N.Y. Real Property Law 441-A – License and pocket card
§ 441-a. License and pocket card. 1. The department of state, if satisfied of the competency and trustworthiness of the applicant, shall issue and deliver to them a license in such form and manner as the department shall prescribe, but which must set forth the name and principal business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom the salesperson is associated.
Terms Used In N.Y. Real Property Law 441-A
- Conviction: A judgement of guilt against a criminal defendant.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- Office manager: means a licensed associate real estate broker who shall by choice elect to work as an office manager under the name and supervision of another individual broker or another broker who is licensed under a partnership, trade name, limited liability company or corporation. See N.Y. Real Property Law 440
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- real estate broker: means any person, firm, limited liability company or corporation, who, for another and for a fee, commission or other valuable consideration, lists for sale, sells, at auction or otherwise, exchanges, buys or rents, or offers or attempts to negotiate a sale, at auction or otherwise, exchange, purchase or rental of an estate or interest in real estate, or collects or offers or attempts to collect rent for the use of real estate, or negotiates or offers or attempts to negotiate, a loan secured or to be secured by a mortgage, other than a residential mortgage loan, as defined in § 590 of the banking law, or other incumbrance upon or transfer of real estate, or is engaged in the business of a tenant relocator, or who, notwithstanding any other provision of law, performs any of the above stated functions with respect to the resale of condominium property originally sold pursuant to the provisions of the general business law governing real estate syndication offerings. See N.Y. Real Property Law 440
- Real estate salesperson: means a person associated with a licensed real estate broker to list for sale, sell or offer for sale, at auction or otherwise, to buy or offer to buy or to negotiate the purchase or sale or exchange of real estate, or to negotiate a loan on real estate other than a mortgage loan as defined in § 590 of the banking law, or to lease or rent or offer to lease, rent or place for rent any real estate, or collects or offers or attempts to collect rent for the use of real estate for or in behalf of such real estate broker, or who, notwithstanding any other provision of law, performs any of the above stated functions with respect to the resale of a condominium property originally sold pursuant to the provisions of the general business law governing real estate syndication offerings. See N.Y. Real Property Law 440
2. Terms. A license issued or reissued under the provisions of this article shall entitle the person, co-partnership, limited liability company or corporation to act as a real estate broker, or, if the application is for a real estate salesperson's license, to act as a real estate salesperson in this state up to and including the date in which the license by its terms expires.
3. Place of business; business sign required. Except as otherwise provided in this article, each licensed real estate broker shall have and maintain a definite place of business within this state, and shall conspicuously post on the outside of the building in which said office is conducted a sign of a sufficient size to be readable from the sidewalk indicating the name and the business of the applicant as a licensed real estate broker, unless said office shall be located in an office, apartment or hotel building, in which event the name and the words "licensed real estate broker" shall be posted in the space provided for posting of names of occupants of the building, other than the mail box. Where the applicant for a real estate broker's license maintains more than one place of business, the broker shall apply for and the department shall issue a supplemental license for each branch office so maintained upon payment to the department of state for each supplemental license so issued the same fee prescribed in this article for a license to act as a real estate broker. Each such branch office shall be under the direct supervision of the broker to whom the license is issued, or a representative broker of a corporation or partnership or manager of a limited liability company holding such license, or a duly appointed office manager. Such fee shall accompany such application and shall be non-refundable. For purposes of this subdivision, the principal residence of a real estate broker or salesperson shall not be deemed a place of business solely because such broker or salesperson shall have included the residence telephone number in their business cards.
4. Display of license. The license of a real estate broker shall be conspicuously displayed in his principal place of business at all times. Licenses issued for branch offices shall be conspicuously displayed therein. The display of a real estate broker's license, the term whereof has expired, by any person, partnership, limited liability company or corporation not duly licensed as a real estate broker for the current license term is prohibited.
5. Change of address. Notice in writing in the manner and form prescribed by the department shall be given the department at its offices in Albany by a licensed real estate broker on their own behalf and on behalf of each salesperson associated with them of any change in their or its principal business address. The filing fee of ten dollars for each licensee named therein shall accompany such notice. Such change by a licensee without such notification shall operate to suspend their license until such suspension shall be vacated by the department.
6. Pocket card. The department shall prepare, issue and deliver, with the assistance of the department of motor vehicles, to each licensee a pocket card in such form and manner as the department shall prescribe, but which shall contain the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom they are associated and shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson, as may be. Such cards must be shown on demand. In the case of loss, destruction or damage, the secretary of state may, upon submission of satisfactory proof, issue a duplicate pocket card upon payment of a fee of ten dollars.
7. License term. From and after the date when this subdivision shall take effect, the term for which a license shall be issued or reissued under this article shall be a period of two years.
8. Death of broker. A license issued to a real estate broker who was, at the time of their death, the sole proprietor of a brokerage office may be used after the death of such licensee by their duly appointed administrator or executor in the name of the estate pursuant to authorization granted by the surrogate under the provisions of the surrogate's court procedure act for a period of not more than one hundred twenty days from the date of death of such licensee in order to complete any unfinished realty transactions in the process of negotiation by the broker or their salespersons existing prior to their decease. There shall be endorsed upon the face of the license, after the name of the decedent, the words "deceased", the date of death and the name of the administrator or executor under whose authority the license is being used. The period of one hundred twenty days may be extended upon application to the secretary of state, for good cause shown, for an additional period not to exceed one hundred twenty days. A license expiring during such period or extension shall be automatically renewed and continued in effect during such period or extension. No fee shall be charged for any such license or renewal thereof.
9. Except for changes made on a renewal application, the fee for changing an address on a license shall be ten dollars.
10. Except for changes made on a renewal application, the fee for changing a name or for changing the status of a real estate broker's license shall be one hundred fifty dollars. The fee for changing a salesperson's name shall be fifty dollars.
11. If a real estate salesperson shall leave the service of a real estate broker, the real estate broker shall file a termination of association notice on such form as secretary may designate. The salesperson's license may be endorsed to a new sponsoring broker upon the establishment of a new record of association filed with the department of state. The fee for filing a record of association shall be twenty dollars.
12. Whenever any person licensed as a real estate broker or real estate salesperson is convicted in this state or elsewhere of a felony, of a sex offense, as defined in subdivision two of § 168-a of the correction law or any offense committed outside of this state which would constitute a sex offense, or a sexually violent offense, as defined in subdivision three of § 168-a of the correction law or any offense committed outside this state which would constitute a sexually violent offense, such real estate broker or real estate salesperson shall within five days of the imposition of sentence, transmit a certified copy of the judgment of conviction to the department of state.