module 1 - Intro. to RE

Question 1

associate broker

Answer 1

a person who has qualified as a real estate broker but works for another broker

Question 2

broker

Answer 2

any person, partnership, association, limited liability partnership, or cooperation, who for a fee, sells, lists, leases,exchanges, negotiates, or otherwise deals in the real estate of others represents publicly that he or she does so.

Question 3

condominium

Answer 3

a property developed for co-ownership with each co owner having a separate interest in an individual unit, combined with undivided interest in the common areas of the property.

Question 4

MLS (multiple listing services)

Answer 4

a service whereby local member brokers agree to share listings and commissions on properties sold jointly.

Question 5

NYSAR

Answer 5

New York State Association of Realtors

members are called REALTORS

Question 6

Realtist

Answer 6

any real estate licensee who is a member of National Association of Real Estate Brokers.

Question 7

REBNY

Answer 7

Real Estate Board of NY

Question 8

salesperson

Answer 8

any licensed agent who is associated with a broker and as such may perform most of the acts a broker can on behalf of the broker.

Question 9

timeshares

Answer 9

ownership interest that gives the owner a right to possession of a property only for a specific, limited period of time each year.