License Law and Regulations

Question 1

Real Estate license is issued by

Answer 1

Department of state

Question 2

Requirements for NYS Salesperson

Answer 2

At least 18
No felony, sex offense, or sexual violent offense
Legal right to work in United States
Sponsoring broker
75-hour course (must pass end-of-course exam)
Pass state exam ($15)
$55 (two years) license fee

Question 3

Requirements for NYS Broker

Answer 3

At least 20
No felony, sex offense, or sexual violent offense
Citizen or permanent resident of United States
Two full years’ experience or three years’ equivalent experience
120 hours’ study (must pass end-of-course exams), which includes the 75-hour course
Pass state exam ($15)
$155 (two years) license fee

Question 4

What does the DOS require to be displayed in a place of business?

Answer 4

Sponsoring broker license be prominently displayed
Display of associate brokers’ and salespersons’ licenses is optional but the broker should take measures to create a distinct separation between brokers’ licenses and salespersons’ licenses at the area of display.

Question 5

What are the services of a real estate broker?

Answer 5

Negotiates any form of real estate transaction
Lists or attempts to list real property for sale
Negotiates a loan secured by a mortgage (other than a residential mortgage loan [one- to four-family dwelling], as defined in Section 590 of the New York Banking Law)
Negotiates a lease
Collects rents for more than one client (property management services)
Sells a lot or parcel of land by auction
Negotiates the sale of a parcel of subdivided land
Exchanges real property
Relocates commercial or residential tenants
Engages in the sale of condominiums and cooperatives
Sells a business that has more than half its value in real estate

Question 6

What is the role of a mortgage broker?

Answer 6

Soliciting, processing, placing, and negotiating mortgage loans on one- to four-family dwellings for a fee requires registration with the state banking department as a mortgage broker.