Requires applicants for licenses and for renewals thereof as real estate brokers and real estate salesmen to complete instruction in the law of agency.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9474
SPONSOR: Weinstein TITLE OF BILL:
An act to amend the real property law, in relation to requiring three
hours of agency related coursework as a requirement for renewal of a
real estate license
PURPOSE OF BILL:
The bill amends the real property law to require two hours of agency
related coursework in the licensee's initial two-year licensing term as
part of the 22 1/2 hours of continuing education required for renewal of
a real estate license in New York. In subsequent license terms one hour
of agency related coursework will be required.
SUMMARY OF PROVISIONS OF BILL:
Section 1. Section 441(3)(a) subsection 7 of the real property law is
amended to add "at least one hour of instruction pertaining to agency
except in the case of the initial two-year licensing term for real
estate salespersons, two hours of agency related instruction must be
completed".
JUSTIFICATION:
Understanding the agency relationship created between buyers/sellers,
landlords/tenants and the real estate professional representing them
during the real estate transaction is essential.
There are many real estate professionals and consumers who are often
confused by the agency relationships created during the real estate
transaction. At various points in time there may be several different
agency relationships created, terminated or changed from first encounter
to the closing table. Understanding what fiduciary duties are owed, the
proper use of the agency disclosure form, and the ability to successful-
ly represent clients in various forms of agency relationships such as
buyer/tenant agency, seller/landlord agency and dual agency are critical
for consumer protection.
LEGISLATIVE HISTORY:
New bill, 2016.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None.
EFFECTIVE DATE:
This act shall take effect on the first of January next succeeding the
date on which it shall have become law. Effective immediately, the
Secretary of State shall promulgate necessary and advisable rules and
regulations for the implementation of this act.
STATE OF NEW YORK
________________________________________________________________________
9474
IN ASSEMBLY
March 9, 2016
___________
Introduced by M. of A. WEINSTEIN -- read once and referred to the
Committee on Judiciary
AN ACT to amend the real property law, in relation to requiring three
hours of agency related coursework as a requirement for renewal of a
real estate license
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (a) of subdivision 3 of section 441 of the real
2 property law, as amended by section 1 of part D of chapter 328 of the
3 laws of 2014, is amended to read as follows:
4 (a) No renewal license shall be issued any licensee under this article
5 for any license period commencing November first, nineteen hundred nine-
6 ty-five unless such licensee shall have within the two year period imme-
7 diately preceding such renewal attended at least twenty-two and one-half
8 hours which shall include at least three hours of instruction pertaining
9 to fair housing and/or discrimination in the sale or rental of real
10 property or an interest in real property, at least one hour of instruc-
11 tion pertaining to the law of agency except in the case of the initial
12 two-year licensing term for real estate salespersons, two hours of agen-
13 cy related instruction must be completed, and successfully completed a
14 continuing education real estate course or courses approved by the
15 secretary of state as to method, content and supervision, which approval
16 may be withdrawn if in the opinion of the secretary of state such course
17 or courses are not being conducted properly as to method, content and
18 supervision. For those individuals licensed pursuant to subdivision six
19 of section four hundred forty-two-g of this article, in the individual's
20 initial license term, at least eleven hours of the required twenty-two
21 and one-half hours of continuing education shall be completed during the
22 first year of the term. Of those eleven hours, three hours shall pertain
23 to applicable New York state statutes and regulations governing the
24 practice of real estate brokers and salespersons. To establish compli-
25 ance with the continuing education requirements imposed by this section,
26 licensees shall provide an affidavit, in a form acceptable to the
27 department of state, establishing the nature of the continuing education
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14608-01-6
A. 9474 2
1 acquired and shall provide such further proof as required by the depart-
2 ment of state. The provisions of this paragraph shall not apply to any
3 licensed real estate broker who is engaged full time in the real estate
4 business and who has been licensed under this article prior to July
5 first, two thousand eight for at least fifteen consecutive years imme-
6 diately preceding such renewal.
7 § 2. This act shall take effect on the first of January next succeed-
8 ing the date on which it shall have become a law. Provided, however,
9 effective immediately, the secretary of state shall promulgate necessary
10 and advisable rules and regulations for the implementation of the
11 provisions of this act on its effective date.
