Real Estate Board involved in key Albany legislation.The Real Estate Board of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (REBNY REBNY Real Estate Board of New York ) played a significant role in a number of new legislative bills of importance to the real estate industry that resulted from the 2006 session of the New York State Legislature A state legislature may refer to a legislative branch or body of a political subdivision in a federal system. The following legislatures exist in the following political subdivisions: Bills signed by Governor Pataki include a bill that changes broker/ salesperson education guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. , as well as the Private Activity Bond Allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as Act of 2006, which extends the multi-year funding feature of private activity bonds that has been critical for the development of large-scale 80/20 housing projects. Another bill affecting the real estate industry is the Cooperative Sales Information, RPIE RPIE Real Property Installed Equipment RPIE Real Property Income and Expense Statements RPIE Reconnaissance Patrolling Insertion and Extraction Equipment and Electronic Filing Bill, which makes cooperative sales information available to the public, makes aggregate income and expense information available and also requires electronic filing of RPIEs. Other bills include real estate disclosure form amendments and a bill that lowers the assessment cap on real property class shares. "Numerous bills of importance to the real estate industry were negotiated in the 2006 session of the New York State Legislature. REBNY played a significant role in advocating for appropriate measures in each of these bills to ensure that the industry's interests would be protected," said Steven Spinola, REBNY president. "One of the most notable measures introduced is a bill that will enable the Department of State to approve new technologies for real estate salesperson and broker licensing courses, as well as other broker education amendments. However, most REBNY members will not be affected as the bill does not take effect until July 1, 2008." Spinola added, "In addition, in what is a significant change for the industry, another new bill will make cooperative sales information available to the public for the first time." Following is a summary of bills related to the real estate industry. Broker Education Amendments (ASO ASO arteriosclerosis obliterans. ASO 1 Administrative services organization, see there 2 Allele-specific–oligonucleotide hybridization 3 Anti-streptolysin O, see there 53-A Weprin/S4898-A DeFrancisco) The general purpose of the bill is to permit the Department of State greater latitude latitude, angular distance of any point on the surface of the earth north or south of the equator. The equator is latitude 0°, and the North Pole and South Pole are latitudes 90°N and 90°S, respectively. to approve new technologies for the delivery of real estate education course and to increase the educational requirements for new real estate licensees. On or after July 1, 2008, computer based distance learning courses may be approved by the Department of State to satisfy the educational requirements for salesperson and broker licensing classes. Real estate professionals who have or receive their broker's license prior to July 1, 2008 are not affected by the provisions of this new bill. Real estate professionals who are currently licensed as a salesperson and who obtain their broker's license prior to July 1, 2008 are not affected by this new bill. On or after July 1, 2008, the hours of study required to become a real estate salesperson will increase from 45 hours to 75 hours. The required course to be eligible to obtain a broker's license on or after July 1, 2008 will remain 45 hours. In addition, on or after July 1, 2008 applicants for the broker's license must complete a combination of continuing education continuing education: see adult education. continuing education or adult education Any form of learning provided for adults. In the U.S. the University of Wisconsin was the first academic institution to offer such programs (1904). courses and /or the salesperson's licensing course for a total of 75 hours of educational credits. Individuals who have attained a salesperson's or broker's license prior to July 1, 2008 will be eligible for the 15-year exemption from the continuing education requirement, if they meet all of the current requirements for such exemption. Individuals who obtain their salesperson's license after July 1, 2008 will not be eligible for the exemption from the continuing education requirement. The minimum age for a broker's license will rise from nineteen to twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. old Those seeking a broker's license will also be required to have had a minimum of two years experience as a licensed real estate salesperson (as opposed to the present one year) or swear swear v. 1) to declare under oath that one will tell the truth (sometimes "the truth, the whole truth and nothing but the truth"). Failure to tell the truth, and do so knowingly, is the crime of perjury. by affidavit affidavit Written statement made voluntarily, confirmed by the oath or affirmation of the party making it, and signed before an officer empowered to administer such oaths. they have had the equivalent experience for at least three years (as opposed to the present two years). The bill's effective date is July 1, 2008. Real Estate Disclosure Form Amendments (A4135-C Morelle/S44C-DeFrancisco) The general purpose of the bill is to make clearer for consumers the real estate agency relationships in residential real property sales and lease negotiations and to provide and codify codify to arrange and label a system of laws. a uniform disclosure of designated agency in a dual agency transaction. The bill creates new written disclosure forms regarding real estate agency relationships. (The bill does not amend the definition of residential real property that excludes from the written disclosure requirements unimproved real property or condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. or cooperative apartments in a building containing more than four units. However, New York State law requires real estate licensees to advise the buyers, sellers, landlords and tenants with whom they work of their agency relationship and the rights and obligations it creates.) The bill establishes two separate forms for disclosing agency relationships in residential transactions, one for sales and another for leases. It also codifies definitions for both a dual agent and a designated sales associate. The bill's effective date is January 1, 2007. Cooperative Sales Information, RPIE, and Electronic Filing Bill (A11003 Brennan/S7679 Maltese) The general purpose of the bill is to better serve the public by increasing the transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. in the real property assessment process, by providing buyers and sellers with critical information they need in a free market and by improving the efficiency of the Finance Department in the collection and use of RPIE information. The bill eliminates the secrecy secrecy see confidentiality. requirement contained in the Real Property Transfer Tax filings for the sale of shares in a cooperative, thereby making sales price and buyer and seller information contained in the filing available to the public. New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. real property income and expense statements and transfer tax returns must be filed electronically. The bill permits the making known of aggregate income and expense information for class four without identifying information about individual leases and a range of aggregate income and expense information for class two. The bill is effective immediately. Private Activity Bond Allocation Act of 2006 (A10269 Sweeney/S6919 Alesi) The bill extends the multi-year funding feature of private activity bonds that has been critical for the development of large-scale 80/20 housing projects. Renewed on an annual basis, this bill provides for an allocation mechanism that would continue to provide to New York City one-third of the estimated $1.4 billion of private activity bonds. The bill is effective immediately. Real Property Class Share Cap (A11986 Silver/S8288 Padavan) This bill lowers the assessment cap on real property class shares for 2007 from 5% to 2%. The effect of this change is a reduction in the share of the real property tax levy for Class One and Class Two for 2007. Also, Class Four's share of the real property tax levy will be larger this year than it would have been if the cap had not been changed. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion