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Real Estate > Chapter 1. > Flashcards

Chapter 1. Flashcards

1
Q

Administrative Discipline

A

The Department of State’s ability to enforce license laws through reprimand and denial as well as the suspension and revocation of licenses.

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2
Q

Apartment Information Vendor

A

Any person who engages in the business of claiming, demanding, charging, receiving, collecting, or contracting for the collection of, a fee from a customer for furnishing information concerning the location and availability of real property, including apartment housing, which may be leased, rented, shared or sublet as a private dwelling, abode, or place of residence.

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3
Q

Apartment Sharing Agent

A

Any person who, for a fee, arranges, conducts, coordinates, handles or causes meetings between a customer and the current owner or occupant of legally occupied real property, including apartment housing, who wishes to share that housing with one or more individuals.

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4
Q

Article 12-A

A

The section of the New York Real Property Law pertaining to real estate salespersons and brokers.

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5
Q

Article 78 Proceeding

A

An appeal brought forth because of a ruling by a government agency.

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6
Q

Associate Real Estate Broker

A

A licensed real estate broker who by choice elects to work under the name and supervision of another real estate broker.

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7
Q

Blind Ad

A

An ad that remains anonymous as to who is advertising. Blind ads are illegal.

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8
Q

Change of Association

A

The process by which a salesperson’s license changes sponsorship.

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9
Q

Commingling

A

To mingle or mix, for example, a client’s funds in the broker’s personal or general account.

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10
Q

Continuing Education

A

Post license education required by salespersons and brokers. New York State demands 22.5 hours of continuing education.

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11
Q

Escrow

A

A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition.

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12
Q

Exemption

A

Conditions under which a property condition disclosure statement is not required.

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13
Q

Home Inspection

A

An examination of a real estate property’s condition, usually performed in connection with the property’s sale. A qualified home inspector can assess the condition of a property’s roof, foundation, heating and cooling systems, plumbing, electrical work, water and sewage, and some fire and safety issues. In addition, the home inspector will look for evidence of insect, water or fire damage or any other issue that may affect the value of the property.

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14
Q

Irrevocable Consent

A

Incapable of being recalled or revoked; unchangeable; unalterable.

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15
Q

Kickback

A

Payment by a broker of any part of compensation to a real estate transaction to anyone who is not licensed or who is not exempt from the license law

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16
Q

Listing Agreement

A

An employment contract between principal and agent, authorizing the agent to perform services for the principal involving the latter’s property.

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17
Q

Misdemeanor

A

A crime punishable by up to a year in prison and/or a $1,000 fine.

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18
Q

Multiple Listing Service (MLS)

A

A service provided by a group of real estate brokers. They band together to create a Multiple Listing Service that allows each of them to list each other’s houses. Under this arrangement, the listing broker and the selling broker split the commission for each sale.

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19
Q

Net Listing

A

A price below which an owner will not sell the property, and at which price a broker will not receive a commission; the broker receives the excess over and above the net listing as the broker’s commission.

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20
Q

Pocket Card

A

A card issued by the Department of State to each licensee which contains the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom he or she is associated and shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson

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21
Q

Real Estate Appraiser

A

A practitioner who has the knowledge and expertise necessary to estimate the value of an asset, or the likelihood of an event occurring, and the cost of such an occurrence. Ideally, an appraiser acts independently of the buying and selling parties in a transaction in order to arrive at the fair value of an asset without bias.

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22
Q

Real Estate Broker

A

A licensed individual or firm that charges a fee to serve as the mediator between the buyer and seller.

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23
Q

Real Estate Salesperson

A

An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker

24
Q

Revocation

A

An act of recalling a power of authority conferred, as the revocation of a power of attorney; a license, an agency, etc.

25
Q

Sponsor

A

A licensed real estate broker that holds the license of a salesperson.

26
Q

Suspension

A

The right of the Department of State to deactivate a broker’s or salesperson’s license for wrongdoing.

27
Q

Termination of Association Notice

A

A written document that terminates the relationship between an agent and his/her sponsoring broker.

28
Q

Violation

A

Act, deed or conditions contrary to law or permissible use of real property.

29
Q

The Department of State’s ability to enforce license laws through reprimand and denial as well as the suspension and revocation of licenses is known as…?

A

Administrative Discipline

30
Q

Conditions under which a property condition disclosure statement is not required is known as a/an…?

A

Exemption

31
Q

Under the ………………… arrangement, the listing broker and the selling broker split the commission for each sale?

A

Multiple Listing Service

32
Q

How often must a real estate salesperson renew his/her license…?

A

2 years

33
Q

How many hours of Fair Housing training must a real estate salesperson complete every two years…?

A

3 hours

34
Q

The post-license education required by salespersons and brokers is known as what…?

A

Continuing Education

35
Q

To mingle or mix funds is known as what…?

A

Commingling

36
Q

A payment by a broker to anyone who is not licensed or who is not exempt from the license law is known as a…?

A

Kickback

37
Q

According to Article 12-A of the NYS Real Property Law, which of the following is a general requirement for obtaining a real estate salespersons license…?

A

Must have at least a work permit

38
Q

Within how many business days does the Department of State require a salesperson to report any changes in name, status, or brokerage firm…?

A

5

39
Q

Which document is used to disclose that an agent is acting as a dual agent in a transaction…?

A

NYS Disclosure Form for Buyer and Seller

40
Q

David, a real estate salesperson, was subject to a fine by the Department of State for a material misrepresentation on his license application. David challenged the State’s fine through this proceeding…?

A

Article 78 Proceeding

41
Q

Justin, a real estate salesperson, would like to offer his colleague a referral fee for referring him a new client. Before offering the referral fee, however, Justin obtained informed consent from the client. Justin’s actions are an example of what policy…?

A

Full disclosure

42
Q

An agent of a broker who is already acting as an agent of a principal is known as a…?

A

Sub-agent

43
Q

John is a real estate broker and wants to enter into an agency relationship with Steve, a property owner. What document must John and Steve execute in order to enter into an agency relationship…?

A

Listing Agreement

44
Q

A selling agent or participating agent is referred to as the…?

A

Cooperating Agent

45
Q

According to this fiduciary duty, an agent cannot fail to reveal material information about a property in an effort to secure the sale…?

A

Disclosure

46
Q

Mark is a real estate broker who represents a buyer in a transaction. He recommended a mortgage broker to help his client obtain financing for a property. What the client doesn’t know is that Mark will receive a referral fee from the mortgage broker if the client obtains a mortgage from the mortgage broker. This is a breach of which fiduciary duty…?

A

Accountability

47
Q

If there is any doubt as to the distribution of proceeds at the closing table, it must be resolved in favor of the client, as per which fiduciary duty…?

A

Accountability

48
Q

What is a common breach of the fiduciary duty of accountability…?

A

Being negligent with the client’s money

49
Q

Andrew is a real estate agent specializing in condo sales. However, he tries to facilitate the sale of a commercial office building, only to find that he is not familiar with commercial leases. Under which fiduciary duty can he be sued for negligence, if a party in the transaction loses money…?

A

Reasonable Care

50
Q

City Brokerage and Town Brokerage entered into an agreement whereby City Brokerage will only do business on the East side of town and Town Brokerage will only do business on the West side of town. What may the two firms be guilty of…?

A

Market Allocation

51
Q

In addition to the agent signing the independent contractor agreement, what else is required before the agreement can be finalized…?

A

The agreement must be notarized

52
Q

As an independent contractor, which of the following is an expense that must be paid by the agent…?
ATravel expenses

A

Travel expenses

53
Q

Jason, a buyer’s broker, found a property for his client on the MLS. By agreeing to the cooperative arrangement of the MLS, who in addition to his client does Jason have an agency relationship with…?

A

The seller

54
Q

If all principals in a transaction initially agree to dual agency, but one of the principals subsequently withdraws their consent, what happens to the dual agency…?

A

The dual agency cannot proceed

55
Q

What is the typical commission paid to the buyer’s agent in a transaction…?

A

3 (Percent %)

56
Q

A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition is known as what…?

A

Escrow

57
Q

An examination of a property’s condition, usually performed in connection with the property’s sale is known as a/an…?

A

Home Inspection

Real Estate (23 decks)

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