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Construction Basics > Ch 3 > Flashcards

Ch 3 Flashcards

1
Q

What is the Chain of Title?

A

The list of people who own the RE

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2
Q

What is the list of people who own the RE called?

A

Chain of Title

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3
Q

What is Escheat?

A

when you die with no will and no heirs then NYS takes RE (abandoned)

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4
Q

What is it called when someone dies with no will and no heirs and NYS take the RE?

A

Escheat

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5
Q

What was the first fair housing law?

A

1866 Civil Rights Act

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6
Q

What is agency?

A

When you represent someone

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7
Q

What is disclosure?

A

when you tell

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8
Q

Is law of agency part of art 12a?

A

yes

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9
Q

can lawyers be brokers?

A

autobrokers if they want to open their own firm they need license and to send license application to NYS

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10
Q

Who do you represent?

A

whomever you have a contract with

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11
Q

If you’re holding an Open House, who comes and who do you give a disclosure form?

A

nosy neighbor= no disco form

serious buyer = yes!

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12
Q

When do you give agency disclosure form?

A

First substantive contact

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13
Q

What is first substantive contact?

A

1st face-to-face mtg

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14
Q

What are 5 steps to take if someone refuses to sign the agency disclosure form?

A 
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
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15
Q

What is the best date stamp?

A

A notary

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16
Q

What are 2 positive values of an agency disco form?

A

Consumer protection and REA protection

17
Q

What is a co-broker?

A

when 2 REA work together and split commission

18
Q

What is an advanced informed consent?

A

when seller aggress to dual agency before buyer appears

19
Q

What is it called when a seller aggress to dual agency before buyer appears?

A

advanced informed consent

20
Q

What 2 things do you need when someone wants you to sell for them as part of the right to sell agreement?

A

agency disclosure & contract

21
Q

Do you need to specify open or exclusive listing?

A

yes in art 12a

22
Q

what is the difference of an open or exclusive listing and when is it defined to the seller?

A 
exclusive = 1 broker
open = many brokers

in the contract

23
Q

What listing is best for both the seller and the broker and why?

A

Exclusive Right to Sell (seller gets full marketing effort and the rea is paid regardless)

24
Q

Who benefits from an Exclusive right to sell?

A

the seller & the broker

Construction Basics (8 decks)

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