Ch 1 Independent Contractor or Employee
Other licensees pertaining to real estate
1. Apartment information vendor 2. Apartment sharing agent 3. Appraiser 4. Home inspector 5. Mortgage banker
Who does not have to have a sales person's license
1. Attorneys: can get a license without the class 2. Building supervisors or maintenance workers 3. Property owners 4. Public officers who are acting on official capacity 5. Tenants Association or non-for profit corporation
IRS conditions of being an independent contractor
1. Licensed 2. Paid based on sales or output 3. Under written contract
Suspense or revocation of license
1. Miss information on license application 2. Violation of article 12-A of real property law 3. Making a false promise 4. Fraud 5. I don't trust worthiness or incompetence 6. Failing to complete continuing education 7. Active or constructive fraud or negligence
Two most important provisions on advertising by the New York code rules and regulations
1. Must include brokers name and telephone number 2. Must give general location of property
To specific codes found of the New York code of rules and regulations directing me operations of independent contractor relationships
1. Supervision of a licensed real estate broker 2. Records maintained for a minimum of three years
Do you requirements of reciprocity
1. Their certifications are current 2. Sign irrevocable consent: subjecting them to the jurisdiction of the court of the state of New York
General licensing Qualifications of a real estate sales person
1. speaks English 2. Allowed to work in United States 3. Non-felon 4. Must be in compliance child support laws 5. 18 years old 5. 75 our sales persons course
How many hours to become a broker in class
120
Sales person continuing education hours per two years
22.5 hours with three hours of fair housing
How many points are required to become a real estate broker
3500 Or 5250 if claiming really experience in general real estate industry other than sales person
Blind ad
Advertisements that do not include the brokers name and telephone number in the attempt of appearing to be a sale by owner. are highly illegal
Real estate sales person
Any person who performs the act of a broker but does so only when associated and sponsored by a licensed broker
Article 78 proceedings
Appeal a decision made by the department of state with the New York state civil practice law and rules that was made against you by someone who thought they were treated unfairly
Most of the laws pertaining to sales person and broker are contained in
Article 12-A of real property law
Three categories of real estate licenses categories for New York
Broker assistant broker sales person
When I happens with death of a broker to the business
Business has 120 days to wind down
Remedy For failure to provide property disclosure statement prior to signing
Buyer receives $500 credit at close
Internal revenue code section 3508 a and B
Classifies employment in 1 of 4 ways 1. Independent contractor 2. Employee 3. Stationary employee 4. Stationary nonemployee
Property condition disclosure act
Every cell in my signed the property condition disclosure statement and give it to the fire before signing
Constructive fraud
Failing to disclose material fact
Property condition disclosure act
Mandated by the New York real property law every seller ever rented and your property must complete and sign a property condition disclosure statement
New York state agency rules and regulations are found in
New York code rules and regulations by the department of state
Who gives real estate licensee is their license
New York department of state (DOS) division of licensing services Whose executive is the Secretary of State
In addition to specific laws article 12-A provided creation of
New York state board of real estate which advisers in assistant secretary of state in caring out provisions of article 12-A
Kickbacks
Pain part of the proceeds of the sale to another party that helps towards the sale but is unlicensed
What are licensee is required to produce on demand
Pocket card
Commingling funds
Putting your clients "your principles" money or assets in with your own
According to the IRS real estate agents are
Stationery non-employees who are treated as independent contractors for all tax purposes
What happens if the broker dies
The business has 120 days to wind down
People who believe they were not served in a fair and honest manner by their real estate agent may file a complaint with
The department of state DOS
Dual licensure
When a real estate licensee hold more than one my friends at a time The real estate broker who is also an associate broker with another firm A sales person who works for two brokers
Reciprocity
When the state agrees to allow a licensee from other states to sell real estate in their own by excepting the licensees out of state course credits or license