a certificate of completion.

Tuesday, January 31, 2017

ALERT - Amended Real Estate Brokerage Regulations

The Real Estate License Law regulations at 19 NYCRR 175.1, 175.7, 176.3, 177.3, 177.7 & 175.25 have been amended. 

The industry now has new understandings of escrow requirements, compensation, advertising, qualifying education and continuing education as of January 4, 2017. 

Summary of New Understandings:

  • As to escrow, we now know that we must deposit all escrow money within 3 business days and hold it in a secure place like a safe until such time as its deposited in the bank.
  • As to compensation, we have learned that if we are paid by more than one source, we no longer have to receive consent from all parties, just our client.
  • As to advertising, we understand that business cards must include our license type.
  • As to qualifying education, we know that we now need to learn 1 hour on the new topic of License Safety, but the topic of Property Insurance has been reduced to only 1 hour from 2. 
  • Finally, with respect to continuing education, we no longer have to take a minimum of 3 hours in a course module, but can take only 1 hour when such a course is available (Lieb School is launching a 1 hour Agency Disclosure course very soon) and each hour is now only 50 minutes long (for bathroom breaks, etc.) whereas it used to be a 60 minute requirement. 



The full amended regulations are as follows:

Section 175.1 of Title 19 NYCRR is amended to read as follows:
            Section 175.1. Commingling money of principal.
A real estate broker shall not commingle the money or other property of his principal with his own and shall at all times maintain a separate, special bank account to be used exclusively for the deposit of said monies and which deposit shall be made [as promptly as practicable] within three business days.   Until such time as the money is deposited into a separate, special bank account, it shall be safeguarded in a secure location so as to prevent loss or misappropriation.  Said monies shall not be placed in any depository, fund or investment other than a federally insured bank account.  Accrued interest, if any, shall not be retained by, or for the benefit of, the broker except to the extent that it is applied to, and deducted from, earned commission, with the consent of all parties.

Section 175.7 of Title 19 NYCRR is amended to read as follows:
            Section 175.7. Compensation.
A real estate broker shall make it clear for which party he is acting and he shall not receive compensation from more than one party except with the full knowledge and consent of [all parties] the broker’s client.

Section 176.3 (a) of Title 19 NYCRR is amended to read as follows:
            Section 176.3. Subjects for study--real estate salespersons.
            (a) The following are the required subjects to be included in the course of study in real estate for licensure as a real estate salesperson, and the required number of hours to be devoted to each subject:

Salesperson's Course
Subject Matter: Hours:
License Law and Regulations ................................... 3
Law of Agency ................................................. 11
Legal Issues .................................................. 10
The Contract of Sales and Leases .............................. 3
Real Estate Finance ........................................... 5
Land Use Regulations .......................................... 3
Construction and Environmental Issues ......................... 5
Valuation Process and Pricing Properties ...................... 3
Human Rights and Fair Housing ................................. 4
Real Estate Mathematics ....................................... 1
Municipal Agencies ............................................ 2
Property Insurance ........................................... [2] 1
License Safety ........................................... 1
Taxes and Assessments ......................................... 3
Condominiums and Cooperatives ................................. 4
Commercial and Investment Properties .......................... 10
Income Tax Issues in Real Estate Transactions ................. 3
Mortgage Brokerage ............................................ 1
Property Management ........................................... 2
Instruction ................................................... 75
Final Examination ............................................. 3
TOTAL ..................................................... 78

Section 177.3 (g) of Title 19 NYCRR is amended to read as follows:
             
 (g) a detailed outline of the subject matter of each course or seminar containing at least 22½ hours of instruction, or of each course module containing at least [three hours] one hour of instruction, together with the time sequence of each segment thereof, the faculty for each segment, and teaching techniques used in each segment;

Section 177.7 of Title 19 NYCRR is amended to read as follows:
            Section 177.7. Computation of instruction time.
            To meet the minimum statutory requirement, attendance shall be computed on the basis of an hour equaling [60] 50 minutes.

Section 175.25 (d)(2) of Title 19 NYCRR is amended to read as follows:
            Section 175.25. Business cards.


(2) Notwithstanding subdivision (c) of this section, business cards must contain the business address of the licensee, license type, and the name of the real estate broker or real estate brokerage with whom the associate real estate broker or real estate salesperson is associated. All business cards must also contain the office telephone number for the associate real estate broker, real estate salesperson or team.

Friday, January 06, 2017

2016 SURVEY RESULTS ARE IN! Agency Disclosure ONLINE ranked BEST Real Estate CE



Nearly 100 NY Real Estate Agents concluded that Lieb School’s Agency Disclosure ONLINE CE course is the best real estate course on the market.

Surveys were conducted after each student completed the course. Below are some highlights: 
  • Best Instructor Ever.
  • Andrew is riveting and brilliant. A joy to watch and learn from.
  • Andrew can take a difficult to understand topic and make it easy to follow and comprehend.
  • Andrew Lieb is the only instructor that can keep me interested and awake when the content becomes boring. He is intelligent, well prepared, & entertaining. He is the only instructor for me.
  • I think Andrew Lieb is passionate and extremely knowledgeable. He makes an otherwise confusing subject easy to interpret and absorb!!!!
  • I loved the live interactions. Great sense of humor and outgoing personality made it interesting.
About The Course
  • THEEEEE BEST!!!!! Enough said. Period.
  • The best overall experience I've had. Thanks!
  • He breaks it into parts that makes so much sense, and keep you on your toes. No sleeping in this class@ :-) Even online, he makes it very interesting! 
  • I have had the opportunity to take this course in person and online and felt that this online format allowed me to better understand the subject. Particularly the section where you go through each possible way of filling out the form and what type of agency makes sense for what type of consumer. I feel more knowledgeable and confident with agency after completing this online course.
  • Was in the dark, now I see the light!!!!!!
  • This course exceeded my expectations and gave me a fresh perspective on the use of the Agency Disclosure form. I will be amending the way I present the form given the information I received and my improved understanding of the document.


Monday, October 03, 2016

Continuing Education Requirements for New York Licensed Real Estate Brokers and Salespersons

New York Real Estate Salespersons and Brokers are regulated by the Department of State, New York (DOS) and are required to complete 22.5 Continuing Education credits within a 2 year license renewal period.  License renewal dates can be found on the New York State Real Estate License (look for license expiration date). 

As of 01/01/2017, Licensed NY Real Estate Salespersons and Brokers must take the following Continuing Education courses in their renewal cycle:

  • 3 Hours of instruction pertaining to Fair Housing and/or Discrimination in the sale or rental of real property or an interest of real property
  • 2 Hours of Agency Disclosure for the initial two-year licensing term and at least 1 hour of Agency Disclosure in subsequent renewal cycles. 
If you are grandfathered in, the new continuing education requirements do not apply.  

  • Draw your attention to this paragraph "The provisions of this paragraph shall not apply to any licensed real estate broker who is engaged full time in the real estate business  and who has been licensed under this article prior to July first, two thousand eight for at least fifteen consecutive years immediately preceding such renewal."

In addition to the New York State Continuing Education requirements, member's of the National Association of REALTORS® are required to complete ethics training of not less than 2 hours, 30 minutes of instructional time within four-year cycles. The training must meet specific learning objectives and criteria established by the National Association of REALTORS®. The current cycle will end Dec. 31, 2016. 

Lieb School offers a license renewal package that satisfies ALL of the requirements above. 

Or you can purchase individual courses here:





Friday, September 23, 2016

Lieb School Launches 22.5 CE License Renewal Course Package | Online Video Classes | $99.00

NY Real Estate Continuing Education 22.5 Credit 

License Renewal Course Package 

(click for online classes preview - turn sound on)
Anywhere and anytime you can finish all 22.5 hours of real estate continuing education as long as you have internet access. Lieb School’s online license renewal package includes video, audio and interactivity to get the job done without making you want to gouge your eyeballs out. Satisfies Department of State, New York Real Estate Continuing Education Requirements for License Renewal.

Courses include:

  • Deal Killers (3 CE Credits)
  • Conflicts of Interest (3 CE Credits)
  • Agency Disclosure (8 CE Credits)
  • Divorce Deals (4.5 CE Credits)
  • Fair Housing Act (4 CE Credits)
The first course in this package is Deal Killers, where you will learn how to comprehensively negotiate a deal with substance and understand how to lock in your commission through creating a paper trail proving that you addressed substantially all of the essential terms of the transaction while negotiating the deal. Next, Conflicts of Interest will teach you the role of each player in a transaction and how to avoid an ethical claim that can otherwise ruin your career. Following, you will learn the whole enchilada about agency disclosure including an easy to follow 12 scenario explanation of which form to give and when. After you have mastered how to fill out the agency disclosure forms, Divorce Deals will show you how to navigate through all of the complexities of selling a marital residence and share with you interesting insights of what your clients are going through during their divorce process. Last but certainly not least, after completing the Fair Housing Act course, you will learn the nationwide standard for anti-discrimination laws in residential housing and how to perform your job while avoiding lawsuits, which New York State is actively pursuing against real estate brokers today.

After trying Lieb School’s ONLINE classes, you will never want online education from any other provider. Lieb School’s leading distance education combines the latest interactive technology, license law education and continuing edutainment.

Each course includes a video from a live classroom setting that was instructed by premiere lecturer Andrew Lieb, Esq. Content is thereafter broken down in order to simplify the learning experience so that students can absorb our field’s complex materials without being overwhelmed.

*Prices Subject to change
** Must complete the courses 6 months from the date you registered


CLICK HERE TO REGISTER






Tuesday, July 19, 2016

New Real Estate License Law Regulation - Discrimination is Serious for your License

Effective May 18, 2016 the license law has been updated in the State of New York and discrimination clearly will no longer be tolerated by salespersons and brokers. The regulations is:

19 NYCRR 175.17(b)

No real estate broker or salesperson shall engage in an unlawful discriminatory practice, as proscribed by any federal, state or local law applicable to the activities of real estate licensees in New York State.

A finding by any federal, state or local agency or court of competent jurisdiction that a real estate broker or salesperson has engaged in unlawful discriminatory practice in the performance of licensed real estate activities shall be presumptive evidence of untrustworthiness and will subject such licensee to discipline, including a proceeding for revocation.

Nothing herein shall limit or restrict the Department from otherwise exercising its authority pursuant to section 441-c of the Real Property Law.

Thursday, June 16, 2016

How To Renew Your New York State Real Estate License (NYS Salesperson, Broker, Associate Broker)

The Department of State, New York (DOS) regulates NYS Real Estate Licenses. License Renewal must be completed online through the DOS eAccessNY Portal. 
(Trade Organizations / Clubs / Schools DO NOT regulate licensees)

Helpful Tips: Licensees are required to complete 22.5 continuing education credits within a 2 year license renewal period.

New York Real Estate Salespersons and Brokers are regulated by the Department of State, New York (DOS) and are required to complete 22.5 Continuing Education credits within a 2 year license renewal period.  License renewal dates can be found on the New York State Real Estate License (look for license expiration date). 

As of 01/01/2017, Licensed NY Real Estate Salespersons and Brokers must take the following Continuing Education courses in their renewal cycle:

  • 3 Hours of instruction pertaining to Fair Housing and/or Discrimination in the sale or rental of real property or an interest of real property
  • 2 Hours of Agency Disclosure for the initial two-year licensing term and at least 1 hour of Agency Disclosure in subsequent renewal cycles. 
If you are grandfathered in, the new continuing education requirements do not apply.  

  • Draw your attention to this paragraph "The provisions of this paragraph shall not apply to any licensed real estate broker who is engaged full time in the real estate business  and who has been licensed under this article prior to July first, two thousand eight for at least fifteen consecutive years immediately preceding such renewal."

When renewing your real estate license through the DOS portal, you will be asked if you have completed your continuing education requirements. If you mistakenly answer "No", the DOS will not renew your license. Instead, answering "No" will automatically prompt an audit. The audit will require you to provide the DOS with all of your original course completion certificates.

Friday, March 20, 2015

JUST RELEASED: Lieb School's Sizzle Reel - Video Clips of Andrew Lieb Conducting Real Estate Trainings

Wednesday, July 02, 2014

Real Estate Broker Record Retention - Proposed Regulatory Change

Did you know that there are laws about keeping real estate brokerage records?



Currently, the applicable law reads:

§175.23 Records of transactions to be maintained 
(a) Each licensed broker shall keep and maintain for a period of three years, records of each transaction effected through his office concerning the sale or mortgage of one- to four-family dwellings. Such
records shall contain the names and addresses of the seller, the buyer, mortgagee, if any, the purchase price and resale price, if any, amount of deposit paid on contract, amount of commission paid to broker or gross 
profit realized by the broker if purchased by him for resale, expenses of procuring the mortgage loan, if any, the net commission or net profit realized by the broker showing the disposition of all payments made by 
the broker. In lieu thereof each broker shall keep and maintain, in connection with each such transaction a copy of (1) contract of sale, (2) commission agreement, (3) closing statement, (4) statement showing 
disposition of proceeds of mortgage loan.  

(b) Each licensed broker engaged in the business of soliciting and granting mortgage loans to purchasers of one to four family dwellings shall keep and maintain for a period of three years, a record of the name 
of the applicant, the amount of the mortgage loan, the closing statement with the disposition of the mortgage proceeds, a copy of the verification of employment and financial status of the applicant, a copy of the inspection and compliance report with the Baker Law requirements of FHA with the name of the inspector. Such records shall be available to the Department of State at all times upon request.

----

However, much of the currently applicable law makes no sense as often a broker does not have a contract of sale in his / her possession and often the broker keeps all records electronically. 

Now, there is a proposal to change the law to reflect reality and the new law would read as follows (underlines being additions to the law):

§175.23 Records of transactions to be maintained 
(a) Each licensed broker shall keep and maintain for a period of three years, paper and/or electronic records of each transaction effected through his or her office concerning the sale [or mortgage] of one- to four-family dwellings. In some transactions, the broker may not be provided a copy of the document required.  In such instances, the broker will not be found to have violated this regulation if said document is not kept and maintained. Records to be kept and maintained shall contain:

 (1) the names and addresses of the seller[,] and the buyer, [mortgagee, if any,] (2) the broker prepared purchase contract or binder, or if the purchase contract is not prepared by the broker, then the purchase price [and resale price, if any,] and the amount of deposit (if collected by broker) [paid on contract], (3) the amount of commission paid to broker, (4) [or g]the gross profit realized by the broker if purchased by him or her for resale, [expenses of procuring the mortgage loan, if any, the net commission or net profit realized by the broker showing the disposition of all payments made by the broker. In lieu thereof each broker shall keep and maintain, in connection with each such transaction a copy of (1) contract of sale, (2) commission agreement, (3) closing statement, (4) statement showing disposition of proceeds of mortgage loan.] (5) any document required under Article 12-A of the Real Property Law and (6) the listing agreement or commission agreement or buyer-broker agreement.  
[(b) Each licensed broker engaged in the business of soliciting and granting mortgage loans to purchasers of one to four family dwellings shall keep and maintain for a period of three years, a record of the name of the applicant, the amount of the mortgage loan, the closing statement with the disposition of the mortgage proceeds, a copy of the verification of employment and financial status of the applicant, a copy of the inspection and compliance report with the Baker Law requirements of FHA with the name of the inspector. Such records shall be available to the Department of State at all times upon request.]

Notate the addition of the sentence "any document required under Article 12-A of the Real Property Law" at the end of the second paragraph. This is a catchall that includes such items as an Agency Disclosure Form and any other document later added to the law.

So, keep an eye on the DOS's Regulatory Activity page to determine when this Recent Proposal will become a Recent Adoption and hence, applicable law, or just keep an eye on the Lieb Blog for simple updates when real estate events happen. 

Thursday, February 27, 2014

Continuing Education Q &A: NY Real Estate Salespersons that hold 2 licenses

Question: I hold two NY Real Estate Salespersons licenses with different expiration dates. Do I need 22.5 credits of continuing education for each license? If not, do I have to track my credits against both licenses or one, if so which one? Please help clarify...

Answer: Generally it is the first license issued which sets the cycle for continuing education. This isn't an exact science as sometimes agents let either license expire for periods of time. See below example for clarification:
 
  • If an agent is renewing license B, but they completed education within two years immediately preceding renewing license A, then license A set the two year cycle for CE and no education would be required for renewal of license B. Of course, the licensee would continue to use license A as the term in which CE must be completed prior to renewal.

Monday, January 06, 2014

Ringing in the New Year With Real Estate Brokerage Advertising Regulations

If you've been following our blog, you've known for months about the Real Estate Brokerage Advertising Regulations which became effective on January 2, 2014. Hopefully you have been preparing to ensure compliance, but if you haven't, here's one last reminder that you most likely need to overhaul the way you advertise.

The Department of State has overhauled the Advertising Regulations found in 22 NYCRR 175.25. If you've visited their page before, make sure you refresh your browser to see the updated January 2014 regulations. What used to be two paragraphs has exploded into twenty-eight paragraphs over two pages covering everything from for-sale signs to e-mail correspondences. Even the simplest things fall under the new regulations. For example, salespersons and brokers must display their full licensed names on their advertisements, no nicknames, and phone numbers must be clearly labeled based upon their type (cell, desk, home, etc). By defining advertising as "promotion and solicitation related to licensed real estate activity" the Department of State has thrown a broad net in order to capture as much activity as possible under the new regulations.

It is imperative that brokers become familiar with the new regulations so they understand what they need to change, and it is even more important that brokers conduct trainings with their agents who most likely are unknowingly violating the new regulations on a regular basis. Determining what information is required on each type of advertisement requires a careful reading of the regulations. Consult your trusted attorney for guidance so you can avoid potential penalties and continuing running your brokerage without a hiccup.

Thursday, September 19, 2013

License Renewal FAQ: Credits and Certificates

QUESTION: Does Lieb School report my completed credits to the Department of State (DOS)? Am I responsible for sending my course certificates to the DOS?

ANSWER: Credits received from Lieb School count towards the 22.5 required from the DOS for license renewal. Certificates provided at each class serve as proof of credit hours (think of them as a receipt). After each class, Lieb School submits to the Department of State, Bureau of Educational Standards, all licensee information for successful completion of each course. Upon license renewal, the DOS will require the original signed certificates if you are selected for an audit. Make sure that you keep your certificates in a safe place. In the event of an audit, the DOS will cross reference the certificates with the student completion records received by each school. You are responsible for completing all 22.5 credits by your license renewal deadline date.

To learn more about license renewal click here.

Monday, August 12, 2013

The Real Deal Prematurely Pronounces the Death of the Term "Licensed Real Estate Broker"

In an August 6, 2013 article, The Real Deal conclusively proclaimed that real estate brokers, associate brokers, and salespersons no longer have to place the term "licensed" in front of their license type.  Quoting Alfred Fazio of Capuder, Fazio, Giacoia, LLP, the article reasoned that "[i]t seemed particularly redundant to require agents to use 'licensed' before real estate salesperson, real estate associate broker, or real estate broker.  In a similar example, it would be as if requiring attorneys to advertise themselves as 'licensed.'"

Not so fast my friend.  While The Real Deal's advice is sound for a large percentage of situations where a salesperson or broker would describe their license type, brokers can't do away with the requirement altogether.  A Department of State Opinion Letter can interpret statutes or regulations, and the Department of State can issue and alter regulations; however, an Opinion Letter cannot override the express language of a statute instituted by the legislature.

RPL § 441-a(3) requires real estate brokers to "conspicuously post on the outside of the building in which [their place of business] is conducted a sign of sufficient size to be readable from the sidewalk indicating the name and the business of the applicant as a licensed real estate broker, unless said office shall be located in an office, apartment or hotel building, in which event the name and words 'licensed real estate broker' shall be posted in the space provided for posting of names and occupants of the building, other than the mail box."

Where does that leave us?  The Opinion Letter relieves brokers, associate brokers, and salespersons from the duty of including the term "licensed" in their advertising and other descriptions of their license type, but it cannot eliminate the explicit requirements of RPL § 441-a(3).  Real estate brokers, associate brokers, and salespersons can rejoice in the news that their business cards and for-sale signs can be one word shorter, but the industry can't throw away with the term "licensed" completely.  If you're a broker, you still need to have the full title "Licensed Real Estate Broker" displayed on the outside of your place of business.

Thursday, May 23, 2013

Is Your Tattoo a License Law Violation?

In early May, a newspaper article was passed around our office which churned up more than a few laughs from the staff. New York City based Rapid Realty offers its Real Estate Agents a 15% raise in their commission split if they get a tattoo of the broker's logo. Check out the article here. Turns out, their decision to get a tattoo of Rapid Realty's logo could result in a potential License Law violation.

Lieb at Law and Lieb School have gotten their hands on the new Real Estate License Law Advertising Regulations which will take effect on January 2, 2014. Anyone with a tattoo of their broker's logo may want to pay particular attention to sections (a)(1) and (c)(1) of these new regulations.

Section (a)(1) defines an advertisement as "promotion and solicitation related to licensed real estate activity, including but not limited to, advertising via mail, telephone, website, e-mail, electronic bulletin boards, business cards, signs, billboards, and flyers."

Section (c)(1) states that any advertisement "shall indicate that the advertiser is a real estate broker or provide the name of the real estate broker or real estate brokerage and either: (i) the full address of the real estate broker or real estate brokerage or, (ii) the telephone number of the real estate broker or brokerage."

So, agents with a tattoo of your broker's logo - that tattoo just might make you a walking advertisement! Make sure your tattoo is in compliance with your license law. You have until January 2, 2014 to schedule another session at your local tattoo parlor to add your broker's name and address or telephone number to go alongside your broker's logo!

The sign off line of that May 2nd article could end up being more applicable than the author probably imagined.

"Perhaps getting permanently branded with a company logo gives a whole new meaning to the term 'walking billboard.'"

Wednesday, May 01, 2013

President Broker is no more - DOS bans use of corporate titles

This past Friday, the NYS Department of State provided an Opinion Letter stating that the use of corporate titles by real estate agents, who do not actually hold such related authority, is misleading and impermissible.

On Friday evening attorneys and senior management at brokerage houses throughout the State were scrambling to address this issue immediately as many companies give out titles based upon agent's earnings as a reward as opposed to an implied authority and the companies needed to have a plan of action to address this change of understanding of Real Estate License Law.

Somehow the news got a hold of this Opinion Letter and now it is flying around at a rampant pace. So, what you should know is that your company can no longer permit you to utilize titles such as President, Vice President, Senior Vice President, Chairman, Vice Chairman, Managing Member, Director, Managing Director or anything else that is contained in the Business Corporation Law or Limited Liability Company Law as a term that implies authority. Instead, companies need to utilize titles without any correlated authority that does not exist.

Some articles flying around are:

The Real Deal - Brokers with false titles must now toe the line, regulators say
The Wall Street Journal - Titles Could Change for Some Real-Estate Brokers

Yet, there is no need to read the news, instead read the Opinion Letter for yourselves and understand why your companies are doing what they have to.