Certain specific areas of law are important to the real estate practitioner. These include the law of contracts, the real property law, the law of agency, and the real estate license law. People engaged in the real estate business don’t have to be experts on these laws, but they should have a knowledge and understanding of basic principles. Real estate practitioners must be able to recognize technical legal problems, and should appreciate the necessity of referring such problems to a competent attorney.
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For our purposes, the most important of these laws is the Real Estate License Law, enacted in New York State in 1922. Under this law, a person must obtain a license in order to engage in the real estate business. The applicant must possess certain personal and educational qualifications, and must pass an examination to prove adequate knowledge of the business. In order to qualify for license renewal, the licensee must meet continuing education requirements, and follow certain prescribed standards of conduct in the operation of business.

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