Podcast
Questions and Answers
Which construction type involves pouring concrete directly onto the ground, requiring proper insulation and moisture barriers?
Which construction type involves pouring concrete directly onto the ground, requiring proper insulation and moisture barriers?
What is the primary function of sheathing in a building's construction?
What is the primary function of sheathing in a building's construction?
A home inspector discovers signs of water damage and potential mold growth. Which of the following environmental issues should be the HIGHEST priority for further investigation?
A home inspector discovers signs of water damage and potential mold growth. Which of the following environmental issues should be the HIGHEST priority for further investigation?
A house built in 1975 is undergoing renovations. Which of these environmental hazards is MOST likely to be encountered during the demolition process?
A house built in 1975 is undergoing renovations. Which of these environmental hazards is MOST likely to be encountered during the demolition process?
Signup and view all the answers
What is the purpose of 'flashing' in building construction, especially around areas like chimneys and windows?
What is the purpose of 'flashing' in building construction, especially around areas like chimneys and windows?
Signup and view all the answers
A property owner wants to build a structure that deviates slightly from the exact setback requirements stipulated in the zoning ordinance. What would they most likely need to obtain?
A property owner wants to build a structure that deviates slightly from the exact setback requirements stipulated in the zoning ordinance. What would they most likely need to obtain?
Signup and view all the answers
Which of these scenarios would most likely involve the concept of 'eminent domain'?
Which of these scenarios would most likely involve the concept of 'eminent domain'?
Signup and view all the answers
A municipality enacts a temporary 'moratorium' on new building permits in a specific area. What is the most likely reason for this action?
A municipality enacts a temporary 'moratorium' on new building permits in a specific area. What is the most likely reason for this action?
Signup and view all the answers
What is the primary purpose of a 'master plan' in the context of land use and development?
What is the primary purpose of a 'master plan' in the context of land use and development?
Signup and view all the answers
A property's 'setbacks' are primarily determined by which of the following?
A property's 'setbacks' are primarily determined by which of the following?
Signup and view all the answers
Which of the following is LEAST likely to be a direct concern regarding water quality in a private water system?
Which of the following is LEAST likely to be a direct concern regarding water quality in a private water system?
Signup and view all the answers
As Built Drawings for most home septic systems are typically filed with which local authority?
As Built Drawings for most home septic systems are typically filed with which local authority?
Signup and view all the answers
Certification for wood-destroying insect testing in New York State is granted by which organization?
Certification for wood-destroying insect testing in New York State is granted by which organization?
Signup and view all the answers
Which of the following sampling methods is used to test for asbestos?
Which of the following sampling methods is used to test for asbestos?
Signup and view all the answers
Why is lead exposure particularly concerning for children?
Why is lead exposure particularly concerning for children?
Signup and view all the answers
In the context of environmental assessments for commercial real estate transactions, what is the primary focus of a Phase II assessment?
In the context of environmental assessments for commercial real estate transactions, what is the primary focus of a Phase II assessment?
Signup and view all the answers
Why are Environmental Assessments used during commercial real estate transactions?
Why are Environmental Assessments used during commercial real estate transactions?
Signup and view all the answers
Which of the following is the correct order of phases in environmental assessments?
Which of the following is the correct order of phases in environmental assessments?
Signup and view all the answers
Flashcards
Amperage
Amperage
The measure of electric current flow in a circuit.
R-value
R-value
A measure of insulation's ability to resist heat flow.
Septic System
Septic System
A wastewater treatment system for homes not connected to sewer lines.
Radon
Radon
Signup and view all the flashcards
Lead
Lead
Signup and view all the flashcards
Building Code
Building Code
Signup and view all the flashcards
Zoning Ordinance
Zoning Ordinance
Signup and view all the flashcards
Variance
Variance
Signup and view all the flashcards
Setbacks
Setbacks
Signup and view all the flashcards
Certificate of Occupancy
Certificate of Occupancy
Signup and view all the flashcards
Municipal Drinking Water
Municipal Drinking Water
Signup and view all the flashcards
Private Water Systems
Private Water Systems
Signup and view all the flashcards
Health Related Issues in Water
Health Related Issues in Water
Signup and view all the flashcards
Asbestos
Asbestos
Signup and view all the flashcards
Lead Testing
Lead Testing
Signup and view all the flashcards
Environmental Assessments
Environmental Assessments
Signup and view all the flashcards
Study Notes
Real Estate Salesperson Syllabus
- This syllabus outlines the curriculum for a real estate salesperson course.
- The course covers 75 hours of instruction.
- Topics include license law and regulations, the law of agency, legal issues (estates, liens, and deeds), contracts of sales and leases, real estate finance, land use regulations, and construction issues.
- Other topics are valuation, human rights, real estate mathematics, property insurance, licensee safety, taxes, condominiums, commercial properties, and income tax issues in real estate transactions.
- Additional topics include brokerage, property management, and mortgage brokerage.
- Key terms and case studies are included as part of the course materials.
- Specific hours are assigned to each topic. For example, license law and regulations are allocated 3 hours, and law of agency is allocated 11 hours.
Introduction
- The purpose of licensing law: to outline the different categories of licensure within real estate.
- Categories of licensure: real estate broker, associate broker, sales person.
- Responsibilities of each type of licensure: broker (to the public and licensees), associate broker (to brokers and the public), and salesperson (to brokers and the public).
- Education requirements for obtaining licenses.
- Duties for which licensure is required.
- Exemptions from licensure-examples include exemptions for specific classes.
- Maintenance of the license, changes in license holder information, pocket cards, changes in status/location, branch office requirements.
- Fees and changes in association/termination, renewals, continuing education hours/approved programs, responsibilities of sponsoring brokers, regulations promulgated by State departments, guidelines on advertising, descriptions of license law violations, liabilities and penalties, and unlicensed assistant guidelines.
Law of Agency (11 Hours)
- Definition of agency, relationship between client and customer, agent as fiduciary and responsibilities (loyalty, confidentiality, full disclosure, obedience, reasonable skill, and care, duty to account), scope of agent's authority, duties to other parties in the transaction, and misrepresentation.
- Issues of agency and brokerage (synonymy)
- Who is the agent? Role of salesperson, nature of cooperating brokers, subagents, dual agents, and buyer's brokers.
- Agency creation, methods of compensation, and anti-trust issues of group boycotting, price-fixing, and market allocation agreements.
- Alternative agency types; agent, subagent, dual agent, dual agent with designated sales agent, seller’s agent
- Subagency/subagent v buyer’s broker: who creates subagency, rejecting subagency, relationship of principal to subagent, can broker be conducted without subagency, obligations of subagent to the seller, and buyer
- Dual agency: what is dual agency?, informed consent, risks, and undisclosed dual agency
Estates and Interests (3 Hours)
- Introduction: overview of bundle of rights/land, real estate, and personal property
- Uses of real property: residential, commercial, industrial, agricultural, and special purpose,
- Freehold estate types: fee, fee simple, fee absolute, qualified fee, fee on condition, and life estates
- Leasehold types: estate for years, periodic estate, estate at will, and estate at sufferance and its use
Legal Issues (10 Hours)
- The structure of the legal concept of estates and interest. Note: The following are the legal concepts within Estates and Interest
- The different types of ownership
- Voluntary and involuntary liens
Liens and Easements (2 1/2 Hours)
- Encumbrances: voluntary and involuntary liens, General Liens, judgments(Lis Pendens). estate and inheritance taxes, and deceased persons’ debt, corporation franchise tax/IRS Tax, specific liens/tax liens, priority of liens, subordination agreements, deed restrictions, easement appurtenant, easement in gross, easement by necessity, easement by prescription, party walls
Deeds (2 1/2 Hours)
- Definition of deed
- Purpose of Deeds
- Essential elements of a deed: grantor, grantee, legal description, act of conveyance, consideration, metes and bounds, monuments, lot and block (subdivision).
- Elements of the deed: habendum clause, limitations, and reservation affecting the title ("subject to" clause) , signature of the grantor, delivery of the deed, and acceptance, recording.
- Forms of Deed (full covenant and warranty deed, covenant of seizin, covenant against encumbrances, quite enjoyment, further assurance).
- Conveyance after death (Intestate/testate administration, title by descent, intestate succession, heirs, probate, testator/testatrix, devisee/executor/executrix).
Contract Preparation (1 Hour)
- Contract types (upstate, downstate)
- Required documents (prior deed, title insurance policy, survey, certificate of occupancy, personal data)
- Verification of property descriptions
- Party responsibilities in contract preparation
- Mortgage contingencies
- Down payment procedures
- Contract processes
- Importance of contract review
- Riders( clauses relating to lead base paint), importance of accurate data entry
Contract of Sales and Leases (1 Hour)
- The Law of Contracts that governs the creation, interpretation, and enforcement of leases
- Lease provisions: terms, capacity to contract, demising clause, premises description, term length, rent/payment, and signatures
- Significance of plain language lease for residential and commercial leases
- Significance of lease language, meaning "for no other purpose" versus "any lawful purpose;" usually expressed in annual terms
- Renewal/renewal options, rights to renewal by statute, residential leases under ETPA, decontrolling stabilized units.
- The rights tenant is entitled to in a residential lease under ETPA, decontrolling a stabilized unit, and luxury decontrol.
- When legal registered rent reaches $2000, and household income exceeds $175,000 for two years preceding the legal rent of $2000.
Real Estate Finance (5 Hours)
- Definition of mortgage and related elements (creates a lien, retaining ownership rights)
- Lender's requirements (debt ratios, loan to value, qualification requirements)
- Borrower's responsibilities (property maintenance, insurance)
- Types of financing (conventional, governmental insured/guaranteed, fixed/adjustable, balloon, graduated, open-end, blanket/wraparound, swing/bridge, purchase money, construction, land contract, equity loan, reverse mortgage)
- Government-backed loans (FHA, VA, RHS)
- Secondary mortgage markets (Fannie Mae, Ginnie Mae, Freddie Mac)
- Predatory lending and the Truth in Lending Act.
Construction and Environmental Issues (5 Hours)
- Land use regulations and site requirements (zoning, permits, and codes); types of zoning, site plans, site requirements/well, sanitary waste system, energy code, land-use ordinances.
- Understanding site use, drainage (including landscaping), appurtenances (rights/access, etc.), and shading,
- Structural elements (footings, foundations, walls, beams, giders, lally columns, studs, roof),
- Energy efficiency principles like R-factor
- Insulation tie-in
- Types of heating systems, HVAC, plumbing fixtures, electrical systems
Valuation, Property Valuation, and Pricing (3 Hours)
- Appraisal, valuation, and evaluation
- Types of value (market, investment)
- Market value
- Price
- Value-in-use
- Sales comparison approach
- Cost approach
- Income approach
- Preparing a CMA
Human Rights, and Fair Housing (4 Hours)
- Legal overview: pressure from society to adhere to fair housing, potential discomfort of buyers/dealers if they disagree; landlord/seller requests.
- Broker responsibility: maintaining a fair housing office, posting fair housing signs, training staff, and reporting misconduct, providing necessary materials for record keeping.
- Salesperson responsibility: knowledge of fair housing laws, conforming to laws, excellent record keeping and training, and knowing referral resources
- Overview of federal and New York State fair housing laws and regulations and exemptions
- Types of discrimination: refusal, unequal treatment, misinformation, steering, blockbusting
- Overview of responsibilities for agents involved in real estate transactions and legal repercussions.
PROPERTY INSURANCE (1 Hour)
- Purpose of property insurance
- Types of policies (monoline/package)
- Standard coverage (fire, windstorm, hail, etc.)
- Homeowners insurance basics (HO-1,HO-2,HO-3,etc.).
- Importance of deductibles, and reporting requirements of windstorm damage
- Types of commercial insurance (business/umbrella): commercial policies, umbrella policies.
Licensee Safety (1 Hour)
- General safety overview: surroundings, office entry/exits, security measures (cameras, alarms, lighting), visitor procedures.
- Office-related safety (working alone, unknown individuals)
- Safety rules when meeting clients on the road or in the home
Taxes and Assessments (3 Hours)
- Purpose of taxation: funding services
- Relationship to wealth, history
- Taxing jurisdictions (city, town, village, county, state)
- Special assessment districts
- Assessment ratio/differing
- Calculation of tax rate
- Re-assessment due to undeclared improvements: how to approach issues of undeclared improvements, their relationships to building permits. procedures for re-assessments, and potential legal implications
- Protesting assessments
Condominiums and Cooperatives (4 Hours)
- Defining a condominium and cooperative,
- Issues regarding condo/co-op bylaws
- Role of the sponsor/developer
Commercial and Investment Properties (10 Hours)
- Properties,
- Investment characteristics of real property,
- Categories of investment properties
- Analysis of property types,
- Valuation, and pricing, and how to perform valuations,
- Key terms in commercial and investment properties
Income Tax Issues in Real Estate Transactions (3 Hours)
- Tax treatment of various types of income (salary, commission, bonus, etc.)
- Understanding income parameters
- Tax implications of capital gains,
- Recapturing depreciation
- Like-Kind Exchanges, and other relevant tax issues
- Relevant income tax treatment for the specific residence
Mortgage Brokerage (1 Hour)
- Definition of mortgage brokerage
- Responsibilities for mortgage brokers
- Mortgage broker/mortgage banker differences
- Role of a mortgage broker in a real estate transaction
- Mortgage broker dual disclosure form
- Lender commitment, non-conforming loan, pre-application, pre-approval, pre-qualification, rate lock, and underwriting
Property Management (2 Hours)
- Definition of property management
- Responsibilities for property managers,
- Required licenses,
- Skills needed (accounting, tenant relations, insurance, building, and legal knowledge),
- Identifying types of property management
- Differences between property types.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Test your knowledge of building construction practices and environmental issues. This quiz covers topics like sheathing, water damage, and zoning ordinances, ensuring you understand key concepts relevant to construction and property management.
