- A real estate salesperson can only accept compensation from… their sponsoring real estate broker.
- The minimum age to be a broker in NYS (as of 7/1/08) is 20 years old.
- Which type of broker class works under the supervision and sponsorship of another broker…an associate broker.
- The Dept of State may impose a fine that cannot exceed $1,000 (per occurrence or violation).
- Apartment information vendors are licensed by the NYS Department of State.
- If the DOS revokes your license you must wait ONE year before reapplying.
- Real Estate Salesperson Course certificates are good for 8 years from date of course completion.
- 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.
- 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.
- 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.
- 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.
- The broker fee or commission rate is always negotiable and not set by geographic area or standard.
- 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).
- Net listings are illegal in NYS.
- 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.
- 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.
- 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.
- 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.
- 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).
- 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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