The Real Deal New York

Licensing Now Slower…and more briefs

October 15, 2007

 Real Estate Licensing Now Slower

The New York Department of State changed the licensing exam for real estate agents and brokers in New York City. The same-day licensing program has been replaced in July with a different licensing exam system, which means applicants who take the walk-in exam will have results mailed to them within 24 hours of scoring. For more information, go to: dos.state.ny.us

Luxury Fee in NJ

The New Jersey Legislature recently passed a bill that adds a 1 percent fee – to be paid by the buyer – on the full purchase price of residential property in excess of $1 million. The bill also adds a general purpose fee on top of the current realty transfer fee for homes sold for more than $350,000. Gov. James McGreevey signed the bill, which took effect Aug. 1.

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