Purple Flashcards
How much is the buy-out option for not filling out the disclosure form?
$500
Fiduciary Duty:
What is the definition of accounting?
The responsibility for anything of value / $
What is self-dealing?
activity by agent that is in opposition to the principal in the transaction
For how long is a RE license issued?
2 years
National Origin refers to what/
Country of origin:
- Irish
- Chinese
- Spanish
What is an example of a general agent?
property manager (more than one)
When must the RESP pocket card be shown?
on demand
What is the category of offense for a violation of License Law?
Misdemeanor
Independent Contracts pay: (4 examples)
- Fed/state income tax
- SS
- Medicare/Medicaid
- Add services (signs, business cards, etc.)
What did the Civil Rights of 1866 say?
prohibition of segregation of real/personal property basis on race and color
When must the property condition disclosure statement be given to buyers?
Before the offer to purchase
before he signs the contract
What performs the same function as a circuit breaker?
A fuse
If you let the license lapse one year and now it’s expired?
only need to take the 22.5 hours of continuing educations
longer than 2 yrs → must retake state exam
If you are the seller’s agent and you find out there is a buyer that is pretending to buy, can you tell info to a client that indicates the buyer isn’t qualified?
yes, you must as its part of your fiduciary duties.
When must an agency disclosure form be given to consumers?
1st substantive contact
What violates the Independent Contractor status? (4 things)
- set hours
- health insurance paid by broker
- mandated floor time
- mandated open. house
If your license is revoked what must the licensee do and how long is it revoked for?
1 year, must turn it over to the state, $1,000 fine
What does the agency disclosure form communicate to the consumer?
4 options are available:
- seller’s agent
- buyer’s agent
- dual agency
- dual agency with a designated salesperson
What is an expressed contract?
a contract that is written or verbal
What can the broker pay and not violate the independent contractor status?
Errors and omissions insurance
What is the definition of R factor?
insulation; resistance to heat transfer
On what legal document is dual agency with designated sales associate introduced?
Agency Disclosure Form
What does not violate the Independent contractor status? (3 things)
- Paid by job done
- Written agreement
- Agreement is between broker and RESP
Fiduciary Duty:
What is the def of reasonable care?
using skill and diligence to keep out of harm’s way
Fiduciary Duty:
What is the def of disclosure?
to tell, in timely fashion, everything to know to make a beneficial decision
What are the 6 Fiduciary Duties?
“Old Car”
Obidience Loyalty Disclosure Confidentiality Accounting Reasonable Care
What was the first law to guarantee equal housing opportunities (all US citizens)?
Civil Rights Act of 1866
How are most licensees hired by their broker?
Independent Contractor
What is the name for the license of the person that is the highest in NYS but chooses not to operate?
Associate real estate broker
Which govt agency enforces the law
IRS
From whom may a RE licensee receive compensation?
From their broker or another broker with their broker’s knowledge
The capacity of heating/cooling rating by what?
BTUs
What is flashing?
Generic name for material used to seal openings in framing (roof)
What is the def of sill plate?
Wood framing member attaches to foundation wall from construction of house
What are the functions of joists?
Support floor/interior wall loads (roof, rise, run)
What is the generic name for framing members that are attached to exterior walls/floors?
Sheathing
What is the slope of roof also known as
Pitch
Another name for that part of roof that overhangs?
Eaves
What heating system is most adaptable to (converting) AC?
Forced warm air
Why is there an agency disclosure form at all?
The law of agency is very complicated and its easier to explain the options to your consumer. They will better understand the benefits of using an agent.
What are the function of studs?
Vertical frame members that support live/dead loads
Fiduciary Duty:
What is the def of confidentiality?
Keep info that is pertinent to transaction even after relationship has ended.
What must a licensee do if consumer refuses to sign disclosure form?
Put a signed affidavit in their file.
What is a practical way identify substantive contact?
Turning a feature into a benefit; the “why”
• in __ district
• we want our kids in ___ district
What law in NYS introduces agency disclosure (or requirement to disclose)
The Real Property Law of NYS
There must be an Independent contract agreement that spells out the status? (What Kind?)
A written agreement
What type of property does not have to be disclosed on the property disclosure form? (4 things)
- Vacant land
- Condos
- Co-ops
- Homeowner’s Associations
