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law and regulation terminology Flashcards

1
Q

The Department of State’s ability to enforce license laws through reprimand and denial as well as the suspension and revocation of licenses.

A

Administrative Discipline

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2
Q

Any person who engages in the business of claiming, demanding, charging, receiving, collecting, or contracting for the collection of, a fee from a customer for furnishing information concerning the location and availability of real property, including apartment housing, which may be leased, rented, shared or sublet as a private dwelling, abode, or place of residence.

A

Apartment Information Vendor

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3
Q

Any person who, for a fee, arranges, conducts, coordinates, handles or causes meetings between a customer and the current owner or occupant of legally occupied real property, including apartment housing, who wishes to share that housing with one or more individuals.

A

Apartment Sharing Agent

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4
Q

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

A

Article 12-A

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5
Q

A licensed real estate broker who by choice elects to work under the name and supervision of another real estate broker.

A

Associate Real Estate Broker

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6
Q

An ad that remains anonymous as to who is advertising. Blind ads are illegal.

A

Blind Ad

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7
Q

The process by which a salesperson’s license changes sponsorship.

A

Change of Association

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8
Q

To mingle or mix, for example, a client’s funds in the broker’s personal or general account.

A

Commingling

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9
Q

Post license education required by salespersons and brokers. New York State demands 22.5 hours of continuing education.

A

Continuing Education

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10
Q

A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition.

A

Escrow

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11
Q

Conditions under which a property condition disclosure statement is not required.

A

Exemption

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12
Q

An examination of a real estate property’s condition, usually performed in connection with the property’s sale. A qualified home inspector can assess the condition of a property’s roof, foundation, heating and cooling systems, plumbing, electrical work, water and sewage, and some fire and safety issues. In addition, the home inspector will look for evidence of insect, water or fire damage or any other issue that may affect the value of the property.

A

Home Inspection

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13
Q

Incapable of being recalled or revoked; unchangeable; unalterable.

A

Irrevocable Consent

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14
Q

Payment by a broker of any part of compensation to a real estate transaction to anyone who is not licensed or who is not exempt from the license law.

A

Kickback

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15
Q

An employment contract between principal and agent, authorizing the agent to perform services for the principal involving the latter’s property

A

Listing Agreement

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16
Q

A crime punishable by up to a year in prison and/or a $1,000 fine.

A

Misdemeanor

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17
Q

A service provided by a group of real estate brokers. They band together to create a Multiple Listing Service that allows each of them to list each other’s houses. Under this arrangement, the listing broker and the selling broker split the commission for each sale.

A

Multiple Listing Service (MLS)

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18
Q

A price below which an owner will not sell the property, and at which price a broker will not receive a commission; the broker receives the excess over and above the net listing as the broker’s commission.

A

Net Listing

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19
Q

A card issued by the Department of State to each licensee which contains the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom he or she is associated and shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson.

A

Pocket Card

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20
Q

A practitioner who has the knowledge and expertise necessary to estimate the value of an asset, or the likelihood of an event occurring, and the cost of such an occurrence. Ideally, an appraiser acts independently of the buying and selling parties in a transaction in order to arrive at the fair value of an asset without bias.

A

Real Estate Appraiser

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21
Q

A licensed individual or firm that charges a fee to serve as the mediator between the buyer and seller.

A

Real Estate Broker

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22
Q

An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.

A

Real Estate Salesperson

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23
Q

An act of recalling a power of authority conferred, as the revocation of a power of attorney; a license, an agency, etc.

A

Revocation

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24
Q

A licensed real estate broker that holds the license of a salesperson.

A

Sponsor

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25
Q

The right of the Department of State to deactivate a broker’s or salesperson’s license for wrongdoing.

A

Suspension

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26
Q

The discontinuance of an agent’s relationship with his/her sponsoring broker.

A

Termination

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27
Q

A written document that terminates the relationship between an agent and his/her sponsoring broker.

A

Termination of Association Notice

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28
Q

Act, deed or conditions contrary to law or permissible use of real property.

A

Violation

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29
Q

One who undertakes to transact some business or to manage some affair for another by authority of the latter.

A

Agent

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30
Q

A broker’s agent is an agent that cooperates or is engaged by a listing agent or a buyer’s agent (but does not work for the same firm as the listing agent or buyer’s agent) to assist the listing agent or buyer’s agent in locating a property to sell or buy, respectively, for the listing agent’s seller or the buyer agent’s buyer.

A

Broker’s Agent

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31
Q

An agent who represents the buyer of real property.

A

Buyer Agent

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32
Q

The one by whom a broker is employed.

A

Client

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33
Q

Form of agency that occurs when the words and actions of the parties indicate that there is an agency relationship.

A

Implied Agency

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34
Q

A person who has oral or written authority, either express or implied, to act for or on behalf of a landlord.

A

Landlord’s Agent

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35
Q

The employer of an agent or broker; the broker’s or agent’s client.

A

Principal

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36
Q

An agent who represents the seller of real property.

A

Seller’s Agent

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37
Q

An agent of a person already acting as an agent of a principal.

A

Sub-agent

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38
Q

A licensed real estate agent who acts on behalf of a tenant in a commercial property transaction.

A

Tenant’s Agent

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39
Q

An agent is obligated to safeguard his/her principal’s lawful confidences and secrets. Therefore, a real estate broker must keep confidential any information that may weaken a principal’s bargaining position. The duty of confidentiality precludes a broker who represents a seller from disclosing to a buyer that the seller can, or must, sell a property below the listed price. Conversely, a broker who represents a buyer is prohibited from disclosing to a seller that the buyer can, or will, pay more than what has been offered for a property. The duty of confidentiality does not include an obligation by a broker who represents a seller to withhold know material facts about the condition of the seller’s property from the buyer, or to misrepresent the property’s condition. To do so constitutes misrepresentation and may impose liability on both the broker and/or the seller.

A

Confidentiality

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40
Q

The release of relevant information about a property that may influence the final sale, especially if it represents defects or problems.

A

Disclosure

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41
Q

A person who on behalf of or for the benefit of another transacts business or handles money or property not the person’s own; such relationship implies great confidence and trust.

A

Fiduciary

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42
Q

The legal duty of a fiduciary to act in the best interests of the beneficiary. One common duty includes confidentiality.

A

Fiduciary Duties

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43
Q

The fiduciary relationship obligates the agent to act in good faith at all times, obeying the client’s instructions in accordance with the contract.

A

Obedience

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44
Q

The fiduciary duty that prohibits the agent from advancing any interests adverse to the principal’s interest or conducting the principal’s business in such a way as to benefit a customer, a sub-agent, the agent or any other party to the detriment of the principal’s interest unless required by statute, regulation or common law – e.g., disclosing material facts and defects of a property.

A

Undivided Loyalty

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45
Q

OBEDIENCE TO THE CLIENT

A

“Old car”

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46
Q

loyalty work in the best interest of client

A

“oLd car”

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47
Q

accoutability

A

“olD cAr” (accoutability)

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48
Q

Reasonable care

A

“old caR” REASONABLE CARE

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49
Q

An agent with the full authority over one property of the principal, such as a property manager.

A

General Agent

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50
Q

An agent with limited authority to act on behalf of the principal, such as created by a listing.

A

Special Agent

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51
Q

An agreement to do something or to allow something to happen only after all the relevant facts are disclosed.

A

Informed Consent

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52
Q

Making an intentionally false statement to induce someone to contract.

A

Misrepresentation

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53
Q

caveat emptor

A

buyer aware

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54
Q

the principal must act to defend the agent in the case the agent is sued while acting on behalf of the principal

A

indemnification

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55
Q

A situation in which one party is held partly responsible for the unlawful actions of a third party.

A

Vicarious Liability

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56
Q

An actual agency created by written or oral agreement between the principal and the agent.

A

Expressed Agency

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57
Q

Form of agency that occurs when the words and actions of the parties indicate that there is an agency relationship.

A

Implied Agency

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58
Q

The principle which prevents a person from asserting something contrary to what is implied by a previous action or statement of that person.

A

Estoppel

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59
Q

Conspiring to establish fixed fees or prices for services or products.

A

Price Fixing

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60
Q

An agreement between members of a trade to exclude other members from fair participation in the trade.

A

Group Boycott

61
Q

An agreement between members of a trade to refrain from competition in specific market areas.

A

Market Allocation

62
Q

A contract where one transaction depends upon another.

A

Tie-in Arrangement

63
Q

Representing both principals (seller and buyer) to a transaction.

A

Dual Agency

64
Q

Appointing one or more individual agents in a firm to represent only the interests of the seller and one or more different individual agents in the firm to represent only the interests of the buyer when a firm has an “in-house” dual agency situation.

A

Designated Sales Agent

65
Q

An agent who represents the seller of real property.

A

Seller’s Agent

66
Q

An agent who represents the buyer of real property.

A

Buyer Agent

67
Q

A broker’s agent is an agent that cooperates or is engaged by a listing agent or a buyer’s agent (but does not work for the same firm as the listing agent or buyer’s agent) to assist the listing agent or buyer’s agent in locating a property to sell or buy, respectively, for the listing agent’s seller or the buyer agent’s buyer.

A

Broker’s Agent

68
Q

A person who has oral or written authority, either express or implied, to act for or on behalf of a landlord.

A

Landlord’s Agent

69
Q

A licensed real estate agent who acts on behalf of a tenant in a commercial property transaction.

A

Tenant’s Agent

70
Q

An agreement to do something or to allow something to happen only after all the relevant facts are disclosed.

A

Informed Consent

71
Q

A relationship in which the real estate agent is found to be the agent of both the buyer and seller in a transaction, but without the knowledge and informed consent of both parties. Undisclosed Dual Agency is illegal in all states.

A

Undisclosed Dual Agency

72
Q

Appointing one or more individual agents in a firm to represent only the interests of the seller and one or more different individual agents in the firm to represent only the interests of the buyer when a firm has an “in-house” dual agency situation.

A

Designated Sales Agent

73
Q

commission agents can receive referral commission for referral services

A

real property law .175.7

74
Q

To be responsible.

A

Accountability

75
Q

The seller or buyer agrees to dual agency before it occurs by indicating the same on the agency disclosure form.

A

Advance Consent to Dual Agency

76
Q

Appointing one or more individual agents in a firm to represent only the interests of the seller and one or more different individual agents in the firm to represent only the interests of the buyer when a firm has an “in-house” dual agency situation.

A

Designated Sales Agent

77
Q

An agent is obligated to safeguard his/her principal’s lawful confidences and secrets. Therefore, a real estate broker must keep confidential any information that may weaken a principal’s bargaining position.

A

Confidentiality

78
Q

A real estate agent who sells a property. The selling agent may be (1) the subagent or listing agent of the seller; (2) a buyer’s agent; or (3) a dual agent. Also called a selling agent or participating agent.

A

Cooperating Agent

79
Q

The release of relevant information about a property that may influence the final sale, especially if it represents defects or problems.

A

Disclosure

80
Q

The principle which precludes a person from asserting something contrary to what is implied by a previous action or statement of that person or by a previous pertinent judicial determination.

A

Estoppel

81
Q

An actual agency created by written or oral agreement between the principal and the agent.

A

Expressed Agency

82
Q

An agreement between members of a trade to exclude other members from fair participation in the trade.

A

Group Boycott

83
Q

An agreement to do something or to allow something to happen only after all the relevant facts are disclosed.

A

Informed Consent

84
Q

An agent’s duty to place the client’s interest above those of all others, including the agent’s own self-interest.

A

Loyalty

85
Q

An agreement between members of a trade to refrain from competition in specific market areas.

A

Market Allocation

86
Q

This fiduciary relationship obligates the agent to act in good faith at all times, obeying the client’s instructions in accordance with the contract.

A

Obedience

87
Q

Conspiring to establish fixed fees or prices for services or products.

A

Price Fixing

88
Q

The degree of caution and concern for the safety of himself/herself and others an ordinarily prudent and rational person would use in the circumstances. This is a subjective test of determining if a person is negligent, meaning he/she did not exercise reasonable care.

A

Reasonable Care

89
Q

A contract where one transaction depends upon another.

A

Tie-in Arrangement

90
Q

A situation in which one party is held partly responsible for the unlawful actions of a third party.

A

Vicarious Liability

91
Q

a single agency broker represents either the buyer or seller in a transaction but never both

A

single agency broker

92
Q

what records should an agent keep?

A

disclosure form, affidavit

93
Q

what records should a seller`s agent keep?

A

potential purchasers, disclosure forms, purchases budget, correspondence

94
Q

what records should a buyers agent records?

A

disclosure forms, affidavit, property showings, prospective properties, correspondence

95
Q

What disclosure should I make as a seller`s agent?

A

lead paint disclosure form ( buildings build before 1978)
property condition disclosure ( mold, foundation issues, termites etc)

96
Q

when is the agent disclosure form used?

A
97
Q

does the broker have to be present in the brokerage office ?

A
98
Q

can the broker give a salesperson a bonus?

A

yes,

99
Q

what happens when a salesperson moves from one brokerage firm to another?

A

depends

100
Q

what to look at when negotiating my brokerage agreement?’

A

1) commission split
2) agreement time
3) early termination clause
4) non-competition clause
5) ability to modify the agreement

101
Q

how can I modify the independent salesperson agreement?

A

dependS ON THE INTIAL agreement

102
Q

how to choose the right broker to work for?

A

chose one that is good for you, a local or national one,
modern space etc, rentals, sales, join one that is line with what you want to do. how they will assist you. look for one that will help you grow. look into commission split 60-40 offers more training. global

103
Q

Land, and generally whatever is erected upon or affixed thereto.

A

Real Estate / Real Property

104
Q

The premise that the ownership of real estate consists of the ownership of various rights associated with it. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing.

A

Bundle of Rights

105
Q

Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person’s life and descending to the person’s heirs or distributees.

A

Fee Simple Estate

106
Q

Rights in real property to use the space above the surface of the land.

A

Air Rights

107
Q

The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means “riverbank”.

A

Riparian Rights

108
Q

The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.

A

Littoral Rights

109
Q

Personal property, such as household goods.

A

Chattel

110
Q

personal property so attached to the land or improvement as to become part of the real property

A

fixture/ trade fixture

111
Q

The concept that property is an illiquid asset because it cannot easily be sold or exchanged for cash.

A

Illiquidity

112
Q

Property that is appropriate for one type of use or limited use. This type of property has unique design or layout, uses special construction materials, or other features that limit the property’s utility for purposes other than the one for which it was built. For example, a church, theater, or school.

A

Special Purpose Real Estate

113
Q

residential, commercial, industrial, vacant land

A

uses of real property

114
Q

real property is immobile location specific and illiquid!

A

real property

115
Q

The conveyance of title to property for the duration of the life of the grantee.

A

Life Estate

116
Q

The person who is to receive the property after the termination of the prior estate.

A

Remainder Interests / Remainderman

117
Q

the owner of the property holds a fee simple title contingent upon certain condition

A

fee simple defeasible

118
Q

the conveyance of title property from the duration of the life of the grantee

A

life estate

119
Q

the person who id to receive the property after the termination of the prior estate

A

remainderman

120
Q

ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some forms of title from a lessor or landlord.

A

leasehold estate

121
Q

month to month etc

A

periodic estate

122
Q

An ownership of real property by two or more persons, each of whom has an undivided interest, without the “right of survivorship”.

A

Tenancy in Common

123
Q

The division which is made of real property between those who own it in undivided shares.

A

Partition

124
Q

the deeds bundle of rights fee simple is stronger than the contract rights’

A

fee simple

125
Q

Any person who holds property, authority, or a position of trust and responsibility for the benefit of another.

A

Trustee

126
Q

A person who conveys title to a trustee.

A

trustor

127
Q

an arrangement whereby a person ( a trustee) holds property as its nominal owner for the good of one or more beneficiaries

A

trust

128
Q

Describes a cause of action that can be brought in court to address a change in condition of a property brought about by a current tenant that damages or destroys the value of that property.

A

Act of Waste

129
Q

Rights in real property to use the space above the surface of the land.

A

Air Rights

130
Q

The person who receives or is to receive the benefits resulting from certain acts.

A

Beneficiary

131
Q

The premise that the ownership of real estate consists of the ownership of various rights associated with it. These rights include the right to use and/or occupy, the right to sell in whole or in part, the right to lease, the right to bequeath and the right to do none of the foregoing.

A

Bundle of Rights

132
Q

The reversion to the State of property in event the owner thereof abandons it or dies, without leaving a will and has no distributees to whom the property may pass by lawful descent.

A

Escheat

133
Q

A leasehold estate for any specific period of time. An estate for years is not automatically renewed.

A

Estate for Years

134
Q

Personal property so attached to the land or improvements as to become part of the real property.

A

Fixture / Trade Fixture

135
Q

A husband’s interest upon the death of his wife in the real property of an estate that she either solely owned or inherited provided they bore a child capable of inheriting the estate.

A

Curtesy

136
Q

The part of or interest in real estate of a deceased husband given by law to his widow during her life.

A

Dower

137
Q

Ownership of real property by two or more persons, each of whom has an undivided interest with the “right of survivorship”.

A

Joint Tenancy

138
Q

A business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity.

A

Joint Venture

139
Q

The conveyance of title property for the duration of the life of the grantee.

A

Life Estate

140
Q

The division which is made of real property between those who own it in undivided shares.

A

Partition

141
Q

Any property which is not real property

A

Personal Property

142
Q

The interest which a grantor has in lands or other property upon the termination of the preceding estate.

A

Reversionary Interest

143
Q

Right of the surviving joint owner to succeed to the interests of the deceased joint owner, distinguishing feature of a joint tenancy or tenancy by entirety.

A

Right of Survivorship

144
Q

The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means “riverbank”.

A

Riparian Rights

145
Q

Ownership by only a single individual.

A

Severalty

146
Q

An ownership of real property by two or more persons, each of whom has an undivided interest, without the “right of survivorship”.

A

Tenancy in Common -

147
Q

Any person who holds property, authority, or a position of trust and responsibility for the benefit of another.

A

Trustee

148
Q

The interest in property owned by tenants whereby each tenant has an equal right to enjoy the entire property.

A

Undivided Interest

149
Q

Describes the conditions that must exist in order for certain kinds of property interests to be created. In order for two or more people to own property as joint tenants with right of survivorship, or for a married couple to own property as tenants by the entirety, they must have the four unities (Interest, Possession, Time, and Title)

A

Unities of Interest, Possession, Time and Title

real estate exam (2 decks)

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