Real Estate Chapter 1 Law

Which of the following must an applicant bring with them when taking the New York State real estate salespersons exam...?

A copy of their "Summary of Your Submission"

Misdemeanor

A crime punishable by up to a year in prison and/or a $1,000 fine.

Real Estate Broker

A licensed individual or firm that charges a fee to serve as the mediator between the buyer and seller. Mortgage brokers are individuals in the business of arranging funding or negotiating contracts for a client, but who does not loan the money. A real estate broker is someone who helps find a house.

Sponsor

A licensed real estate broker that holds the license of a salesperson.

Multiple Listing Service (MLS)

A service provided by a group of real estate brokers. They band together to create a Multiple Listing Service that allows each of them to list each other's houses. Under this arrangement, the listing broker and the selling broker split the commission for each sale.

Escrow

A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition.

Termination of Association Notice

A written document that terminates the relationship between an agent and his/her sponsoring broker.

Which of the following actions will NOT lead the suspension or revocation of a real estate license...?

Accepting a bonus from a sponsoring broker

Revocation

An act of recalling a power of authority conferred, as the revocation of a power of attorney; a license, an agency, etc.

Blind Ad

An ad that remains anonymous as to who is advertising. This is illegal

Any person who engages in the business of claiming, demanding, charging, receiving, collecting, or contracting for the collection of, a fee from a customer for furnishing information concerning the location and availability of real property, including apartment housing, which may be leased, rented, shared or sublet as a private dwelling, abode, or place of residence is known as a

Apartment Information Vendor

Which of the following professionals works under and/or for a real estate broker...?

Associate Broker

A licensed real estate broker who shall by choice elect to work under the name and supervision of another individual broker or another broker who is licensed under a partnership, trade name, LLC or corporation is known as a

Associate Real Estate Broker

According to Article 12-A of the NYS Real Property Law, which of the following will prevent an individual from obtaining their real estate salespersons license...?

Being a convicted sex offender

An ad that remains anonymous as to who is advertising is known as a___

Blind Ad

Who is required to sign the Property Condition Disclosure Statement...?

Both the buyer and the seller

The process by which a salesperson's license changes sponsorship is known as what...?

Change of Association

To mingle or mix, for example, a client's funds in the broker's personal or general account is known as___

Commingling

A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition is known as what...?

Escrow

Irrevocable Consent

Incapable of being recalled or revoked; unchangeable; unalterable.

Incapable of being recalled or revoked is also referred to as...?

Irrevocable Consent

According to Article 12-A of the NYS Real Property Law, which of the following actions requires a real estate license...?

Renting a property on behalf of another

What is your responsibilities as a real estate salesperson?

Responsibilities to the public, clients, and broker

According to Article 12-A of the NYS Real Property Law, which of the following acts does NOT require a real estate license...?

Reviewing a prospective investment property on behalf of another

Suspension

The right of the Department of State to deactivate a broker's or salesperson's license for wrongdoing.

What discipline may be taken if a salesperson takes a property listing of a broker, after leaving that broker...?

The salesperson may lose his/her license

Commingling

To mingle or mix, for example, a client's funds in the broker's personal or general account.

What is the primary purpose of Article 12-A of the NYS Real Property Law...?

To protect the public

When is a real estate salesperson required to give notice to the Department of State....?

When a salesperson changes his or her name

How often must a real estate salesperson renew his/her license...?

2 years

How many hours of Fair Housing training must a real estate salesperson complete every two years...?

3 hours

Within how many business days does the Department of State require a salesperson to report any changes in name, status, or brokerage firm...?

5

What must a licensed real estate salesperson keep on him or herself at all times when practicing as an agent...?

A Pocket Card

Pocket Card

A card issued by the Department of State to each licensee which contains the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom he or she is associated and shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson.

Associate Real Estate Broker

A licensed real estate broker who by choice elects to work under the name and supervision of another real estate broker.

Real Estate Appraiser

A practitioner who has the knowledge and expertise necessary to estimate the value of an asset, or the likelihood of an event occurring, and the cost of such an occurrence. Ideally, an appraiser acts independently of the buying and selling parties in a transaction in order to arrive at the fair value of an asset without bias.

Net Listing

A price below which an owner will not sell the property, and at which price a broker will not receive a commission; the broker receives the excess over and above the net listing as the broker's commission.

Violation

Act, deed or conditions contrary to law or permissible use of real property.

Which of the following are NOT assessed by a home inspector...?

Air Rights

Article 78 Proceeding

An appeal brought forth because of a ruling by a government agency.

Listing Agreement

An employment contract between principal and agent, authorizing the agent to perform services for the principal involving the latter's property.

Home Inspection

An examination of a real estate property's condition, usually performed in connection with the property's sale. A qualified home inspector can assess the condition of a property's roof, foundation, heating and cooling systems, plumbing, electrical work, water and sewage, and some fire and safety issues. In addition, the home inspector will look for evidence of insect, water or fire damage or any other issue that may affect the value of the property.

Real Estate Salesperson

An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.

Apartment Information Vendor

Any person who engages in the business of claiming, demanding, charging, receiving, collecting, or contracting for the collection of, a fee from a customer for furnishing information concerning the location and availability of real property, including apartment housing, which may be leased, rented, shared or sublet as a private dwelling, abode, or place of residence.

Apartment Sharing Agent

Any person who, for a fee, arranges, conducts, coordinates, handles or causes meetings between a customer and the current owner or occupant of legally occupied real property, including apartment housing, who wishes to share that housing with one or more individuals.

The section of the New York Real Property Law pertaining to real estate salespersons and brokers is known as...?

Article 12-A

John wants to verify the license fees required by New York State. Where should John search to find this information...?

Article 12-A of the NYS Real Property Law

An appeal brought forth because of a ruling by a government agency is known as...?

Article 78 Proceeding

David, a real estate salesperson, was subject to a fine by the Department of State for a material misrepresentation on his license application. David challenged the State's fine through this proceeding...?

Article 78 Proceeding

Exemption

Conditions under which a property condition disclosure statement is not required.

A payment by a broker to anyone who is not licensed or who is not exempt from the license law is known as a...?

Kickback

Payment by a broker of any part of compensation to a real estate transaction to anyone who is not licensed or who is not exempt from the license law is known as a___

Kickback

Which of the following actions may lead to a salesperson losing their license...?

Making a material misstatement in their license application

A crime punishable by up to a year in prison and/or a $1,000 fine is known as a___

Misdemeanor

Under the ..................... arrangement, the listing broker and the selling broker split the commission for each sale?

Multiple Listing Service

Which document is used to disclose that an agent is acting as a dual agent in a transaction...?

NYS Disclosure Form for Buyer and Seller

Kickback

Payment by a broker of any part of compensation to a real estate transaction to anyone who is not licensed or who is not exempt from the license law.

Continuing Education

Post license education required by salespersons and brokers. New York State demands 22.5 hours of continuing education.

A practitioner who has the knowledge and expertise necessary to estimate the value of an asset, or the likelihood of an event occurring, and the cost of such an occurrence is known as a

Real Estate Appraiser

A person associated with a licensed real estate broker to list for sale, sell or offer for sale, to buy or offer to buy or to negotiate the purchase or sale or exchange of real estate, or to lease or rent or offer to lease, rent or place for rent any real estate of such real estate broker is known as a

Real Estate Salesperson

Which of the following individuals works under a real estate broker...?

Real Estate Salesperson

A licensed real estate broker that holds the license of a salesperson is known as a

Sponsor

The discontinuance of an agent's relationship with his/her sponsoring broker is known as what...?

Termination

A written document that terminates the relationship between an agent and his/her sponsoring broker is known as what...?

Termination of Association Notice

Administrative Discipline

The Department of State's ability to enforce license laws through reprimand and denial as well as the suspension and revocation of licenses.

Commission Rates

The commission or compensation of a real estate broker is not regulated by statute or regulation, therefore the amount and terms are negotiable. A real estate broker shall never offer a property for sale or lease without the authorization of the owner. Therefore, prior to the listing or marketing of a client's real property, it is incumbent upon the real estate broker and the client to mutually agree on a reasonable rate of compensation.

Termination

The discontinuance of an agent's relationship with his/her sponsoring broker.

Change of Association

The process by which a salesperson's license changes sponsorship.

Article 12-A

The section of the New York Real Property Law pertaining to real estate salespersons and brokers. To protect the public and guard against fraud and misrepresentation in the real estate business

An act, deed or conditions contrary to law or permissible use of real property is known as a...?

Violation

An act, deed or conditions contrary to law or permissible use of real property is known as a___

Violation