Chapter 1A - Real Estate License Law Flashcards
Administrative Discipline
NY DOS enforcement of license laws through reprimand and denial as well as suspension and revocation of licenses.
Article 12-A
Contains most laws pertaining to salespersons and brokers.
Article 78 Proceeding
Appeal of a decision made by the DOS (in response to a license violation)
Associate Broker
Licensed broker who works under supervision of another broker.
Blind Ad
Illegal ad where broker doesn’t include that they are a broker so as to mislead the public into thinking there is no fee or that the property is for sale by owner
Broker
Person, firm, LLC, corporation who buys, sells, exchanges, rents real estate and collects commission or fee.
Commingling
Mixing someone else’s money with business or personal accounts
Continuing Education
22.5 hrs every 2 years with at least 3 hours in fair housing
Dual Agent
Agent working for both buyer and seller or lessor and lessee. Okay as long as all parties agree in writing.
Dual Licensure
When licensees hold multiple licenses at the same time - salesperson works for multiple firms, broker is also ass. broker at another firm. Must be okay’d in writing by all parties.
Exemption
Attorneys
Building supervisors and maintenance
People acting under judgment/order of court - executors, guardians, trustees, etc.
Property owners
Public officers acting in official capacity
Tenants’ associations and nonprofits
Irrevocable Consent
Reciprocity - out-of-state licensees must sign in order to practice in New York, subjects them to jurisdiction of NY courts.
Kickback
Illegal fee/commission/compensation paid in exchange for a referral.
Misdemeanor
Violation of any acts in Article 12A - must go to hearing set forth by DOS
Office Manager
Licensed associate broker who manages their broker’s office. Operates under provisions of salesperson.
Pocket Card
Kept by salesperson at all times, failure to do so can result in suspension of license
Real Estate Appraiser
Estimates value of real property
Real Estate Salesperson
Person who performs acts of a broker when associated and sponsored by a licensed broker.
Reciprocity
States allow licensees from out of state to practice in their own state - 10 states, Arkansas, Colorado, Connecticut, Georgia, Massachusetts, Mississippi, Oklahoma, Pennsylvania, West Virginia
Revocation
License is taken away and must reapply for license after one year.
Sponsoring Broker
Broker whom licensee will associate with. Required for license to be issued.
Suspension
License withdrawn for period of time, may call for condition to be met before license is reactivated.
