LIEB BLOG

Legal Analysts

Wednesday, January 09, 2013

Top NY Real Estate Agent Cont. Ed Questions...Answers Revealed

Continuing Education Questions and Answers for Licensed Brokers and Salespersons in New York. 

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. The ONLY mandatory class requirement is at least 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, within the 2 - year period immediately preceding a renewal.

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.

Am I required to take a course in Fair Housing if my real estate license is grandfathered? A NYS real estate agent does not need to take a course in Fair Housing if they are generally exempt by way of the "grandfather" factor.  Please refer the agent to Real Property Law section 441(3)(a) where it expresses the requirement for real estate agents to take 3 hours in a fair housing and/or discrimination course within a license renewal cycle. The link for the license law where this is discussed is as follows: http://www.dos.ny.gov/licensing/lawbooks/RE-Law.pdf

While reviewing the license law, please refer your attention to the last sentence of this requirement wherein it states: "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 1, 2008 for at least 15 consecutive years immediately proceeding such renewal". This is the "grandfather" factor. 

In general, the only exception to the "grandfather" factor exemption is for NAR's mandatory quadrennial ethics requirement for members of the National Association of REALTORS®. This has nothing to do with licensing or the Department of State, New York. 

If I already completed a continuing education class, can I take the same topic again for credit with a different school in NY within the same license renewal cycle? Real estate continuing education courses are assigned independent approval codes by the Bureau of Educational Standards, Department of State, State of New York.  Licensed real estate agents may take multiple courses in the same topic within each "two year cycle of renewal" as long as each course has an independent approval code. Approval codes are assigned for each approved course, not school and not course topic.  It is advised that you always check your records of previously completed approval codes prior to registration for new courses within your cycle of renewal.
  
If I already received credit for taking a continuing education course, can I get credit for taking the same exact course in a different license renewal cycle?  Yes. While New York State Real Estate License Law, 19 NYCRR 177.18(c), states: "No continuing education course will be considered for continuing education credit more than once within the two year cycle of renewal", there is no specific regulation precluding taking the same continuing education course anew in a subsequent and different license renewal cycle.

Tuesday, January 08, 2013

Bank of America and Fannie Mae Settle


Bank of America has agreed to settle claims brought against it by the United States. The charges claimed against Bank of America include allegations that the corporation, and its subsidiary, Countrywide Financial Corp., improperly sold the government entity, Fannie Mae, mortgages which later became delinquent.
            
The issue began in 2008 before the financial crisis when Bank of America bought Countrywide, a lender known for granting precarious loans. Bank of America was first applauded for this as they were viewed as eliminating a negative actor from the mortgage market.  However, things went sour when Bank of America began selling off the risky defaulted loans it had acquired from Countrywide to Fannie Mae in order to make a profit. Loans which Fannie Mae says never should have been sold due to their risky and insecure nature. 

The settlement has Bank of America paying $3.6 billion to buy back $6.75 billion of loans which Countrywide sold to Fannie Mae from January of 2000 through December of 2008. 

To read the Press Release from Fannie Mae, click here

To read the settlement, click here.


Friday, January 04, 2013

Free CE's in NYC Starting 1/18. First Class is The Fair Housing Act. Check out this video preview!