Chapter 1A - Real Estate License Law Flashcards Preview

NYREI > Chapter 1A - Real Estate License Law > Flashcards

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

Administrative Discipline

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

2

Article 12-A

Contains most laws pertaining to salespersons and brokers.

3

Article 78 Proceeding

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

4

Associate Broker

Licensed broker who works under supervision of another broker.

5

Blind Ad

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

Broker

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

7

Commingling

Mixing someone else's money with business or personal accounts

8

Continuing Education

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

9

Dual Agent

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

10

Dual Licensure

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

Exemption

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

Irrevocable Consent

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

13

Kickback

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

14

Misdemeanor

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

15

Office Manager

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

16

Pocket Card

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

17

Real Estate Appraiser

Estimates value of real property

18

Real Estate Salesperson

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

19

Reciprocity

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

Revocation

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

21

Sponsoring Broker

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

22

Suspension

License withdrawn for period of time, may call for condition to be met before license is reactivated.