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Flashcards in Ch 3 Deck (24):
1

What is the Chain of Title?

The list of people who own the RE

2

What is the list of people who own the RE called?

Chain of Title

3

What is Escheat?

when you die with no will and no heirs then NYS takes RE (abandoned)

4

What is it called when someone dies with no will and no heirs and NYS take the RE?

Escheat

5

What was the first fair housing law?

1866 Civil Rights Act

6

What is agency?

When you represent someone

7

What is disclosure?

when you tell

8

Is law of agency part of art 12a?

yes

9

can lawyers be brokers?

autobrokers if they want to open their own firm they need license and to send license application to NYS

10

Who do you represent?

whomever you have a contract with

11

If you're holding an Open House, who comes and who do you give a disclosure form?

nosy neighbor= no disco form
serious buyer = yes!

12

When do you give agency disclosure form?

First substantive contact

13

What is first substantive contact?

1st face-to-face mtg

14

What are 5 steps to take if someone refuses to sign the agency disclosure form?

1- express that it is not a contract
2- tell them it is for their protection
3- it just explains who the REA works for
4- ask why
5- make a record

15

What is the best date stamp?

A notary

16

What are 2 positive values of an agency disco form?

Consumer protection and REA protection

17

What is a co-broker?

when 2 REA work together and split commission

18

What is an advanced informed consent?

when seller aggress to dual agency before buyer appears

19

What is it called when a seller aggress to dual agency before buyer appears?

advanced informed consent

20

What 2 things do you need when someone wants you to sell for them as part of the right to sell agreement?

agency disclosure & contract

21

Do you need to specify open or exclusive listing?

yes in art 12a

22

what is the difference of an open or exclusive listing and when is it defined to the seller?

exclusive = 1 broker
open = many brokers

in the contract

23

What listing is best for both the seller and the broker and why?

Exclusive Right to Sell (seller gets full marketing effort and the rea is paid regardless)

24

Who benefits from an Exclusive right to sell?

the seller & the broker