Chapter 1-License Law Flashcards
(27 cards)
Administrative Discipline
The New York DOS’s enforcement of license laws through reprimand and denial as well as the suspension and revocation of licenses
Apartment Sharing Agent
An individual licensed by the NY DOS who, for compensation, arranges, conducts, or coordinates meetings between a customer and the current owner or occupant of a legally occupied real property
Article 12-A
Article of New York Real Property Law, which contains most of the laws relevant to real estate brokers and salespeople.
Article 78 Proceeding
Refers to an article of the Civil Practice Law and Rules that allows aggrieved persons to bring an action against a government body or officer.
Associate Broker
A real estate broker who works for another broker
Blind Ad
An ad which attempts to advertise a property for sale without disclosing the fact that he/she is a licensed real estate broker or when a broker attempts to mislead the public into believing a property is FSBO. Blind ads are illegal in New York
Broker
One who is licensed to represent one of the parties in a real estate transaction, for compensation.
Commingling
Illegally mixing money held in trust on behalf of a client with personal funds.
Continuing Education
Licensees must complete 22.5 hrs of C.E. in the two years prior to renewal. Coursework must provide at least three hrs of instruction on Fair Housing or discrimination in the sale or rental of property. Courses must be approved by DOS
Dual Licensure
When real estate licensees hold more than one license at a time
Escrow
System in which things of value (money or documents) are held on behalf of parties to a transaction by a disinterested third party (escrow agent), until specific conditions have been satisfied
Exemption
Provision holding that a law or rule does not apply to a particular person, entity or group (e.g. a company with a property tax exemption does not have to pay property taxes).
Irrevocable Consent
A form out-of-state licensees must sign, which subjects them to the jurisdiction of the courts of the state of New York.
Kickback
Paying part of the proceeds to a sale to another party that helped secure the sale, but is unlicensed.
Misdemeanor
A misdeed that may be tried in a court of special sessions.
Mortgage Banker
An individual or entity licensed by the New York Banking Department to engage in the business of making residential mortgage loans.
Multiple Listings Service (MLS)
A service whereby local member brokers agree to share listings, and further agree to share commissions on properties sold jointly. The MLS generally consists of online computer services. A book published regularly, and updated to include new listings, may be available in some areas.
Net Listing Agreement
A listing agreement in which the seller sets a net amount acceptable for a property; if the actual selling price exceeds that amount, the broker is entitled to keep the excess as commission; illegal in New York.
Office Manager
A licensed associate real estate broker who by choice elects to work as an office manager under the name and supervision of an individual broker or another broker who is licensed under a partnership, trade name, limited liability company, or corporation.
Pocket Card
Contains a photo ID, name, business address of the licensee, and for salespersons, a name and address of the affiliated broker. These are prepared, issued, and delivered by the DOS, in cooperation with the DMV.
Real Estate Appraiser
A person licensed by the DOS who is specially trained to offer an unbiased value of real property.
Reciprocity
When states agree to allow licensees from other states to sell real estate in their own, by accepting the licensee’s out-of-state course credits or license level.
Revocation
A real estate agent’s license being permanently withdrawn; may apply for reinstatement after one year, however.
Salesperson
A person performing any of the acts included in the definition of real estate broker while associated with and supervised by a broker.