chapter 1 Flashcards
What agreement does the seller use to list their property?
A listing agreement
sellers market their property using a listing agreement
listing the property
when the licensee has a buyers brokerage agreement with a purchaser the best interests of the buyer rather than the seller
Negotiating the purchase contract
in most cases, the buyer cannot make a purchase w/o financing at least some part of the transaction.
Financing the purchase
What transaction happens the buyer gets the dead to the property, the seller gets the proceeds from the sale and the broker gets a commission.
Settling the Transaction (closing)
what is responsible for the licensure, registration and regulation of a number of occupations.
The New Department of State (dos)
Who mission is to
To protect the health, safety, and welfare of consumers.
To provide efficient processing and examination service to license applicants
To provide accurate info and qualified licensees to the business community
The New Department of State (dos)
what do DOS allow to reprimand of a real estate broker
Violated any provision of Article 12-a of the real property law.
Engaged in fraud or fraudulent practices.
demonstrated untrustworthiness or incompetence.
The Board of real estate has how many members
15
The board consists of
The secretary of state, the superintendent of financial services and the 13 appointed members
The board’s minority leaders will be composed of appointments (brokers REB or public members PM) how many of each
7 REB and 6 PM
6 REB AND 7 PM
5 REB AND 8 PM
who is the chairperson
The secretary of state
Vice- chairperson and secretary are
elected from among the other members of the board
What happens if a member fails to attend three consecutive meetings
the member shall forfeit seat on the board which is only excused due to illness or death in the family
what are the power and duties of the secretary of state
all licensing, examination, education, and compliance provisions of article 12-a
the rules of the board
the rules of the secretary of state
what are the power and duties of the board
delegating things specifically to the secretary of state, the board has the authority to promulgate rules and regulations affecting real estate brokers and salespersons in order to admin article 12-a of the real property law
real estate broker
- has a responsibility to be fair and competent when dealing with the public
- is responsible for managing and supervising all affiliated licensees.
associate real estate broker
licensed real estate broker who chooses to work under the name and supervision of a licensed real estate broker. also can maintain a separate real estate broker’s license. can only receive commission payments from their sponsoring broker
real estate salesperson
works on behalf of a licensed real estate broker to perform any of the duties associated with real estate transactions. can only receive commission payments from sponsoring broker.
exemptions from needing a license
an owner selling/landlord renting own property
an attorney performing duties as an attorney/admitted to the bar in NY
a receiver or trustee in bankruptcy
how to be a licensed salesperson in NY
be 18 and us residency
complete 75 hours pre li-license course and pass the NY state licensing exam
obtain a sponsoring broker before obtaining the license.
how to be a licensed broker in NY
be 20 and us residency
120 hours course and pass the NY state broker exam
submit proof off one of these requirement:
2 full years experience as a licensed salesperson and 3500 points
or
3 years of equivalent experience in some other aspect of real estate and 5250 points,
to become a licensed associated broker
meet all the same qualifications as for a BROKER license and submit the name of a sponsoring broker
Education required for obtaining a license
- salespersons- 75 hours
- brokers 120 hours the 75 hours salesperson and additional 45 hours broker course
what happens during the exam
the examinee must correctly answer 70 percent of the questions to pass the exam
passes exam results are only valid for a period of two years
Exam results are reported as either passed or failed; numerical scores are not given
applying for License procedure
complete the license application
Provide proof of having complete coursework/licensing exam
Pay the appropriate fee
How many members does the governor appoint to the board of real estate?
3 brokers and 4 public members
passed exam results are only valid for a period of __ years
2
for what are members of the board compensated
expense reimbursement
a _________ has a 55 real easte license fee
salesperson
who is authorized to prescribe the content of real estate courses?
NYS board of real estate members
How many points are given for 3 years of certain types of real estate activities?
5250
What are the experience requirement for a broker candidate?
Two full years of experience as a licensed salesperson or three years of equivalent experience in some other aspect of real estate
which penalty is not imposed by the DOS on a real estate broker for engaging in fraud
imprisonment
a _____ broker conducts business as a sole proprietorship, during business under a name other than his or her personal name
Trade Name
How much is the fee charged by the DOS for an associate broker license
$155
Who has the duty to administer all licensing provisions of article 12-a
the secretary of state
Thirteen members of the board are appointed by the ____, ____, _____, ____, ____, ______. The Secretary of state is a _____ member of the board
governor, senate, majority leaders, Speaker of the Assembly, Senate Minority Leader, and the Assembly minority leader.
is a non-appointed member of the board
What is a requirement for becoming a licensed real estate broker in NY?
Demonstrate fair knowledge of the English language
One is allowed how many hours to complete the test based on the pre-licensing curriculum and how many questions
1 1/2 hours and 75 questions
One is allowed how many hours to complete the test based on the pre-licensing and BROKER curriculum and how many questions
2 1/2 hours and 100 question
License classes for brokers: individual broker
the license is for a broker who will be conducting business using his or her personal name ONLY”licensed real estate broker” after his or her name
License classes for brokers: associate broker
as mentioned earlier, an associate broker is a licensed broker who chooses to work under the name and supervision of another licensed individual broker
License classes for brokers: trade name broker
conducts business as a sole proprietorship, doing business under a name other than the personal name.
License classes for brokers: partnership broker
a partner or partners in a partnership
License classes for brokers: corporate broker
applicants must be an officer prior to licensing
License classes for brokers limited liability company LLC or limited liability partnership LLP
a member or manager of an LLC or LLP who meets the qualifications for licensure may be issued a license to conduct real estate brokerage
senate majority leader appoints
1 broker and 1 public member
speaker of the assembly appoints
1 broker and 1 public member
Senate minority leader appoints
1 member which can be a broker or public member
assembly minority leader appoints
1 member which can be a broker or public member
depending on the appointment by the minority leaders the board will be composed of 3 of the following
7 REB and 6 PM
6 REB and 7 PM
5 REB and 8 PM
a _____ _____ _____ means any person, firm, LLC, or Corp who performs a fee or the expectation of a fee. commission or other consideration any negotiates, exchanges, collections, relocating, auction, land or sells
real estate broker
salespersons duties
listing selling exchange auctioning collecting rent selling condo and cooperatives
appropriate paperwork and fees ones’ broker will receive both
a license and a pocket card
what must a licensee carry to show on demand
a pocket card which is only valid for two years
what must a licensee broker show conspicuously
in the principal place of business at all times plus the broker must display any licenses issued for branch office
if lost or damaged ____ ___ there’s a $10 fee
pocket card
what is dual licensure?
- A broker may hold two broker’s licenses.
- A licensed broker may also become an associate broker with another firm
- A salesperson or an associate broker can work under the association & supervision of more than one broker
what legal entities do the department of state issue licenses to
- partnership
- corporate broker
- LLC or LLP
a salesperson can or can’t be a legal entity
can not
Brokerage regulation are
- brokers must maintain a definite place of business within NYS
- broker must post a sign conspicuously on the OUTSIDE of the office BUILDING
- apply and secure an additional license for each of the branch offices.
when a change of broker/or address for Maintaining a licensed one must submit a form withing how many days
five
failure to notify change of broker address is grounds for
license suspension
what the fee for changing a broker’s name or status, except if the change is made on the renewal application
$155
what the fee for changing a salesperson’s name
$55
branch office requirements
must be owned, maintained, and operated only by the licensed broker issued to.
- a branch must be directly supervised by a licensed broker
- a broker may not relocate his or her principal office or any branch w/o prior approval
when a salesperson change of association or termination of sponsoring broker
the broker must file a termination of association notice
the managing broker can file a change of association notice of salesperson or associate broker for
$20
licensees must renew their licenses every
two years
the department may require the licensee to pass the written exam BEFORE
granting the license renewal
The broker keeps______ in a safe place. And the licensee must carry _____ to show it on demand
the license, the pocket card
can a licensee hold more than one license
- A broker may hold two broker’s licenses
- a licensed broker may also become an associate broker with another firm
- a salesperson or an associate broker can work under the association and supervision of more than one broker just pay for 2 licenses and both brokers know
every licensed broker
are required to maintain a definite palace of business
a nonresident broker who is licensed and maintain a definite place of business in another state
is not required to maintain a definite palace of business
what happens when a salesperson or associate broker wants to leave their current employing broker
The sponsoring broker must file a termination of association notice
- the salesperson or AB then files a change of association notice pay a $20 filing fee and start working for a new sponsoring broker
what happens when a licensee doesn’t renew their license in two year
after the two year period, one would need to complete their continuing education
what happens when a licensee doesn’t renew their license in two years and the are inducted into the armed forces of the USA
it will waive that licensee’s requirement to take or pass the written exam
one or two months before renewal the DOS sends what
renewal applications to the broker of licensees
what happens if the licensee doesn’t receive a renewal application
they should call the DOS to get one
A renewal application must be signed by
broker, confirming the licensees is sponsored by that broker
who is responsible to complete the renewal form and pay the fee before the license expires
the salesperson or an associate broker
for con. edu a licensee must complete how many hours during the two year period preceding the renewal date
22.5
con. edu must complete at least __ of fair housing and/ or discrimination and at least __ of the law of agency
3 hours, 1 hour
who is to teach the ethics course is required to be taught by who
by an attorney
what happens when the licensee is within their first license term
the requirement is 2 hours of agency law
a salesperson may receive continuing education credit
for completing any approved broker’s course
no continuing edu course will be considered for con edu credit more than __________ cycle of renewal
once within two years
if a student takes more than 22 1/2 hours of ce
it doesn’t grandfather fowarrd
what happens if a licensee teaches an approved RE or CE course
two hours of CE credit for each hour of actual teaching
what may the department choose to allow extra time to acquire the proof of completion when provided proof it was not the licensee’s fault
issue a temp renewal license
which entities offer CE courses
- college or univer by the commissioner of edu of NY or by a regional agency
- public or private voc schools
- RE boards
- RE professional societies and organizations
- approved distance learning providers
these don’t meet CE requirements ( not accepted)
- gen. training or edu to prepare a student to pass a RE broker’s or Salesperson exam
- offering office and business skills
nonresident licenses and reciprocity for obtaining ny license
- pass ny state exam
- submit appl and pay the fee
- maintain a current license in their home state & send a copy to DOS
- FILE AN IRREVOCABLE CONSENT FORM
- reciprocal salesperson license must approval & sponsorship in their home state with a NY broker’s license
- corporate RE broker’s license must file the corp. with NYS corp. bureau as a foreign corp.
