Ch 3 Flashcards
What is the Chain of Title?
The list of people who own the RE
What is the list of people who own the RE called?
Chain of Title
What is Escheat?
when you die with no will and no heirs then NYS takes RE (abandoned)
What is it called when someone dies with no will and no heirs and NYS take the RE?
Escheat
What was the first fair housing law?
1866 Civil Rights Act
What is agency?
When you represent someone
What is disclosure?
when you tell
Is law of agency part of art 12a?
yes
can lawyers be brokers?
autobrokers if they want to open their own firm they need license and to send license application to NYS
Who do you represent?
whomever you have a contract with
If you’re holding an Open House, who comes and who do you give a disclosure form?
nosy neighbor= no disco form
serious buyer = yes!
When do you give agency disclosure form?
First substantive contact
What is first substantive contact?
1st face-to-face mtg
What are 5 steps to take if someone refuses to sign the agency disclosure form?
1- express that it is not a contract 2- tell them it is for their protection 3- it just explains who the REA works for 4- ask why 5- make a record
What is the best date stamp?
A notary
What are 2 positive values of an agency disco form?
Consumer protection and REA protection
What is a co-broker?
when 2 REA work together and split commission
What is an advanced informed consent?
when seller aggress to dual agency before buyer appears
What is it called when a seller aggress to dual agency before buyer appears?
advanced informed consent
What 2 things do you need when someone wants you to sell for them as part of the right to sell agreement?
agency disclosure & contract
Do you need to specify open or exclusive listing?
yes in art 12a
what is the difference of an open or exclusive listing and when is it defined to the seller?
exclusive = 1 broker open = many brokers
in the contract
What listing is best for both the seller and the broker and why?
Exclusive Right to Sell (seller gets full marketing effort and the rea is paid regardless)
Who benefits from an Exclusive right to sell?
the seller & the broker
