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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 brokerís 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.

 

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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 finderís fee to whichever agent finds him a suitable property, and therefore choose not to be represented by any agent, because they donít 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 salespersonís license is held by the salespersonís 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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