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75-hour New York Prelicense Course Syllabus Course Description This Pre-License course focuses on New York Real Estate Law and the everyday practice of Real Estate approved by the New York Real Estate Commission. This course covers all the subjects mandated by New York Real Estate License Law, for those interested in gaining their license. This course is expressly designed for, and geared to, all those potential licensees as defined by the New York Real Estate Commission, for the purpose of sitting for the real estate salesperson's exam. Anyone who assists or desires to assist others in the sale, leasing, management, or exchange of real estate must hold at least a real estate salesperson's license. Course Learning Objectives Unit 1: License Law Overview and Procedures for Licensing 1. State the purpose of the NY licensing law, the Department of State and the Board of Real Estate. 2. Explain the rules for obtaining a license in New York, state the types of licenses and their respective requirements. 3. Explain the New York real estate licensing exam requirements, procedures and policies. Unit 2: License Law Rules and Regulations 1. Define and explain the rules for license issuance, license information changes and branch office management. 2. Define and explain the rules for license renewal, continuing education and reciprocity. 3. Identify at least five Department regulations including handling of kickbacks and proper advertising. Unit 3: Unlicensed Assistants and License Law Violations 1. Name three allowed and three prohibited activities for unlicensed assistants and list at least five licensee activities that violate NY license law. 2. Explain the hearing process and list the penalties for violating the license law. 3. Identify and explain the four sections of a hearing decision. Unit 4: Law of Agency 1. Define the following agency terms; agency, principal, client, agent, fiduciary and customer. 2. List the duties licensees owe to clients and to customers. 3. List and explain the types of real estate agencies allowed in NY and explain the NY rules for commissions. 4. Name the federal antitrust statutes and explain these antitrust terms; price fixing, boycotts, market allocation and tying agreements. Unit 5: Agency Relationships 1. Define the agency terms and parties involved in agency and subagency relationships. 2. Define dual agency and explain the rules for disclosure and designated agency. 3. Explain the various single agency relationships and how they are used. 4. List the ways agency relationships may be terminated. 1 Unit 6: Agency Disclosures and Agreements 1. Define the different types of listing agreements. 2. Describe provisions that are typically found in listing agreement forms. 3. Explain how and when to use the agency disclosure forms. 4. Discuss other required disclosures, including the property condition disclosure. Unit 7: Independent Contractor or Employee 1. Describe the difference between an employee and an independent contractor and explain the elements of the independent contractor relationship. 2. Discuss laws governing independent contractors – both New York State Law and the IRS Code. Unit 8: Estates and Interests 1. Identify and explain property rights. 2. Describe the difference between real property and personal property and identify uses of real property. 3. Define the different types of freehold and leasehold estates. 4. Explain different forms of ownership. 5. Describe ways businesses can own real estate and discuss condominium and cooperative ownership. Unit 9: Liens and Easements 1. Define a lien and discuss lien types. 2. Explain the different types of specific liens and discuss lien priority. 3. Describe easements and encroachments. Unit 10: Deeds 1. Describe essential elements of a deed, including legal descriptions. 2. Explain the different types of deeds. 3. Describe how deeds are transferred after death and discuss adverse possession and accession rights. Unit 11: Title Closing and Costs 1. Define a title closing and describe what happens at closing. 2. Discuss title and homeowner's insurance and explain the requirements of the Real Estate Settlement and Procedures Act (RESPA). 3. Describe how the seller's and buyer's costs are handled at closing. 4. Explain prorations and discuss the Uniform Settlement Statement. Unit 12: Leases 1. Describe different types of leasehold estates and identify the rights and obligations of the parties. 2. Describe various aspects of standard lease provisions. 3. Explain how leases are terminated and identify types of leases. Unit 13: Contracts 1. List and explain different types of contracts and their classifications. 2. Describe the essentials of a valid contract and under what conditions the contract could terminate. 3. Explain the provisions of a sales contract, including an installment sales contract, and describe a lease with option to buy. 2 Unit 14: Contract Preparation 1. Discuss contract preparation, including which form to use, what data is needed for the contract prep, and who prepares the contract. 2. Explain mortgage contingencies and issues surrounding down payments and describe contract procedures. Unit 15: Real Estate Finance 1 1. Discuss the issues surrounding a mortgage, including mortgage clauses, payments, fees, foreclosures, and how a property with an existing mortgage can sell. 2. Identify specific types of loans and explain their repayment plans. 3. Describe the aspects of a conventional loan, including advantages and disadvantages and the need for private mortgage insurance (PMI). 4. Explain a number of loan options that can put a conventional loan within a borrower's reach. 5. Discuss a number of government-backed loans, including FHA, DVA, RHS, and SONYMA. Unit 16: Real Estate Finance 2 1. Describe the basic mechanics of money flow in the secondary mortgage market and define the major players involved in its activities. 2. Explain the process and key determinants of mortgage lending underwriting, including such decision variables as buyer income, LTV ratios, and quality of the collateral. 3. Describe the general nature of modern predatory lending practice and its most common offenses. Unit 17: Land Use Regulations 1. Describe the significant forms of private and state environmental land use control including deed restrictions, covenants, and the SEQR. 2. Define and describe salient forms of public land use control including sale disclosures, taxation, eminent domain, building codes and permits 3. Describe the classifications of zoning and the various land use restrictions imposed by each zoning type. 4. Identify the principal activities that comprise municipal planning and management including master plan development and key zoning actions such as moratoria, housing development approvals, and zoning appeals. Unit 18: Constructions Issues 1. Identify and describe land use and site requirements necessary for construction pertaining to building permits, codes, wells, waste, energy, and site use. 2. Describe the principal aspects and components of a building's structure including the foundation, framing, flooring, roofing, and walls. 3. Describe further elements of building construction including insulation, mechanical systems, heating, and A/C systems. 4. Describe further elements of building construction including plumbing systems, electrical systems, and safety systems. 3 Unit 19: Environmental Issues 1. Describe principal long-standing environmental issues, their specific inherent hazards, related legislation, and remediation methods. 2. Identify and describe the current environmental issues of asbestos, lead paint and radon, and summarize related regulation and remediation efforts. 3. Identify and describe the current environmental issues of indoor air quality, mold, formaldehyde insulation, and PCBs, and summarize related regulation and remediation efforts. 4. Define and describe key environmental legislation and the current issues of underground storage tanks, electromagnetic fields, and CFCs. Unit 20: Valuation and Pricing Properties 1. Describe and differentiate key valuation concepts, types of value, and principles of value. 2. Describe the components of a residential market analysis including the types of properties used to derive analysis results. 3. Explain the characteristics and mechanics of the sales comparison, income and cost approaches to valuation. 4. Explain the general mechanics and steps involved in preparing a Comparative Market Analysis (CMA). Unit 21: Human Rights and Fair Housing 1. Cite and describe principal federal fair housing laws, their central thrust, how they are enforced, and the general responsibilities these laws impose on brokerage practice. 2. Describe additional fair housing laws, particularly New York's Human Rights Law, and the central thrusts of this legislation. 3. Explain the nature of various forms of discrimination in lending and brokerage and how testers contribute to enforcement of anti-discrimination laws. 4. Describe specific ways licensees can conduct their practice to avoid discrimination and reduce their exposure to related liabilities. Unit 22: Real Estate Math 1. Identify equations for, and compute real estate commissions, loan interest and points, and property appreciation and depreciation. 2. Identify equations for, and compute mortgage payments and real property area and length measurements. 3. Identify equations for, and compute mortgage underwriting ratios and ad valorem and property transfer taxes. Unit 23: Municipal Agencies 1. Describe what a city or town council
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