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Real Estate Salesperson Course > Purple > Flashcards

Purple Flashcards

1
Q

How much is the buy-out option for not filling out the disclosure form?

A

$500

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2
Q

Fiduciary Duty:

What is the definition of accounting?

A

The responsibility for anything of value / $

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3
Q

What is self-dealing?

A

activity by agent that is in opposition to the principal in the transaction

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4
Q

For how long is a RE license issued?

A

2 years

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5
Q

National Origin refers to what/

A

Country of origin:

  • Irish
  • Chinese
  • Spanish
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6
Q

What is an example of a general agent?

A

property manager (more than one)

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7
Q

When must the RESP pocket card be shown?

A

on demand

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8
Q

What is the category of offense for a violation of License Law?

A

Misdemeanor

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9
Q

Independent Contracts pay: (4 examples)

A
  1. Fed/state income tax
  2. SS
  3. Medicare/Medicaid
  4. Add services (signs, business cards, etc.)
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10
Q

What did the Civil Rights of 1866 say?

A

prohibition of segregation of real/personal property basis on race and color

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11
Q

When must the property condition disclosure statement be given to buyers?

A

Before the offer to purchase

before he signs the contract

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12
Q

What performs the same function as a circuit breaker?

A

A fuse

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13
Q

If you let the license lapse one year and now it’s expired?

A

only need to take the 22.5 hours of continuing educations

longer than 2 yrs → must retake state exam

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14
Q

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?

A

yes, you must as its part of your fiduciary duties.

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15
Q

When must an agency disclosure form be given to consumers?

A

1st substantive contact

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16
Q

What violates the Independent Contractor status? (4 things)

A
  1. set hours
  2. health insurance paid by broker
  3. mandated floor time
  4. mandated open. house
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17
Q

If your license is revoked what must the licensee do and how long is it revoked for?

A

1 year, must turn it over to the state, $1,000 fine

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18
Q

What does the agency disclosure form communicate to the consumer?

A

4 options are available:

  • seller’s agent
  • buyer’s agent
  • dual agency
  • dual agency with a designated salesperson
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19
Q

What is an expressed contract?

A

a contract that is written or verbal

20
Q

What can the broker pay and not violate the independent contractor status?

A

Errors and omissions insurance

21
Q

What is the definition of R factor?

A

insulation; resistance to heat transfer

22
Q

On what legal document is dual agency with designated sales associate introduced?

A

Agency Disclosure Form

23
Q

What does not violate the Independent contractor status? (3 things)

A
  1. Paid by job done
  2. Written agreement
  3. Agreement is between broker and RESP
24
Q

Fiduciary Duty:

What is the def of reasonable care?

A

using skill and diligence to keep out of harm’s way

25
Q

Fiduciary Duty:

What is the def of disclosure?

A

to tell, in timely fashion, everything to know to make a beneficial decision

26
Q

What are the 6 Fiduciary Duties?

A

“Old Car”

Obidience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable Care
27
Q

What was the first law to guarantee equal housing opportunities (all US citizens)?

A

Civil Rights Act of 1866

28
Q

How are most licensees hired by their broker?

A

Independent Contractor

29
Q

What is the name for the license of the person that is the highest in NYS but chooses not to operate?

A

Associate real estate broker

30
Q

Which govt agency enforces the law

A

IRS

31
Q

From whom may a RE licensee receive compensation?

A

From their broker or another broker with their broker’s knowledge

32
Q

The capacity of heating/cooling rating by what?

A

BTUs

33
Q

What is flashing?

A

Generic name for material used to seal openings in framing (roof)

34
Q

What is the def of sill plate?

A

Wood framing member attaches to foundation wall from construction of house

35
Q

What are the functions of joists?

A

Support floor/interior wall loads (roof, rise, run)

36
Q

What is the generic name for framing members that are attached to exterior walls/floors?

A

Sheathing

37
Q

What is the slope of roof also known as

A

Pitch

38
Q

Another name for that part of roof that overhangs?

A

Eaves

39
Q

What heating system is most adaptable to (converting) AC?

A

Forced warm air

40
Q

Why is there an agency disclosure form at all?

A

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.

41
Q

What are the function of studs?

A

Vertical frame members that support live/dead loads

42
Q

Fiduciary Duty:

What is the def of confidentiality?

A

Keep info that is pertinent to transaction even after relationship has ended.

43
Q

What must a licensee do if consumer refuses to sign disclosure form?

A

Put a signed affidavit in their file.

44
Q

What is a practical way identify substantive contact?

A

Turning a feature into a benefit; the “why”
• in __ district
• we want our kids in ___ district

45
Q

What law in NYS introduces agency disclosure (or requirement to disclose)

A

The Real Property Law of NYS

46
Q

There must be an Independent contract agreement that spells out the status? (What Kind?)

A

A written agreement

47
Q

What type of property does not have to be disclosed on the property disclosure form? (4 things)

A
  1. Vacant land
  2. Condos
  3. Co-ops
  4. Homeowner’s Associations

Real Estate Salesperson Course (1 decks)

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