Changes to Continuing Education Requirements
As we previously noted, a new law regarding continuing education for real estate salespersons and brokers was recently adopted.
The New York State Department of State sent a letter to all NYS licensees giving a summary of the major changes noted below:
The amendment changes the course requirements for renewal. Specifically, new mandatory hours of education now include:
“At least 2.5 hours of instruction pertaining to ethical business practices, at least 1 hour of instruction pertaining to recent legal matters governing the practice of real estate brokers and salespersons in New York which may include statutes, laws, regulations, rules, codes, department of state opinions and decisions, and court decisions.”
With this change, effective July 1st, 2021, all licensees will be required to successfully complete 22.5 hours of approved continuing education. The education must include at least 2.5 hours on the subject of ethical business practices, at least one hour of recent legal matters, at least three hours of instruction pertaining to fair housing and/or discrimination in the sale or rental of real property or an interest in real property and at least one hour of instruction pertaining to the law of 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 within the two-year period immediately preceding a renewal.
The amendment also removes the 15-year real estate broker continuing education exemption and now requires all brokers who are currently exempted to complete continuing education starting July 1, 2021.
For the purposes of implementing the changes, the new requirements are effective on the actual date the license expires rather than the date the renewal application is submitted for processing. If the expiration date printed on your license is on or after July 1st, 2021 you must meet the new requirement before you can renew.
House Federal Funding Legislation brings certainty, stability to housing market
Washington, DC National Association of Realtors president Vince Malta issued the following statement after the House of Representatives passed a spending package funding the federal government for fiscal year 2020. The bill provides authority for the National Flood Insurance Program through September 30, extends several tax provisions important to real estate markets and reauthorizes the Terrorism Risk Insurance Program for seven years.
“Confidence and stability are two of the most critical factors impacting America’s housing market and economy. Fortunately, this funding agreement delivers that certainty to NAR’s 1.4 million members and the clients they work hard to serve every day,” said Malta, broker at Malta & Co., Inc., in San Francisco, CA. “The National Association of Realtors fought to eliminate short-term questions surrounding the status of the National Flood Insurance Program, federal terrorism insurance and various tax provisions, all of which will allow our members to plan better, minimize stress for prospective home buyers and sellers and keep our nation’s economy moving forward. While NAR applauds today’s votes, we urge Congress to use the time afforded by this agreement to work toward sustainable, bipartisan solutions to programs like the NFIP, which protect millions of Americans every year.”
For the full article, visit: https://www.nar.realtor/newsroom/house-federal-funding-legislation-brings-certainty-stability-to-housing-market
Save the Date
Education: Commercial Basics, (15 Hours) January 15-16, 2020
Location: Ulster Savings Bank, 180 Schwenk Dr., Kingston, NY
Instructed by Joseph Deegan, CCIM
The course provides a general overview of the commercial and investment real estate business. Learn to use the HP 10BII calculator to perform many of the functions that are used daily in commercial real estate. The course teaches you to analyze property operating data. You will learn the formulas and perform the calculations used in investment real estate transactions.
Annual Conference, June 8-10, 2020
Location: Turning Stone Resort and Casino in Verona, NY
The 19th Annual New York State Commercial Real Estate Conference is scheduled for June 8-10 at the Turning Stone Resort and Casino in Verona. Be sure to mark your calendar and plan to attend! The Planning Committee has been meeting to plan an outstanding event for your benefit! Network with your colleagues, make connections and deals and earn continuing education credit. Watch for details.
James Walker, CCIM, is the 2020 president of NYSCAR, Albany, N.Y.