1. The state real estate board shall have the power to promulgate rules or regulations affecting brokers and sales persons in order to administer and effectuate the purposes of this article, except that matters pertaining to commingling money of a principal, rendering accounts for a client, managing property for a client, broker’s purchase of property listed with him or her, inducing breach of contract of sale or lease, and records of transactions to be maintained are reserved for the exclusive regulatory authority of the secretary of state. The secretary of state, and not the state real estate board, shall promulgate rules and regulations to administer or implement the provisions of sections four hundred forty-one and four hundred forty-two-h of this article. In addition, the secretary of state shall have exclusive regulatory authority to promulgate rules regarding the duties and responsibilities of real estate brokers and salespersons with regard to the handling of clients’ funds.
Terms Used In N.Y. Real Property Law 442-K
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. Authority to examine applicants. The board is empowered to prescribe the content for the courses of study for the examination and education of persons licensed under this article. The board shall advise the secretary of state on policies governing the administration of the examinations.
3. Approval of schools. The board shall establish the rules and regulations governing the approval by the secretary of state of schools to offer or conduct courses required either for licensure under this article or for the satisfaction of the continuing education requirements contained in paragraph (a) of subdivision three of section four hundred forty-one of this article.
4. Study of laws and regulations. The board shall study the operation of laws and regulations with respect to the rights, responsibilities and liabilities of real estate licensees arising out of the transfer of interests in real property and shall make recommendation on pending or proposed legislation affecting the same, with the exception of legislation affecting section four hundred forty-two-h of this article.
5. Enforcement programs and activities. The board shall advise and assist the secretary of state in carrying out the provisions and purposes of this article and make recommendations concerning the programs and activities of the department in connection with the enforcement of this article.
6. Administration and enforcement. The department of state shall have the power and its duty shall be to administer and enforce the laws and regulations of the state relating to those activities involving real estate for which licensing is required under this article and to instruct and require its agents to bring prosecutions for unauthorized and unlawful practice.
7. Reports to legislative committees. The board shall submit annually a report to the judiciary committee of the state assembly and the judiciary committee of the state senate, containing a description of the types of complaints received, status of cases, and the length of time from the initial complaint to any final disposition.