Chapter 1A - Real Estate License Law Flashcards Preview

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Flashcards in Chapter 1A - Real Estate License Law Deck (22)
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1
Q

Administrative Discipline

A

NY DOS enforcement of license laws through reprimand and denial as well as suspension and revocation of licenses.

2
Q

Article 12-A

A

Contains most laws pertaining to salespersons and brokers.

3
Q

Article 78 Proceeding

A

Appeal of a decision made by the DOS (in response to a license violation)

4
Q

Associate Broker

A

Licensed broker who works under supervision of another broker.

5
Q

Blind Ad

A

Illegal ad where broker doesn’t include that they are a broker so as to mislead the public into thinking there is no fee or that the property is for sale by owner

6
Q

Broker

A

Person, firm, LLC, corporation who buys, sells, exchanges, rents real estate and collects commission or fee.

7
Q

Commingling

A

Mixing someone else’s money with business or personal accounts

8
Q

Continuing Education

A

22.5 hrs every 2 years with at least 3 hours in fair housing

9
Q

Dual Agent

A

Agent working for both buyer and seller or lessor and lessee. Okay as long as all parties agree in writing.

10
Q

Dual Licensure

A

When licensees hold multiple licenses at the same time - salesperson works for multiple firms, broker is also ass. broker at another firm. Must be okay’d in writing by all parties.

11
Q

Exemption

A

Attorneys
Building supervisors and maintenance
People acting under judgment/order of court - executors, guardians, trustees, etc.
Property owners
Public officers acting in official capacity
Tenants’ associations and nonprofits

12
Q

Irrevocable Consent

A

Reciprocity - out-of-state licensees must sign in order to practice in New York, subjects them to jurisdiction of NY courts.

13
Q

Kickback

A

Illegal fee/commission/compensation paid in exchange for a referral.

14
Q

Misdemeanor

A

Violation of any acts in Article 12A - must go to hearing set forth by DOS

15
Q

Office Manager

A

Licensed associate broker who manages their broker’s office. Operates under provisions of salesperson.

16
Q

Pocket Card

A

Kept by salesperson at all times, failure to do so can result in suspension of license

17
Q

Real Estate Appraiser

A

Estimates value of real property

18
Q

Real Estate Salesperson

A

Person who performs acts of a broker when associated and sponsored by a licensed broker.

19
Q

Reciprocity

A

States allow licensees from out of state to practice in their own state - 10 states, Arkansas, Colorado, Connecticut, Georgia, Massachusetts, Mississippi, Oklahoma, Pennsylvania, West Virginia

20
Q

Revocation

A

License is taken away and must reapply for license after one year.

21
Q

Sponsoring Broker

A

Broker whom licensee will associate with. Required for license to be issued.

22
Q

Suspension

A

License withdrawn for period of time, may call for condition to be met before license is reactivated.