The Real Deal New York

Licensing Now Slower…and more briefs

October 15, 2007 04:36PM

 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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