REBNY announces licensing changes.

The state has made two changes that affect real estate brokers and sellers, the Real Estate Board of New York recently announced.

A new state law signed by Gov. George Pataki requires sellers of one- to four-family residential properties to fill out a property condition disclosure statement. The law goes into effect March 1. Transfers of condominium and cooperative apartments, including those in one- to four-unit buildings, are excluded. The statement must be delivered to a buyer prior to the signing of a contract, signed by both the buyer and seller and attached to the real estate purchase contract, under the law.

Agents representing sellers must inform their clients of the new regulation. They must also inform property buyers that are not represented by an agent. Sellers that fail to comply will be required to give buyers a credit of $500 upon transfer of title. Sellers that disclose an inaccurate statement, such as one that does not include a material defect of a property, can be held liable, under the law.

REBNY also announced that, under a recent change by the New York State Department of State Division of Licensing, real estate agents can renew licenses online through the department of state website at dos.state.ny.us. Agents will receive a letter from the state informing them of their personal passwords three months before the expiration date of their licenses. The password and ID number are required to renew licenses online.