CHAPTER 1 LICENSE LAW & REGULATION

Question 0

Real Estate Broker

Answer 0

any person, partnership, association, or corporation who, for another and for compensation of any kind, negotiated any form of real estate transaction.

Question 1

Article 12-A

Answer 1

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

Question 2

Associate Real Estate Broker

Answer 2

a licensed real estate broker who may perform the acts of a broker but chooses to work under the name and supervision of a licensed broker

Question 3

Real Estate Salesperson

Answer 3

anyone who performs as a real estate broker for compensation of any kind, but does so only whole associated with and supervised by a licensed broker who is his sponser.

Question 4

Misdemeanor

Answer 4

is a less serious crime under the law than a felony.

Question 5

Exemptions to Licensure

Answer 5

• Attorneys admitted to practice in NY courts are exempt from licensure
• Public Officers are exempt while preforming official duties
• Persons under the judgment or order of a court
• Tenants associations and nonprofit corporations
• Building superintendents and maintenance workers

Question 6

Pocket Card

Answer 6

Identity card with photo, name, and business address.

MUST BE WITH SP AT ALL TIMES AND SHOWN ON DEMAND

Question 7

Reciprocity

Answer 7

Mutual agreements by certain states to extend licensing privileges to licensees in each state.

Question 8

Apartment Information vendor

Answer 8

An individual who, for a fee, engages in the business of furnishing information concerning the location and availability of residential real property, including apartment housing

Question 9

Apartment Sharing Agent

Answer 9

an individual who, for a fee, arranges and coordinates meetings between the current owner of real property, including apartment housing, who want to share their housing with others.

Question 10

Appraiser

Answer 10

estimates the value of real property.

Question 11

Home inspector

Answer 11

an individual who inspects the condition of real property.

Question 12

Kickbacks

Answer 12

When brokers improperly pay any part of their compensation to anyone who is not licensed or who is not exempt from the license law, they violate the license law.

Question 13

Blind Ads

Answer 13

All ads by the broker must indicate that the advertiser is a broker and give the name and telephone number of the broker

Question 14

Listing Agreement

Answer 14

a brokerage contract to market a seller’s property for a commission

Question 15

Commingling

Answer 15

mixing the funds of others with business and personal funds

Question 16

Multiple listing service

Answer 16

a system that pools the listing of all member companies

Question 17

Article 78 proceeding

Answer 17

method for appeals against regulatory agencies such as the DOS

Question 18

Revocation/ Suspension

Answer 18

suspends the licenses of the salesperson and associate brokers affiliated with the broker.

Question 19

Property Condition Disclosure Act (Article 14)

Answer 19

requires that a prescribes disclosure statement be provided to the buyer or the buyers agent before the sellers acceptance of the purchase offer.

Question 20

Article 443

Answer 20

Address stigmatized property disclosure. The law coves all residential property for sale or lease and addresses properties that have either of the following:

• Occupants who have AIDS or other illnesses not transmitted through occupancy
• Properties that were a site of death due to natural causes, accidents, suicide, homicide, crime, and other reasons