How current events impact your business and real estate holdings

Showing posts with label Real Estate Agent. Show all posts
Showing posts with label Real Estate Agent. Show all posts

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.

Tuesday, August 18, 2015

Lieb School Student Question: If a client [Home Owner] informs me that there was a suicide in their home, do I have to inform my customer [buyer]?

The applicable law is RPL 443-a(1)(b).

If you are a seller's agent in this situation dealing with a buyer that you don't represent, which appears to be the case by way of your terms client and customer, then there is no affirmative obligation to inform the buyer about the suicide. More so, you would be breaching your duty of confidentiality to the seller if you gave this information. Instead, you can only answer the question if the buyer asks in writing and you inform your client and your client approves of you answering.  

Wednesday, July 23, 2014

Real Estate Agents Forbidden to Use Air Drones for Listings

If you are a licensed real estate agent and have ever used or are still using air drones to take photographs of properties to improve your listings, stop now and do not do so again. The Department of Transportation’s Federal Aviation Administration has recently provided clarification on the FAA Modernization and Reform Act of 2012, prohibiting the commercial use of model aircraft.  

Under this Act, a model aircraft is defined as an unmanned aircraft that is flown recreationally within visual sight of the aircraft operator. There are numerous statutory requirements that aircraft operators must adhere to when flying model aircraft, such as the weight of the aircraft and where and when the aircraft can be flown. However, the most important statutory requirement for real estate agents is that the aircraft must be used only for recreational purposes.

Millions of Americans have joined aircraft clubs in order to build and fly model aircraft and have used model aircraft to take aerial photographs and video of their communities, gardens, and farms. This is allowed. If you are using a model aircraft to take photographs for pleasure and do not intend to use or sell the photographs for your business, then you do not violate any statutes. Real estate agents, however, use model aircraft for commercial purposes, violating the statutory requirement of recreational use. For example, many real estate agents use model aircraft to take aerial shots of properties for their listings, especially if the properties are large and have a high sales price. With high commissions at stake, real estate agents are willing to put forth the extra effort to take these aerial photographs and improve their listings to catch a worthy buyer’s eye. It is important to note that if a real estate agent is caught using model aircraft to take photographs of properties for listings, the Federal Aviation Administration, under this Act, may fine this real estate agent (or exact punishment in any other way it deems necessary) for the violation of this statutory requirement.

Since the Federal Aviation Administration has the power of enforcement, it is wise to avoid using model aircraft for commercial purposes at all costs.

Stay tuned for an update on what kind of fines the FAA can exact on violators.