Terminology For Module 1

Question 1

Appreciation

Answer 1

The increase in the value of a property due to changes in market conditions, inflation, or other causes

Question 2

Associate broker

Answer 2

One who is qualified as a real estate broker but works for another broker

Question 3

Broker

Answer 3

Any person, partnership, association, limited liability partnership, limited liability company or corporation, who for a few sells lists leases exchanges negotiates or otherwise deals in the real estate of others and represents publicly that he or she does so.

Question 4

Civil penalties

Answer 4

Monetary relief in the form of fines or surcharges against an individual as restitution for wrongdoing by the individual.

Question 5

Code of ethics and standards of practice

Answer 5

Any person who has a real estate license is a real estate licensee and must abide by this document first published in 1913

Question 6

Condominium

Answer 6

A property developed for coownership with each co-owner having a separate interest in an individual unit combined with and undivided interest in the common areas of the property

Question 7

Cost of money

Answer 7

The interest rate that people or businesses must pay to use another’s money for their own purposes

Question 8

Criminal litigation

Answer 8

A lawsuit in which the government Sue’s someone to punish the wrongdoer and protect society

Question 9

Economic base

Answer 9

The main business or industry in an area that a community uses to support and sustain itself

Question 10

Eminent domain

Answer 10

Governments constitutional power to take private property for public use as long as the owner is paid just compensation

Question 11

Escheat

Answer 11

When property reverts to the state after a person dies without a valid will or heirs

Question 12

Fiduciary duties

Answer 12

Obedience loyalty disclosure confidentiality accountability and reasonable care are owed to all clients in an agency relationship

Question 13

Immobility

Answer 13

A physical characteristic of real estate referring to the fact that real estate can’t move from one place to another

Question 14

Improvements

Answer 14

Additions to real estate property can be natural but usually they are man-made substantial fixtures such as buildings

Question 15

Inflation

Answer 15

And increase in the cost of goods or services or too much money chasing too few goods

Question 16

Land-use controls

Answer 16

Public or private restrictions on how land may be used

Question 17

Management

Answer 17

The cost and complexity of monitoring investment. Management occurs at two levels asset management and property management. Asset management involves monitoring the financial performance of an investment and making changes as needed. Property management involves the day today operations of the property and physical maintenance of the building

Question 18

Moral suasion

Answer 18

Trying to use persuasive influences on the public and financial markets to perceive credit in a specific way. It is the application of pressure, not force, by an authority to get members to adhere to a policy.

Question 19

Multiple listing service

Answer 19

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

Question 20

What is the NY SAR?

Answer 20

The new York State Association of realtors

Question 21

Police power

Answer 21

Constitutional power of state and local governments to enact and enforce laws that protect the public’s health, safety, morals, and general welfare

Question 22

Real estate licensee

Answer 22

A person licensed to practice real estate. State laws require that any person, partnership, or corporation who, for a fee, cells, lists, leases, exchanges, negotiates, or otherwise deals in the real estate of others, or represents publicly that he or she so deals, must be licensed

Question 23

Realist

Answer 23

Any real estate licensee who is a member of the national Association of real estate brokers

Question 24

Realtor

Answer 24

Any real estate licensee who is a member of the national Association of realtors and his or her affiliation state and local boards. Only members may use the term realtors

Question 25

REBNY

Answer 25

The real estate Board of New York

Question 26

Salesperson

Answer 26

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

Question 27

Scarcity

Answer 27

Characteristics of real property that Sayz there is a limited supply real estate

Question 28

Taxation

Answer 28

Process of a government levying a charge on people or things

Question 29

Timeshare

Answer 29

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

Question 30

Agent

Answer 30

Anyone who is authorized to act on behalf of someone else.