NYRE License Law Flashcards

0
Q

mortgage broker

A

a mortgage broker is someone who connects lenders with buyers

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1
Q

mortgage banker

A

a mortgage banker is a company, individual or institution that originates mortgages.

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2
Q

apartement info vendor

A

responsible for giving client information regarding property

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3
Q

apartment sharing agent

A

Any agent who for a fee conducts ,arranges , coordinates, handles or causes meetings between a customer and the here that owner or or occupant of legally occupied real property who wants to share that property with one or more people as a private dwelling or place of residence.

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4
Q

real estate appraiser

A

appraises the home

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5
Q

reciprocity

A

Agreements granting licenses to real estate agents from other states ?

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6
Q

ARELLO

A

association of real estate license law officials

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7
Q

what is the Board responsible for?

A

hfkahd

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8
Q

cease and desist order

A

Court order to stop or discontinue something

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9
Q

office manager

A

fhksgfkh

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10
Q

irrevocable consent

A

An agreement that cannot be withdrawn or revoked

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11
Q

mind your Ps and Qs or ill DEC you

A
Possession
Quiet enjoyment
Disposition 
Exclusion
Control
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12
Q

executor

A

In charge of deceased persons will.. manage deceased persons assets until they are distributed to inheritors.. executor of a account or a trust

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13
Q

administrator

A

hfsdjfhk

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14
Q

bankruptcy trustee

A

hfuseg

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15
Q

guardian/trustee

A

p54

16
Q

receiver

A

hasuh

17
Q

legal entities:

Sole Proprietorship

A

Business that lagally has no separate existence from its owner .. income and losses taxed on individuals income tax return .. simplest business form under which one person can operate a business NOT a legal entity ***

18
Q

General Partnership

A

An arrangement by which partners conducting a business jointly have unlimited liability ..personal assists are liable to partnerships obligations

19
Q

corporation

A

Company or group of people authorized to act as a single entity (legally a person) and recognized such in law

20
Q

limited liability company or partnership (LLC) (LLP)

A

.

21
Q

trade name broker

A

Associate broker : elects to work under the name and supervision of another broker who is licensed to do business as an individual , LLC,llp, or trade name*

22
Q

partnership broker

A

.

23
Q

Corporate broker

A

A liaison between public companies and their institutional investors

24
Q

commingling

A

Illegal act of a broker combining clients’ funds or escrow fund to temporarily hold a client’s funds

25
Q

conversion

A

Distinct act of dominion wrongfully exerted over another’s personal property in denial of or inconsistent with his title of rights , whiteout owners consent

26
Q

escrow (escrow account)

A

Account where money is held by a third party on behalf of transacting parties. Mortgage company establishes and account to pay property tax and insurance during mortgage term

27
Q

kickbacks

A

When a party get who is not written in contract receives payment in a real estate transaction

28
Q

fiduciary duties:

A

obedience-

loyalty-

disclosure-

confidentiality-

accountability-

reasonable care-

29
Q

restitution

A

Restoring of which a person was unjustly deprived or of property?

Law of gains based recovery