Podcast
Questions and Answers
What is the role of an Apartment Information Vendor?
What is the role of an Apartment Information Vendor?
- To assist with the legal documentation of real estate transactions.
- To represent clients in the negotiation of real estate sales.
- To conduct home inspections for prospective buyers.
- To collect fees for furnishing information about real property availability. (correct)
What is the main objective of Article 12-A in New York Real Property Law?
What is the main objective of Article 12-A in New York Real Property Law?
- To regulate the pricing of apartment rentals.
- To protect the public from fraud and misrepresentation in real estate. (correct)
- To increase the number of licensed real estate brokers.
- To facilitate faster home inspections.
Which of the following best describes 'Commingling' in real estate transactions?
Which of the following best describes 'Commingling' in real estate transactions?
- The combining of multiple real estate properties into one listing.
- The mixing of client funds with a broker's personal finances. (correct)
- The process of transferring a property title to a new owner.
- The collaboration between multiple brokers on a single deal.
What is the minimum continuing education requirement established by New York State for salespersons and brokers?
What is the minimum continuing education requirement established by New York State for salespersons and brokers?
What is the function of an Apartment Sharing Agent?
What is the function of an Apartment Sharing Agent?
What constitutes a Blind Ad in real estate?
What constitutes a Blind Ad in real estate?
What does the term 'Irrevocable Consent' refer to?
What does the term 'Irrevocable Consent' refer to?
What is a primary function of a home inspection?
What is a primary function of a home inspection?
What is a kickback in real estate transactions?
What is a kickback in real estate transactions?
What does a Listing Agreement authorize an agent to do?
What does a Listing Agreement authorize an agent to do?
What is a net listing?
What is a net listing?
What does the term 'pocket card' refer to in real estate?
What does the term 'pocket card' refer to in real estate?
Who is a sponsor in the context of real estate?
Who is a sponsor in the context of real estate?
What action does revocation refer to in real estate licensing?
What action does revocation refer to in real estate licensing?
What distinguishes a real estate appraiser from a real estate broker?
What distinguishes a real estate appraiser from a real estate broker?
What does termination refer to in the context of real estate agency?
What does termination refer to in the context of real estate agency?
Flashcards
Apartment Information Vendor
Apartment Information Vendor
A person who collects fees for info on real property availability.
Apartment Sharing Agent
Apartment Sharing Agent
An agent who helps arrange meetings for sharing housing for a fee.
Article 12-A
Article 12-A
Section of New York Real Property Law focused on real estate ethics.
Associate Real Estate Broker
Associate Real Estate Broker
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Blind Ad
Blind Ad
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Commingling
Commingling
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Escrow
Escrow
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Home Inspection
Home Inspection
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Kickback
Kickback
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Listing Agreement
Listing Agreement
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Misdemeanor
Misdemeanor
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Multiple Listing Service (MLS)
Multiple Listing Service (MLS)
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Net Listing
Net Listing
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Pocket Card
Pocket Card
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Real Estate Appraiser
Real Estate Appraiser
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Revocation
Revocation
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Study Notes
Real Estate Terminology
- Apartment Information Vendor: A person who provides information about apartment availability for a fee.
- Apartment Sharing Agent: A person who facilitates the sharing of apartments for a fee.
- Article 12-A (New York Real Property Law): Regulates real estate salespersons and brokers, protecting the public from fraud.
- Article 78 Proceeding: An appeal of a government agency's ruling.
- Associate Real Estate Broker: Licensed broker working under another broker's name/supervision.
- Blind Ad: An illegal ad concealing the advertiser's identity.
- Change of Association: A process for a salesperson changing their sponsoring broker.
- Commingling: Mixing client funds with a broker's personal or business account (illegal).
- Continuing Education: Required post-licensing education for salespeople and brokers (22.5 hours in New York).
- Escrow: An agreement where a third party holds funds or documents until specific conditions are met.
- Exemption: Situations where a property disclosure statement is not needed.
- Home Inspection: An evaluation of a property's condition, often during a sale.
- Irrevocable Consent: Unchangeable consent.
- Kickback: A portion of a commission given to an unlicensed or exempt individual (illegal).
- Listing Agreement: A contract between a property owner and broker allowing sale.
- Misdemeanor: A crime punishable by a fine and/or up to a year in jail.
- Multiple Listing Service (MLS): A service where brokers list each other's properties.
- Net Listing: A sale price below which the owner won't sell, allowing the broker to receive the difference above the net as commission.
- Pocket Card: A license card with the licensee's personal information, including sponsoring broker for salespeople.
- Real Estate Appraiser: A professional who estimates property value.
- Real Estate Broker: A licensed individual or firm acting as a mediator between buyers and sellers.
- Real Estate Salesperson: A licensee who negotiates sales, working under a broker.
- Revocation: The act of recalling authority (such as a license).
- Sponsor (Broker): Licensed broker who sponsors a salesperson.
- Suspension: Temporary deactivation of a broker's or salesperson's license.
- Termination: Ending an agent's relationship with their sponsoring broker.
- Termination of Association Notice: A written document formally ending a broker-salesperson relationship.
- Violation: Any act or condition violating real estate laws.
Licenses
- Licensed Salesperson: A licensed individual who negotiates real estate sales.
- Real Estate Associate Broker: A licensed broker who works under another broker.
- Real Estate Broker: A licensed individual/firm who mediates the sale.
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