NYS Real Est Support Doc.pdf - NYS Real Estate Salesperson Course Supporting Documents RealEstateU Mission Statement The mission of RealEstateU is to

NYS Real Est Support Doc.pdf - NYS Real Estate Salesperson...

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Unformatted text preview: NYS Real Estate Salesperson Course - Supporting Documents - RealEstateU Mission Statement The mission of RealEstateU is to provide practical, innovative, and quality online education for those seeking to enter into the real estate industry, and for existing practitioners seeking to renew their real estate license. RealEstateU’s courses consist of online video training, taught by experienced professionals, which are designed to satisfy the needs of the fast-paced, time-constrained real estate professional. Table of contents: Real Estate License – Page 4 Property Condition Disclosure Statement – Page 48 Exclusive Agency Agreement – Page 54 New York State Form for Buyer and Seller – Page 57 New York State Form for Landlord and Tenant – Page 59 Declaration by Real Estate Licensee - pursuant to Section 443F of RE Property Law – Page 61 Independent Contractor Relationship Agreement – Page 62 Exclusive Right to Sell – Page 65 Exclusive Agency Contract – Page 70 Open Non-Exclusive Listing Agreement – Page 75 Exclusive Right to Rent – Page 77 Survey Example #1 – Page 78 Survey Example #2 – Page 79 Bargain and Sale Deed with Covenants – Page 80 Bargain and Sale Deed without Covenants – Page 82 Quitclaim Deed – Page 84 Executor’s Deed – Page 86 Referee’s Deed – Page 88 Warranty Deed – Page 91 Closing Statement Example #1 – Page 93 Closing Statement Example #2 – Page 95 Closing Statement Example #3 – Page 95 HUD-1 Statement – Page 96 Standard Form of Condominium Apartment Lease – Page 99 Contract of Sale – Condominium Unit – Page 105 Construction Diagrams – Page 120 Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards – Page 131 Radon Map – Page 132 Protect Your Family from Lead in Your Home – Brochure – Page 133 Adjustments Example – Page 152 Fair Housing Posters – Page 153 Useful Formulas and Numbers – page 156 Certificate of Non-conformity – Page 157 Special Permit Application – Page 159 How to determine if your Real estate is over assessed – Page 163 Income Approach to Value in Tax Certiorari Circumstances – Page 164 Cooperative Policy Statement – Page 166 Income and Expense Statement Examples – Page 180 Good Faith Estimate – Page 187 Uniform Residential Loan Application – Page 191 Pre-application and Fee Agreement – Page 200 Sample Condominium Operating Budgets – Page 205 Real Estate License Law (January 2018) New York DEPARTMENT OF STATE Division of Licensing Services Andrew M. Cuomo Rossana Rosado Governor Secretary of State Licensing of Real Estate Brokers and Real Estate Salespersons Article 12-A Real Property Law Section 440 440-a 440-b 441 441-a 441-b 441-c 441-d 441-e 441-f 442 442-a 442-b 442-c 442-d 442-e 442-f 442-g 442-h 442-i 442-j 442-k 442-l 443 443-a Definitions License required for real estate brokers and salespersons Licenses in Putnam County Application for license License and pocket card License fees Revocation and suspension of licenses Salesperson’s license suspended by revocation or suspension of employer’s license Denial of license; complaints; notice of hearing Judicial review Splitting commissions Compensation of salespersons; restrictions Discontinuance or change of salesperson’s association; report Violations by salespersons; broker’s responsibility Actions for commissions; license prerequisite Violations Saving clause Nonresident licensees Rules of the Secretary of State State real estate board Effect of invalid provision Powers and duties of the state real estate board After-the-fact referral fees Disclosure regarding real estate agency relationship; form Disclosure obligations Related Statutes and Laws Real Property Law Article 8 Conveyances & Mortgages Section 242 Disclosure prior to the sale of real property Article 9 Recording Instruments Affecting Real Property Section 291-i 333-c Validity of electronic recording Lands in agricultural districts; disclosure Article 14 Property Condition Disclosure In The Sale Of Residential Real Property Section 460 461 462 463 464 465 466 467 Short title Definitions Property condition disclosure statement Exemptions Revision Remedy Duty of an agent Liability Executive Law Article 15 Human Rights Law Section 296(5) Unlawful discriminatory practices United States Code 42 USCA 3604 It shall be unlawful . . . Rules and Regulations Title 19 NYCRR Subchapter D Real Estate Brokers and Salespersons Part 175 176 177 178 179 Regulations Affecting Brokers and Salesperson Approval of Real Estate Courses Continuing Education Nonsolicitation Orders Determination of Real Estate Experience Page 2 / Real Estate License Law NYS Department of State Division of Licensing Services ARTICLE 12-A REAL PROPERTY LAW §440. Definitions 1. Whenever used in this article “real estate broker” means any person, firm, limited liability company or corporation, who, for another and for a fee, commission or other valuable consideration, lists for sale, sells, at auction or otherwise, exchanges, buys or rents, or offers or attempts to negotiate a sale, at auction or otherwise, exchange, purchase or rental of an estate or interest in real estate, or collects or offers or attempts to collect rent for the use of real estate, or negotiates or offers or attempts to negotiate, a loan secured or to be secured by a mortgage, other than a residential mortgage loan, as defined in §590 of the Banking Law, or other incumbrance upon or transfer of real estate, or is engaged in the business of a tenant relocator, or who, notwithstanding any other provision of law, performs any of the above stated functions with respect to the resale of condominium property originally sold pursuant to the provisions of the General Business Law governing real estate syndication offerings. In the sale of lots pursuant to the provisions of article 9-A of this chapter, the term “real estate broker” shall also include any person, partnership, association or corporation employed by or on behalf of the owner or owners of lots or other parcels of real estate, at a stated salary, or upon a commission, or upon a salary and commission, or otherwise, to sell such real estate, or any parts thereof, in lots or other parcels, and who shall sell or exchange, or offer or attempt or agree to negotiate the sale or exchange, of any such lot or parcel of real estate. For purposes of this subdivision the term, “interest in real estate” shall include the sale of a business wherein the value of the real estate transferred as part of the business is not merely incidental to the transaction, and shall not include the assignment of a lease, and further, the transaction itself is not otherwise subject to regulation under state or federal laws governing the sale of securities. In connection with the sale of a business the term “real estate broker” shall not include a person, firm or corporation registered pursuant to the provisions of article 23-A of the General Business Law or federal securities laws. 2. “Associate real estate broker” means a licensed real estate broker who shall by choice elect to work under the name and supervision of another individual broker or another broker who is licensed under a partnership, trade name, limited liability company or corporation. Such individual shall retain his or her license as a real estate broker as provided for in this article; provided, however, that the practice of real estate sales and brokerage by such individual as an associate broker shall be governed exclusively by the provisions of this article as they pertain to real estate salespersons. Nothing contained herein shall preclude an individual who elects to be licensed as an associate broker from also retaining a separate real estate broker’s license under an individual, partnership, trade name, limited liability company or corporation. 3. “Real estate salesperson” means a person associated with a licensed real estate broker to list for sale, sell or offer for sale, at auction or otherwise, to buy or offer to buy or to negotiate the purchase or sale or exchange of real estate, or to negotiate a loan on real estate other than a mortgage loan as defined in §590 of the Banking Law, or to lease or rent or offer to lease, rent or place for rent any real estate, or collects or offers or attempts to collect rent for the use of real estate for or in behalf of such real estate broker, or who, notwithstanding any other provision of law, performs any of the above stated functions with respect to the resale of a condominium property originally sold pursuant to the NYS Department of State Division of Licensing Services provisions of the General Business Law governing real estate syndication offerings. 4. “Tenant relocator” means any person, firm, corporation, partnership, limited liability company or any legal entity whatsoever, which, for another and for a fee, commission or other valuable consideration, supervises, organizes, arranges, coordinates, handles or is otherwise in charge of or responsible for the relocation of commercial or residential tenants from buildings or structures that are to be demolished, rehabilitated, remodeled, or otherwise structurally altered. 5. “Association, associated; or associated with” whenever used in this article shall be deemed to make reference to a salesperson’s relationship with his or her broker. Nothing in this article shall be deemed or construed to be indicative or determinative of the legal relationship of a salesperson to a broker nor shall any provision of this article be deemed or construed to alter or otherwise affect the legal responsibility of a real estate broker to third parties for the acts of anyone associated with such broker pursuant to this article. 6. “Office manager” means a licensed associate real estate broker who shall by choice elect to work as an office manager under the name and supervision of another individual broker or another broker who is licensed under a partnership, trade name, limited liability company or corporation. Such individual shall retain his or her license as a real estate broker as provided for in this article; provided, however, that the practice of real estate sales and brokerage by such individual as an associate broker shall be governed exclusively by the provisions of this article as they pertain to real estate salesmen. Nothing contained in this subdivision shall preclude an individual who is licensed as an associate broker who elects to work as an office manager from also retaining a separate real estate broker’s license under an individual, partnership, trade name, limited liability company or corporation. §440-a. License required for real estate brokers and salespersons No person, co-partnership, limited liability company or corporation shall engage in or follow the business or occupation of, or hold himself or itself out or act temporarily or otherwise as a real estate broker or real estate salesperson in this State without first procuring a license therefor as provided in this article. No person shall be entitled to a license as a real estate broker under this article, either as an individual or as a member of a co-partnership, or as a member or manager of a limited liability company, or as an officer of a corporation, unless he or she is 20 years of age or over, a citizen of the United States or an alien lawfully admitted for permanent residence in the United States. No person shall be entitled to a license as a real estate salesperson under this article unless he or she is over the age of 18 years. No person shall be entitled to a license as a real estate broker or real estate salesperson under this article who has been convicted in this state or elsewhere of a felony, of a sex offense, as defined in subdivision two of §168-A of the Correction Law or any offense committed outside of this State which would constitute a sex offense, or a sexually violent offense, as defined in subdivision three of §168-A of the Correction Law or any offense committed outside this State which would constitute a sexually violent offense, and who has not subsequent to such conviction received executive pardon therefor or a certificate of relief from disabilities or a certificate of good conduct pursuant to article 23 of the Correction Law, to remove the disability under this section because of such conviction. No person shall be entitled to a license as a real estate broker or real estate salesperson under this article who does not meet the requirements of section 3-503 of the General Obligations Law. Real Estate License Law / Page 3 Notwithstanding the above, tenant associations, and not-for-profit corporations authorized in writing by the commissioner of the department of the City of New York charged with enforcement of the housing maintenance code of such city to manage residential property owned by such city or appointed by a court of competent jurisdiction to manage residential property owned by such city shall be exempt from the licensing provisions of this section with respect to the properties so managed. department to enable it to determine the trustworthiness of the applicant if an individual, or of each member of a copartnership or each member of a limited liability company or each officer of a corporation for whom a license as a broker is asked, and his or their competency to transact the business of real estate broker in such a manner as to safeguard the interests of the public. In determining competency, the department shall require proof that the person being tested to qualify to apply for a broker’s license has a fair knowledge of the English language, a fair understanding of the general purposes and general legal effect of deeds, mortgages, land contracts of sale, and leases, a general and fair understanding of the obligations between principal and agent, as well as of the provisions of this section. The applicant must also furnish proof that he has attended for at least 120 hours and has successfully completed a real estate course or courses approved by the Secretary of State as to method and content and supervision which approval may be withdrawn if in the opinion of the Secretary of State said course or courses are not being conducted properly as to method, content and supervision, and that either the applicant has actively participated in the general real estate brokerage business as a licensed real estate salesperson under the supervision of a licensed real estate broker for a period of not less than two years or has had the equivalent experience in general real estate business for a period of at least three years, the nature of which experience shall be established by affidavit duly sworn to under oath and/or other and further proof required by the Department of State. Computer-based and distancelearning courses may be approved by the department so long as providers demonstrate the ability to monitor and verify participation by the applicant for the specified time period. Notwithstanding the foregoing authority to approve computer-based and distance-learning courses, the department may prescribe that specified subjects or hours must be presented in a classroom setting. §440-b. Licenses in Putnam County On and after the first day of July, 1934, no person, co-partnership or corporation shall engage in or follow the business or occupation of, or hold himself or itself out temporarily or otherwise as a real estate broker or real estate salesperson in the County of Putnam, without first procuring a license therefor as provided in this article, except that such license in such county shall be granted and issued, without the written examination provided in this article, to a person, co-partnership or corporation who was engaged in business as a real estate broker or real estate salesperson in such county prior to the first day of January, 1934. §441. Application for license 1. Form. (a) Any person, co-partnership, limited liability company or corporation desiring to act as a real estate broker or any person desiring to act as a real estate salesperson on or after the first day of October, 1922, shall file with the Department of State at its office in Albany an application for the kind of license desired, in such form and detail as such department shall prescribe and conforming to the requirements of §3-503 of the General Obligations Law, setting forth the following, if the application be for a broker’s license: (i) The name and residence address of the applicant, and if an individual the name under which he intends to conduct business. (ii) If the applicant be a co-partnership the name and residence address of each member thereof and the name under which the business is to be conducted; or, if the applicant be a limited liability company, the name of the company, and the name and residence of each of its members; or, if the applicant be a corporation, the name of the corporation and the name and residence address of each of its officers. (iii) The place or places, including the city, town or village, with the street and number, where the business is to be conducted. (iv) The business or occupation theretofore engaged in by the applicant, or, if a co-partnership, by each member thereof, or, if a limited liability company, by each member thereof, or, if a corporation, by each officer thereof, for a period of two years, immediately preceding the date of such application, setting forth the place or places where such business or occupation was engaged in and the name or names of employers, if any. (v) The form, information and statement required by §3-503 of the General Obligations Law. (b) Such further information as the department may reasonably require shall be furnished by the applicant including sufficient proof of having taken and passed a written examination and answered such questions as may be prepared by the Page 4 / Real Estate License Law (c) In the event the applicant shall be a licensed salesperson under this article and shall have submitted acceptable proof pursuant to the provisions of either paragraph (d) of subdivision 1-A of this section or paragraph (a) of subdivision 3 of this section of having attended and successfully completed 75 hours of an approved real estate course or courses within eight years of the date of the application, the department may accept and credit same against the 120 hours required hereunder. 1-A. (a) Every application for a real estate salesperson’s license shall set forth: (i) The name and residence address of the applicant. (ii) The name and principal business address of the broker with whom he is to be associated. (iii) The business or occupation engaged in for the two years immediately preceding the date of the application, setting forth the place or places where such business or occupation was engaged in, and the name or names of employers if any. (iv) The length of time he has been engaged in the real estate business. (v) The form, information and statement required by §3-503 of the General Obligations Law. NYS Department of State Division of Licensing Services (b) Each applicant for a salesperson’s license shall provide such further information as the department may reasonably require, appearing at such time and place as may be designated by the department, to take a written examination and answer such questions as may be prepared by the department to enable it to determine the trustworthiness of the applicant and the applicant’s competence to transact the business of real estate salesperson in such a manner as to safeguard the interests of the public, including the applicant’s working knowledge of the basic concepts of law pertaining to contracts, real property, agency and this article which govern conduct of such business, mastery of basic skills needed to perform the applicant’s duties, working knowledge of the ethical obligations of a real estate salesperson, and knowledge of the provisions of the General Obligations Law pertaining to performance of the applicant’s duties. (c) Each application fo...
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  • Spring '18
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