This section covers the government agencies that regulate real estate in New York and the permits and disclosures they require.
The DOS Division of Licensing Services issues real estate licenses, investigates complaints, and can suspend or revoke licenses. All real estate license applications, renewals, and trust fund disputes go through the DOS.
A building permit must be obtained before construction or major renovation. A certificate of occupancy (CO) is issued after construction is completed and inspected, certifying the building complies with codes and is safe to occupy. Selling a property without a valid CO can be a problem.
Federal law requires sellers and landlords of properties built before 1978 to disclose known lead-based paint hazards and provide a pamphlet. Buyers must be given a 10-day period to conduct a lead inspection. This applies to all residential sales and leases.
SEQRA requires state and local agencies to assess the environmental impact of projects they approve or fund. An Environmental Impact Statement (EIS) may be required for major developments. Understanding which agency triggers SEQRA review is a common exam question.
1. Who issues the Certificate of Occupancy (CO) for a newly constructed building?
The Certificate of Occupancy is issued by the local Building Department after inspecting the completed work and confirming it complies with all applicable codes. It is required before the building can be occupied.
2. A property has an assessed value of $180,000 and the local tax rate is 25 mills. What is the annual property tax?
Tax = Assessed Value × Mill Rate. 25 mills = $25 per $1,000 = 0.025. $180,000 × 0.025 = $4,500.
3. A homeowner believes their property is significantly over-assessed. What is the first step in the NY grievance process?
The process starts with the local Board of Assessment Review. Missing the grievance deadline (typically in June) forfeits rights to challenge that year's assessment. If denied, residential owners can appeal to SCAR.
Study Municipal Agencies in depth
Unlock the full study module with explanations, flashcards, and Carl, your AI tutor who can answer any question about this topic.
Start studying free →No credit card required
click for a haiku!