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1. A salesperson does not become exempt from
the license law when they are working with close relatives. A lawyer may be exempt from the license law,
however, if they hire salespeople, then they would be required to get a
broker’s license. Aside from attorneys,
exemptions include public officers (such as a sheriff), someone court-ordered,
and resident property managers who handle leasing of the units on the property
where they live as part of their normal duties.
2. If a broker loses his or her license, the salespeople
must immediately stop working for THAT company, but they could transfer their
license to another broker and continue working.
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3. A broker can accept a commission from both
the buyer and seller when there is full written disclosure and written
permission from both parties. This does
NOT create a dual agency. Who is paying
the money and who is being represented are two completely separate issues. A buyer may offer a finder’s fee to
whichever agent finds him a suitable property, and therefore choose not to be
represented by any agent, because they don’t wish to be obligated to any agent,
even though they are willing to pay money.
It is also possible to get paid by the seller while you are representing
the buyer.
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4. The Truth-in-Heating Law requires the sellers
to provide the past two years heating and cooling bills to a buyer of a one or
two family home, as well as information about insulation in the house, to any
buyer or prospective buyer, if the buyers request that information in writing.
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5. Maria can do any administrative work under
the direction and approval of the licensee.
She may not do anything that constitutes an act of brokerage. Sitting an open house would be considered an
act of brokerage.
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6. The sellers do not owe any commission. This is an illegal contract, and therefore
would not be valid or binding. An Exclusive
Right-to-Sell listing may not be automatically extended in New York.
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7. You cannot get your real estate license until
you affiliate with a broker. Only a
broker may go off on their own and start selling real estate.
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8. A salesperson’s license is held by the
salesperson’s broker. The broker may choose
whether or not to display the licenses of their salespeople. The salesperson carries a pocket card. The pocket card is proof that a licensee has
a license, but is not the license itself.
The local board is a trade association, not part of the government, and
therefore has nothing to do with someone getting their license.
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