The Real Estate industry in the State of New York will see changes in licensing law in the year 2008. The upcoming changes to New York Real Property Law are steps in the right direction.
An increase in the number of classroom hours required to become a salesperson will better prepare future agents to function more effectively in the business. And increasing the required time a salesperson spends as an apprentice, under the guidance of a broker, will provide salespersons with more practical experience and on the job training.
Here are highlights of the changes that were made to the New York State Real Property Law, to become effective in July 2008.
- Statutory definition of Office Manager - Must hold at least an Associate Real Estate Broker's license.
- Educational Requirements for a Real Estate Broker's License is Now 120 hours. Formerly it was 90 hours of approved real estate courses. And the minimum age to become a Broker has been raised to twenty years of age. Formerly it was nineteen years of age.
- A Two Year Term as Salesperson, under a Broker, will now be required. The term was formerly One year. Or Three Years of equivalent experience in general real estate business will now be required. Formerly only Two Years of equivalent experience was required.
- Educational Requirements for a Real Estate Salesperson License is Now 75 hours. Formerly only 45 hours of approved real estate courses were required.
- Elimination of the current exemption from continuing education requirements for those brokers licensed after the effective date (July of 2008) who do not have fifteen years of consecutive licensure by that time.
- Real estate license identification cards shall now need to contain a photograph of the licensee.
These changes are a direct result of the passage of Bill A08053, AN ACT to amend the real property law, in relation to Real Estate Brokers and Real Estate Salespersons in New York State.