Chapter 1 Flashcards
Who oversees licensing?
Department of state
What is article 12 A ?
Real property law
Is English a requirement?
Yes
Is citizenship a requirement?
No
How old do you have to be to become a broker and sales person?
18 for a sales person and 21 for a broker
How many hours is the qualifying course for a sales meeting person and a broker?
75 for a sales person and 120 for a broker
What is the fee and turn for licensure for a sales person and broker?
$50 ever 2 years for sales person and $150 every two years for a broker.
What is the continuing education for a broker/sales person?
22.5 hours for both every two years
Who else is exempt from licensure?
Attorneys,public officers , persons under the judgement of the court ordered , building supers, and maintenance workers working for one property
Any changes in licensure you must notify DOS within how many days?
5 days
Who fills out termination of association?
Old broker
Who fills out a change of association?
New broker
Is duel licensure allowed ?
Yes with informed consent
What are the 9 reciprocity states?
Arkansas, Colorado, OKC, Pennsylvania, Connecticut, Mississippi, Massachusetts, Georgia, West Virginia.
What do appraisers do?
Estimate the value of real property.
What is a home inspector?
Some one who observes and provides a written report of the system and components of residential buildings for compensation.
What is a kickback?
When a broker pays anyone who is not licensed.
What is a blind ad?
An ad that does not include the brokers address, the brokerage name or name of broker.
What is a listing agreement?
A brokerage contract to market and sell property for commission.
Is self dealing allowed?
Allowed with you and immediate family as long as you disclose your a agent.
In 1978 what decision by New York appellate Division Duncan and hill determine ?
That real estate brokers may not enter detailed legal agreements may into contracts.
How long do you need to maintain records of a real estate transactions ?
3 years
What are the legal forms of discrimination?
Gender or senior citizen
A misdemeanor is punishable by what?
A fine up to 1,000 and or imprisonment for up to one year.
If a brokers license is revoked or suspended what happens to yours?
It’s suspended for one year or till you find another broker
What is article 78 proceeding?
The method of appeals against regulatory agency’s such as DOS.
What is a property condition disclosure?
Details the condition of the property.
What is a laten defect?
A defect you can’t see with the eye.
What is a stigmatized property disclosure?
When the seller says don’t disclose any past information about a property.
What is irrevocable consent?
A form that gives NY courts jurisdiction over unlawful actions of applicants who conduct business in NY.
A person hired on another’s behalf is what?
An agent
What is a fiduciary ?
One who is in position of trust and loyalty to the principal.
Who is the client?
The person who does the hiring.
What are the fiduciary duties?
Obedience, loyalty , Disclosure, confidentiality, Accountability, Reasonable care and diligence.
What is a general agent?
Someone who authorized to handle business for someone else,( property manager or power attorney)
Who is a special agent?
A sales person or broker.
What is vicarious liability?
This means that one person is responsible for the actions of another.
When does illegal self dealing occur?
It occurs when a broker has undisclosed interest in property .
What is express agency?
A written agreements or definitely agreed upon.
What is implied agreement?
Actions or conduct.
Are referral fees legal?
Yes, must be disclosed and if you take a break.
The Sherman and Clayton anti trust acts and the federal trade commission act provide legislation for illegal restraints of trades that are what?
Price fixing, group boycott,market allocation agreements and tie in arrangements.
What is a group boycott ?
When a person or group persuade someone into doing business with another person or group.
What is a market allocation agreement?
A agreement between competitors who are dividing or assigning certain territories for sale.
What is a exclusive right to sell agreement?
No matter who sells the broker has the right to commission.
What is a exclusive agency agreement?
The owner can sell on there own with no paid commission to the broker if they don’t see.
What is an open listing?
When the seller allows property to be shown by one or more brokers but only owes commissions to the broker who sells.
What is agency disclosure for and when should it be shown?
A form that details consumer choices about representation and should be shown at first substantial contact.
Give four examples of meeting on first substantive contact?
- Attending a open house.
- Walking into a real estate office
- Going to appointments
- Viewing property
What do you do if the buyer or seller doesn’t sign the agency disclosure form?
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.
If the client refuses to sign the agency disclosure form what must be done?
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.
If a independent contractor earns more than _________ the employers must file ________ with the IRS?
$600.00 or more and a 1099 MISC
