Real Estate Terminology Quiz

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Questions and Answers

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?

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?

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?

22.5 hours (D) Signup and view all the answers

What is the function of an Apartment Sharing Agent?

To arrange meetings between multiple occupants for shared housing. (C) Signup and view all the answers

What constitutes a Blind Ad in real estate?

An advertisement that conceals the identity of the advertiser. (D) Signup and view all the answers

What does the term 'Irrevocable Consent' refer to?

A consent that is permanent and cannot be undone. (D) Signup and view all the answers

What is a primary function of a home inspection?

To assess the condition of a property before sale. (D) Signup and view all the answers

What is a kickback in real estate transactions?

Payment by a broker to someone not licensed involved in a transaction (D) Signup and view all the answers

What does a Listing Agreement authorize an agent to do?

Perform services regarding the principal's property (A) Signup and view all the answers

What is a net listing?

A predetermined price below which the owner will not sell (D) Signup and view all the answers

What does the term 'pocket card' refer to in real estate?

A license identification issued to real estate licensees (A) Signup and view all the answers

Who is a sponsor in the context of real estate?

A licensed real estate broker holding the license of a salesperson (C) Signup and view all the answers

What action does revocation refer to in real estate licensing?

Recalling authority or power previously granted (B) Signup and view all the answers

What distinguishes a real estate appraiser from a real estate broker?

An appraiser estimates value without bias, while a broker mediates sales (C) Signup and view all the answers

What does termination refer to in the context of real estate agency?

The end of an agent's relationship with their sponsoring broker (B) Signup and view all the answers

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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Description

Test your knowledge of key real estate terms and legal concepts. This quiz covers crucial terms that every real estate professional should know, including regulations and practices in the New York real estate market. Perfect for those preparing for licensing exams or looking to refresh their understanding of the industry.