Purple Flashcards by Lucy Lopez

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

$500

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Fiduciary Duty:

What is the definition of accounting?

The responsibility for anything of value / $

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What is self-dealing?

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

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For how long is a RE license issued?

2 years

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National Origin refers to what/

Country of origin:

Irish
Chinese
Spanish

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What is an example of a general agent?

property manager (more than one)

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When must the RESP pocket card be shown?

on demand

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

Misdemeanor

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Independent Contracts pay: (4 examples)

Fed/state income tax
SS
Medicare/Medicaid
Add services (signs, business cards, etc.)

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What did the Civil Rights of 1866 say?

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

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

Before the offer to purchase

before he signs the contract

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What performs the same function as a circuit breaker?

A fuse

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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

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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.

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When must an agency disclosure form be given to consumers?

1st substantive contact

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What violates the Independent Contractor status? (4 things)

set hours
health insurance paid by broker
mandated floor time
mandated open. house

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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

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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

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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)

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