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License Law and Regulations Cheat Sheet (DRAFT) by

Introduction to licensure and responsibilities

This is a draft cheat sheet. It is a work in progress and is not finished yet.

Different Categories of Licensure

Real Estate Broker (REB)
Licensed individual or firm that charges a fee to serve as mediator b/w buyer & seller
Associate Real Estate Broker
Real Estate broker who elects to work under the name and superv­ision of another REB
Real Estate Salesp­erson (RES)
Licensed individual under superv­ision of REB, facili­tates purchase and sale of property on behalf of clients
 
Lists & negotiates sale, lease, or rental of property
 
Cannot operate indepe­nde­ntly; term of licensure = 2 years
 

Licensure

- Complete applic­ation & pay required fee
- 18 years old for RES; 20 years old for REB
- Complete DOS 75hr salesp­erson course
- Pass NYS RES examin­ation
- Be sponsored by a NYS REB
- Have current NYS driver's license or ID card
- Photo ID Cards