Exam (elaborations)
NY Real Estate. Ch 1. License Law and Regulations - Vocabulary Questions and Answers 100% Solved
- Course
- Institution
NY Real Estate. Ch 1. License Law and Regulations - Vocabulary
[Show more]
Content preview
NY Real Estate. Ch 1. License Law andRegulations - Vocabulary
NYS Department of State - answer The Department of State is primarily responsible for
issuing real estate licenses, pocket cards, and handing down disciplinary action. Article
12-A of the NYS Real Property Law outlines the roles/duties of the Department of State.
Attorney General - answer According to Article 12-A (NYS Real Property Law), the
Attorney General shall prosecute criminal actions for violations of the Real Property
Law.
New York Court of Appeals - answer The New York Court of Appeals is the highest
court in New York State.
Misdemeanor - answer According to section 442-e of the NYS Real Property Law:"Any
person who violates any provision of this article shall be guilty of a misdemeanor. The
commission of a single act prohibited by this article shall constitute a violation hereof."
Violations of the Real Property Law - answerThe Department of State may suspend or
revoke a real estate salesperson or broker's license for violations of the Real Property
Law. The DOS may also impose a fine not to exceed $1,000.
Real estate salespersons license - answerA real estate salesperson must be at least 18
years old. A real estate salespersons license is valid for 2 years.
Every 2 years - answerthe salesperson must renew their license online through
eAccessNY. Before renewing a license, the salesperson must complete 22.5-hours of
Continuing Education. If a real estate salesperson fails to renew their license within 2
years, their license is considered expired. The salesperson must retake the State exam
and reapply for their license.
Real estate salespersons - answermay perform acts that a broker is authorized to
perform, but they do so on behalf of a broker with whom they are associated.
Real estate brokers license - answerOnce an individual obtains their NYS real estate
salespersons license, they must do the following to obtain a brokers license:- Have at
least two years of experience as a real estate salesperson.- Be at least 20 years of
age.- Complete the 45-hour NYS real estate broker's course (120 hours of total
coursework including the 75-hour real estate salespersons course).- Pass the State real
estate broker's exam.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now