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NYREI > 1-A Real Estate License Law > Flashcards

1-A Real Estate License Law Flashcards

1
Q

Department of State (DOS)

A
  • regulates real estate activity in NY
  • protects public
  • issues all state licenses
  • in cooperation with Department of Motor Vehicles prepares, issues and delivers license and pocket cards
  • can deny, revoke, fine or suspend license
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2
Q

Secretary of State

A
  • administration of licensing, examination, education, compliance provisions of Article 12-A and others
  • sets rules regarding clients accounts, record maintenance, contracts and more
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3
Q

Division of Licensing Services (DLS)

A
  • responsible for licensure, disclosure form, registration and/or regulation of 32 occupations (real estate brokers/salespersons etc.)
  • mission: protect consumers, provide services to license applicants
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4
Q

New York State Board of Real estate

A
  • advises and assists the Secretary of State in carrying out provision of Article 12-A
  • operates under DOS
  • sets rules and regulations for salespeople and brokers and establishes continuing education requirements
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5
Q

Categories of real estate licenses

A

broker, associate broker, salesperson

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6
Q

Broker

A

= person/organization that, for compensation of any kind, performs/offers to perform aspects of real estate transactions for others
- supervises and is responsible for associate brokers and salespersons

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7
Q

Associate Broker

A

= licensed broker who works under name and supervision of other broker
- does not supervise other agents
- can function as office manager after 2 years

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8
Q

Salesperson

A
  • works under supervision of licensed Broker
  • can not work independently
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9
Q

REALTOR

A

= active member of NAR (National Association of REALTORS), must follow 17 articles

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10
Q

Who can practice real estate without license?

A
  • Attorneys but need license if they want to run brokerage with sales agents
  • Building Supervisors if employed cans show apartments and collect rent on behalf of owner
  • Executors individuals could be court ordered to functions as executors/guardians/trustees
  • Property Owners
  • Public officers in matters of health, ordinances or legal matters
  • Nonprofit Corporations/ Tenant’s Associations authorized by NYC Housing and Community Renewal or NYC Housing Authority
  • management of properties owned and managed by NYC
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11
Q

Qualifications for licensed Real Estate Salespersons and brokers

A
  • fair knowledge of English language
  • US citizen or permanent resident
  • can not be convicted of felony (unless executive pardon)
  • in compliance with child support
  • 18 (sales person), 20 (broker)
  • 77 h course (sales person), 152h+3500 points (broker)
  • pass licensing exam
  • fee $65 (salesperson), $185 (broker)
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12
Q

License Violations

A
  • must be able to show pocket card
  • keep license updated (renewed every 2 years, 22.5h course, 3h fair housing)
  • inform of change association(salesperson)/business address (broker) within 5 days
  • business address must have sign
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13
Q

Pocket Card

A
  • contains photo, name, business address, name of supervising broker
  • must be carried at all times and shown on demand (if not reprimand or suspension)
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14
Q

Branch Office

A
  • physical location other than main office maintained for business reg. basis
  • must have own branch office license
  • can be supervised by associate broker office manager
  • fee $185
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15
Q

Dual Licensure

A
  • licensees who hold more thane license: broker who also works as associate broker, salesperson who works for more than one broker
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16
Q

Continuing Education

A
  • to renew license: complete 22.5 in 2 years including:
    3h fair housing or discrimination
    2h cultural competency
    2h implicit bias
    1h recent legal matters
    1h agency law (2h first renewal)
17
Q

Reciprocity

A

= states from agreement allowing licenses to sell in their jurisdiction

18
Q

Other Licenses Pertaining to Real Estate

A
  1. Apartment information vendor
  2. Apartment sharing agent
  3. Appraiser
  4. Home inspector
  5. Mortgage banker/broker
19
Q

Article 12- A

A

= NY Real Property Law: main source of law for real estate licenses in NY

20
Q

Article 78 Proceeding

A

= article of NY State Civil Practice Law and Rules, serves as mechanism for a petitioner to challenge NY State government body or officer’s actions, ruling or decision

21
Q

Kickback

A

= improper payment by broker or salesperson someone who is not licensed
- salesperson may not share commissions with other licensees

22
Q

Advertising

A
  • 175.25
  • must indicate that advertiser is a broker (name, phone number) otherwise blind ad (ILLEGAL)
23
Q

Blind ad

A

= ads places by broker that dont indicate that the advertiser is a broker and do not give brokers name and phone number
- ILLEGAL in NY

24
Q

Death of Broker

A
  • a licensed issued to broker may be used 120 days after death (may be extended for another 120 days for good cause)
25
Q

Property Condition Disclosure Act

A
  • Article 14 of NY Real Property Law
  • seller has to complete property condition disclosure statement prior to purchase contract signing
26
Q

Commingling

A

= mixing client’s funds/ funds held in trust with personal funds, illegal

27
Q

Escrow account

A

= account in an insured bank for the purpose of holding deposit money

28
Q

Irrevocable Consent

A
  • Hold out-of-state licensees to the jurisdiction of the courts of NY ( if a person holds a license in a different state but engages in activities within New York, they are subject to New York laws and can be sued or otherwise held accountable in the courts of New York, even if they do not reside there.)
29
Q

Net listing

A

= agreement and compensation strategy in which seller agrees to net sale price and broker gets anything above that price as commission, deemed unethical in NY

30
Q

Sponsor

A

= “developer”, person or entity that initiates a condo or co-op by means of a conversion or as a new construction (initiates and manages the creation of a condo or co-op or conversion of a building into a condo or co-op)

31
Q

Termination

A

= “Revocation”, regulators can revoke a license when licensee has violated anti-discrimination law

32
Q

Suspension or Revocation of licensees

A
  • DOS can revoke or suspender impose fine of $1000 if:
  • Violating 12-A :
    1. Fraudulent acts (deceitfulness, misrepresentation)
    2. Funds: commingling, paying kickbacks
    3. Listings/Sales/Leases (net listing, selling property without owners consent)
    4. Inadequate Record Keeping
    5. Violation of Law

NYREI (6 decks)

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