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New York · State License Law — free study notes for the real estate licensing exam.
🏛️ State License Law 📍 New YorkIn a New York residential 1-to-4 unit sale, the seller must provide a Property Condition Disclosure Statement, and agency disclosure must be made at first substantive contact using the DOS-prescribed form. New York is not a community property state, so marital property is divided under equitable distribution rather than community property rules. Client and customer funds must be held in a separate escrow account and disbursed only as authorized, with proper accounting throughout the transaction.
Yes. State License Law is a scored domain on the New York real estate licensing exam, and this topic appears in the state license-law portion.
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New York applies its own license law on top of the national portion. This page covers the New York rules specifically, which is what the state section of your exam tests.