Latest Updates…

  1. A real estate salesperson can only accept compensation from… their sponsoring real estate broker.
  2. The minimum age to be a broker in NYS (as of 7/1/08) is 20 years old.
  3. Which type of broker class works under the supervision and sponsorship of another broker…an associate broker.
  4. The Dept of State may impose a fine that cannot exceed $1,000 (per occurrence or violation).
  5. Apartment information vendors are licensed by the NYS Department of State.
  6. If the DOS revokes your license you must wait ONE year before reapplying.
  7. Real Estate Salesperson Course certificates are good for 8 years from date of course completion.
  8. Completion of a 75 hour or 45 hour course is considered once the school exam is passed with a grade of 70% or higher. Broker courses are 45 hours.
  9. Open listings allow the seller to show the property to as many brokers as he or she chooses – only the broker who is the procuring cause of the sale will be paid a commission.
  10. Exclusive agency listing agreements allow a seller to sell directly without paying a real estate broker a commission. A broker is only paid if he or she is the procuring cause of the sale AND has an agreement with the seller as such.
  11. Real estate licensees who show and sell properties in a designated agricultural district MUST advise buyers as such at the earliest possible moment but definitely before preparing a purchase offer. This also applies to utility surcharges if applicable.
  12. The broker fee or commission rate is always negotiable and not set by geographic area or standard.
  13. Landlords and sellers (property owners) must disclose any actual knowledge of lead based paint or testing of such if the property constitutes target housing (homes built before 1978).
  14. Net listings are illegal in NYS.
  15. An affidavit of entitlement puts the world on notice that a real estate commission has not been paid – this does NOT create a lien in NYS.
  16. If an advertisement does not indicate the name of the broker who placed it – this is an example of a BLIND ad and prohibited in NYS.  Buyers should not have to wonder whether the person selling the property is a real estate licensee or private individual.
  17. Each officer of a corporation or member of a co-partnership organization that provides real estate services must be licensed as a real estate broker in NYS. Examples of real estate services include: negotiating leases, preparing purchase offers, binders, mortgage financing in conjunction with a real property transaction (in certain cases), as well as anything described in Article 12A of the RPL.
  18. NY allows dual agency as long as there is informed consent – given in a timely manner (first substantive moment) and signed accordingly within the agency agreement.
  19. The most complete form of ownership we recognize in NYS is fee simple absolute (as it includes the bundle of legal rights and all rights of the grantor).
  20. Riparian rights belong to the property owner who has land bordering a flowing body of water like a river or stream.
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Latest Updates from our Students Taking the NYS Real Estate Salesperson Exam…

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1- Studs in residential single family dwellings are usually …16 inches on center “O.C.”

2- What is an example of physical deterioration in terms of an appraisal…wear & tear from normal use

3- Based on an exclusive agency agreement…an owner can sell the house himself without being liable to the broker for a commission.

4- A package mortgage would likely be used when…encumbering real property and using personal property as additional collateral.

5- Metal used in construction to prevent seepage or to direct water for certain joints in residential construction is referred to as… flashing.

6- An example of economic obsolescence might be…a high rate of taxes for excessive improvements.

7- When personal property is made a part of real property it is considered… a fixture.

8- When the judgment of the court is recorded it becomes a…involuntary lien.

9- A lease that designates that the lessee is to pay the real property taxes is usually referred to as… a net lease.

10- Complaints involving violations of the federal law involving discrimination must be filed within…180 days.

Recent questions that new graduates saw on the NYS Real Estate exam…

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1-A final layer used in reference to roofs or floors? Sheathing
2-In NYS, how old must one be to enter into contracts? 18
3- Two or more parcels of real estate pledged as security for payment of the mortgage debt- blanket mortgage
4- What happens if one of the parties to the contract is a minor? The contract is voidable
5- What does the zoning board of appeals do? –grant variances
6- What can brokers provide their salespeople if they are independent contractors? Office phone
7- What’s water rights of access refer to those from a river or stream called? Riparian
8-An area in which a tenant pays rent for but derives no benefit due to the presence of elevators, stairs, etc? add-on factor
9-Whats the cash-on-cash return on a $3,000,000 property with a down payment of $300,000 and $8,000 monthly rent? 32 percent
10-If a property ad states that the property is near the vicinity of a geographical area, what else must the ad include? It must include the name of the geographical area where the property is actually located