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New York Real Estate > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Who oversees licensing?

A

Department of state

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2
Q

What is article 12 A ?

A

Real property law

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3
Q

Is English a requirement?

A

Yes

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4
Q

Is citizenship a requirement?

A

No

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5
Q

How old do you have to be to become a broker and sales person?

A

18 for a sales person and 21 for a broker

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6
Q

How many hours is the qualifying course for a sales meeting person and a broker?

A

75 for a sales person and 120 for a broker

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7
Q

What is the fee and turn for licensure for a sales person and broker?

A

$50 ever 2 years for sales person and $150 every two years for a broker.

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8
Q

What is the continuing education for a broker/sales person?

A

22.5 hours for both every two years

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9
Q

Who else is exempt from licensure?

A

Attorneys,public officers , persons under the judgement of the court ordered , building supers, and maintenance workers working for one property

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10
Q

Any changes in licensure you must notify DOS within how many days?

A

5 days

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11
Q

Who fills out termination of association?

A

Old broker

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12
Q

Who fills out a change of association?

A

New broker

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13
Q

Is duel licensure allowed ?

A

Yes with informed consent

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14
Q

What are the 9 reciprocity states?

A

Arkansas, Colorado, OKC, Pennsylvania, Connecticut, Mississippi, Massachusetts, Georgia, West Virginia.

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15
Q

What do appraisers do?

A

Estimate the value of real property.

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16
Q

What is a home inspector?

A

Some one who observes and provides a written report of the system and components of residential buildings for compensation.

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17
Q

What is a kickback?

A

When a broker pays anyone who is not licensed.

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18
Q

What is a blind ad?

A

An ad that does not include the brokers address, the brokerage name or name of broker.

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19
Q

What is a listing agreement?

A

A brokerage contract to market and sell property for commission.

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20
Q

Is self dealing allowed?

A

Allowed with you and immediate family as long as you disclose your a agent.

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21
Q

In 1978 what decision by New York appellate Division Duncan and hill determine ?

A

That real estate brokers may not enter detailed legal agreements may into contracts.

22
Q

How long do you need to maintain records of a real estate transactions ?

A

3 years

23
Q

What are the legal forms of discrimination?

A

Gender or senior citizen

24
Q

A misdemeanor is punishable by what?

A

A fine up to 1,000 and or imprisonment for up to one year.

25
Q

If a brokers license is revoked or suspended what happens to yours?

A

It’s suspended for one year or till you find another broker

26
Q

What is article 78 proceeding?

A

The method of appeals against regulatory agency’s such as DOS.

27
Q

What is a property condition disclosure?

A

Details the condition of the property.

28
Q

What is a laten defect?

A

A defect you can’t see with the eye.

29
Q

What is a stigmatized property disclosure?

A

When the seller says don’t disclose any past information about a property.

30
Q

What is irrevocable consent?

A

A form that gives NY courts jurisdiction over unlawful actions of applicants who conduct business in NY.

31
Q

A person hired on another’s behalf is what?

A

An agent

32
Q

What is a fiduciary ?

A

One who is in position of trust and loyalty to the principal.

33
Q

Who is the client?

A

The person who does the hiring.

34
Q

What are the fiduciary duties?

A

Obedience, loyalty , Disclosure, confidentiality, Accountability, Reasonable care and diligence.

35
Q

What is a general agent?

A

Someone who authorized to handle business for someone else,( property manager or power attorney)

36
Q

Who is a special agent?

A

A sales person or broker.

37
Q

What is vicarious liability?

A

This means that one person is responsible for the actions of another.

38
Q

When does illegal self dealing occur?

A

It occurs when a broker has undisclosed interest in property .

39
Q

What is express agency?

A

A written agreements or definitely agreed upon.

40
Q

What is implied agreement?

A

Actions or conduct.

41
Q

Are referral fees legal?

A

Yes, must be disclosed and if you take a break.

42
Q

The Sherman and Clayton anti trust acts and the federal trade commission act provide legislation for illegal restraints of trades that are what?

A

Price fixing, group boycott,market allocation agreements and tie in arrangements.

43
Q

What is a group boycott ?

A

When a person or group persuade someone into doing business with another person or group.

44
Q

What is a market allocation agreement?

A

A agreement between competitors who are dividing or assigning certain territories for sale.

45
Q

What is a exclusive right to sell agreement?

A

No matter who sells the broker has the right to commission.

46
Q

What is a exclusive agency agreement?

A

The owner can sell on there own with no paid commission to the broker if they don’t see.

47
Q

What is an open listing?

A

When the seller allows property to be shown by one or more brokers but only owes commissions to the broker who sells.

48
Q

What is agency disclosure for and when should it be shown?

A

A form that details consumer choices about representation and should be shown at first substantial contact.

49
Q

Give four examples of meeting on first substantive contact?

A
  1. Attending a open house.
  2. Walking into a real estate office
  3. Going to appointments
  4. Viewing property
50
Q

What do you do if the buyer or seller doesn’t sign the agency disclosure form?

A

Determine the reason, explain that the document is intended to protect the consumer , explain that the form is motive of consumer rights and is not a binding contract.

51
Q

If the client refuses to sign the agency disclosure form what must be done?

A

You must complete a declaration form stating the facts have it acknowledged and retain a copy give one to your broker to be filed for 3 years.

52
Q

If a independent contractor earns more than _________ the employers must file ________ with the IRS?

A

$600.00 or more and a 1099 MISC

New York Real Estate (17 decks)

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